Collier County a Buyers Market?

IS COLLIER COUNTY A BUYERS MARKET?

Is Collier County a buyers market? Believe it or not, despite the low inventory it is! According to the latest stats released by the Naples Area Board of REALTORS (NABOR), the total number of closed sales in the Naples market increased year-over-year. Overall, both sales of single family homes and condos was up in January. The net increase was 6 percent. Additionally, pending sales increased 9 percent when compared to last year.

At the same time, prices are starting to drop. The median closed price in January was $314,000 which was a drop of 8 percent when compared to the same time last year. While this is good news for buyers, sellers with homes on the market that haven’t sold, need to consider if their home is priced correctly. If you are not getting showings, it’s time to re-evaluate your price.

Naples Single Family Homes:

Overall inventory of single-family homes rose 19 percent to 3,219 compared with 2,715 during the same month last year.

Collier County Single-Family Home Year-Over-Year Highlights:

Pending sales were up 9 percent to 924 in January, compared with 847 a year ago.
Closed sales were up 6 percent to 603, compared with 571 in January 2016.

So how does January’s data compare to last year? When you look at 2016, pending sales were down 13 percent. As a result, the market is off to a great start for the beginning of the year.

Naples Condo Sales:

The overall increase in sales in January was driven by a 14 percent increase in condo sales. The hottest zip codes with the most activity were 34112 and 34113. Believe it or not, they saw a 47 percent increase in sales from 49 in January 2016 to 72 in January 2017.

Year-Over Year Highlights for Collier County Overall:

Pending Sales are down 12% overall for the 12-months ending 01/2017
Closed Sales are down 12% for the 12-months ending 01/2017
Median Closed Price is up 3% for the 12-months ending 01/2017
Inventory is up 26% overall for the 12-months ending 01/2017
Days on the Market increased 21% overall for the 12-months ending 01/2017
The median sales price for condos dropped to $265,000, or about 5 percent, but dropped by just 2 percent to $467,000 in the market above $300,000.
Single-family home sales dropped by 7 percent overall to $397,000, and by 9 percent to $510,000 in the market above $300,000.

The inventory of homes and condos available for sale stands at almost 6,400 homes, up 26 percent from almost 5,100 homes a year ago in January. The good news for buyers is they have more inventory to choose from. On the flip side, for sellers, it means prices are starting to drop a bit.

View Collier County Real Estate Reports

Bottom Line:

Finally, if you are interested in buying a home in Naples, contact me for more information. With 15 years of experience selling Naples FL real estate, I can provide insights into the market most other realtors are unable to provide.

Or, when you are ready to sell a single family home or a condo in Naples Florida, call me to learn what your home is worth. Also, I will provide a FREE market analysis for your community and how it compares to other similar southwest Florida communities.

Most importantly, if you are interested in single family homes or condos in golf communities in Naples, Bonita Springs or Estero, let me be your guide. When you are ready, I can help provide the market information and more importantly, provide insights into individual communities to help ensure you select the best property to match your needs.

About Matt Klinowski