October Housing Market Activity is Strong

October Housing Market Activity Remains Strong

The latest October Housing Market statistics from the Naples Area Board of REALTORS® (NABOR®), show activity remains strong, defying national trends. Closed home sales in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples but also an increased buyer demand for homes in Collier County. Additionally, inventory during October jumped 20 percent to 5,992 homes. Ultimately, inventory is at it’s highest level since 2012 giving buyers more options to chose from which is excellent news if you are in the market to purchase your dream home in Naples.

October Housing Market Summary

October Housing Market Inventory:

While buyers struggle to find enough inventory in other cities across the country, this is not the case in Naples. With 5,992 properties currently on the market, we have almost 7.5 months of inventory available to potential home buyers. Also, 10 percent of the new inventory was the result of new construction. And, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about. In fact, approximately 87 percent of homebuyers used a real estate agent when purchasing their home this past year.

Finally, we should see inventory continue to increase as we typically do during this time of year. Season is approaching fast and it will be here before you know it. In case you are new to our area, season typically runs from mid-January through Easter.

Pending Sales:

Additionally, overall pending sales for October were up 17 percent. The luxury home market for properties priced between $1 to $2 million reported the highest increase (39 percent) for the month compared to October 2017.

Median Sales:

The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017. Interestingly, the Naples Beach area’s median closed price decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017.

October Housing Market Detailed Statistics

Change in Florida Property Tax Policies

Lastly, with the recent passing of Amendment 2 by voters in the state of Florida, there is now a permanent cap of 10 percent on annual non-homestead property assessment increases. This will provide protection for homeowners who are only in the area for part of the year. This new law is most important for home buyers who are purchasing a second home such as a vacation home in the state.

Begin Your Own Property Search:

So, if you’re ready to begin your search for your Naples home, or a southwest Florida Luxury home or condo, I encourage you to explore my website to find information about communities in the area. If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area. If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Lastly, I will handle all contract negotiations for your property from offer to close!

Considering Selling your home?

If you are looking to sell a home in Bonita Springs, Estero or Naples, I encourage you to work with a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. If you live in a golf community in southwest Florida, you are competing with more than 100 other golf communities. Contact me today to learn how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price.

Bottom Line:

If you’re looking for a focused and goal-oriented Realtor in Naples, Bonita Springs or Estero who will help you achieve your Real Estate needs, please reach out to me directly.

Additionally, if you are looking for a golf community expert or you are considering buying or selling a home, a luxury home, luxury vacation home, luxury golf home or dream home, call me or text me on my mobile phone at 239-370-0892 or email me at Matt@NaplesGolfGuy.com

About Matthew Klinowski, PA