Naples July Housing Market Summary
The 3-month median price for Single Family Homes in the overall Naples area continued to rise sharply reaching $610,000 for the May-July period quarter, some 37% higher than a year ago:
While sales are seeing the familiar summer decline, they are doing so from a high level: (more…)
Bonita Springs July Housing Market Summary
The 3-month median price for Single Family Homes in Bonita Springs continued to rise sharply reaching $545,000 for the May-July period quarter, fully 45% higher than a year ago:
While sales are seeing the familiar summer decline, they are doing so from a high level: (more…)
Estero July 2021 Housing Market Summary
The 3-month median price for Single Family Homes in Estero continued to rise sharply reaching $545,000 for the May-July period quarter, some 33% higher than a year ago:
While sales are seeing the familiar summer decline, they are doing so from a high level: (more…)
Fort Myers July 2021 Housing Market Summary
The 3-month median price for Single Family Homes in Fort Myers continued to rise sharply reaching $380,000 for the May-July period quarter, some 27% higher than a year ago:
While sales are seeing the familiar summer decline, they are doing so from a high level: (more…)
Naples Housing Market Mid-Year 2021 Review
The median price of Single Family homes in the Naples area* sold in the 6 months to June 2021 increased 33% from $435,000 to $580,000, while sales increased 64% from 2,595 to 4,251.
The median price of Condos sold in the 6 months to June 2021 increased 16% from $272,000 to $316,000, while sales more than doubled from 2,491 to 5,163.
Keep reading for charts and more details: (more…)
Whay are people moving to Southwest Florida?
“Both Collier and Lee counties have been among the very strongest population growth markets in the entire nation over the past five years,” said Brian Alford, Florida director of market analytics for CoStar Group, which specializes in worldwide real estate data. “There have also been numerous corporate relocations and expansions over the past decade, including large expansions over the past couple of years by firms such as Gartner and Arthrex, adding even more jobs.” (Naples Daily News)
Some of the workers live in Bonita Springs, about halfway between Naples and Fort Myers. Incorporated only at the start of this century, Bonita for the first time barely edged into the Top 50 of the most populated in Florida, joining Cape Coral, Fort Myers and North Port.
“Demand to move here has always been strong, but lately, low interest rate policy, and coupled with lockdown fatigue up north, increased demand even more, which explains the larger-than-expected increases in population down here,” said economist Christopher Westley, dean of Florida Gulf Coast University’s Lutgert College of Business. (more…)
Naples Area June Market Summary
This is the overall market summary for June published by NABOR:
Comment
While this picture conveys very clearly the strength of the market I do not find the detail particularly helpful as it combines all types of property – from single family to condo.
I will publish detailed reports by sector and by area this coming Saturday. Meanwhile, here are links to the preliminary reports I have already published for June: (more…)
Mortgage refinancing just got cheaper
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.
Lenders will no longer be required to pay Fannie and Freddie a 50-basis point fee when they deliver refinanced mortgages. The fee was designed to cover losses projected as a result of the COVID-19 pandemic. “The success of FHFA and Fannie and Freddie’s COVID-19 policies reduced the impact of the pandemic and were effective enough to warrant an early conclusion of the Adverse Market Refinance Fee.” FHFA’s expectation is that those lenders who were charging borrowers the fee will pass cost savings back to borrowers.
“Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, chief financial analyst for Bankrate.com. “The fee had often resulted in an increase of one-eighth percentage point in rate.” (more…)
Bonita Springs June Housing Market Summary
The 3-month median price for Single Family Homes in Bonita Springs continued to rise sharply, reaching $531,000 for the April-June quarter, some 38% higher than a year ago, and breaking decisively upwards from the $400,000 level.
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Bonita Springs, where sales have increased sharply over the last year:
(more…)
Fort Myers June Housing Market Summary
The 3-month median price for Single Family Homes in Fort Myers continued to rise sharply, reaching $368,125 for the April-June quarter, some 25% higher than a year ago, and breaking decisively upwards from the $250-300,000 range of the previous 5 years:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in Fort Myers, where sales have exceeded 1,000 per quarter for the last year:
(more…)
Central Naples June Housing Market Summary
The 3-month median price for Single Family Homes in Central Naples – the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd. (see map below) covering zipcodes 34104,34105 and 34116 – continued to rise sharply, reaching $489,000 for the April-June quarter, breaking strongly through the $400,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase – although less so in Central Naples:
South Naples June Housing Market Summary
The 3-month median price for Single Family Homes in South Naples – the area bounded by 41, David Blvd and Collier Blvd.(see map below) covering zipcodes 34112 and 34113 – continued to rise sharply, reaching $537,500 for the April-June quarter, breaking strongly through the $500,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase:
(more…)
Naples Overall Market Summary in June
The 3-month median price for Single Family Homes in the whole Naples area continued to rise sharply reaching $605,000 for the April-June quarter, some 35% higher than a year ago:
Meanwhile sales, which have been in the 1,000-1,500 range per quarter in recent years, have seen a similar trend, reaching well over 2,000 in the most recent quarter: (more…)
Tourism making major comeback in Naples and Collier County
April’s tourist numbers naturally show a huge increase from a year ago, when the national lockdown was underway, but more relevantly they are also show strong gains compared with 2019:
– A 9% increase in visitors
– A 24% increase in room nights
– A 20% increase in economic impact
– A 2% increase in occupancy
In Collier County, April might have been a bit unusual, drawing visitors here who may have wanted to come sooner, but waited to get vaccinated — or just to feel more comfortable with traveling, according to Anne Wittine, the director of data analysis for Research Data Services, the county’s tourism consultant. (more…)
The Real Estate Market Isn’t in a Bubble
The soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated: but it’s just too much demand and too little supply.
“We have strong conviction that we are not experiencing a bubble in U.S. housing,” Vishwanath Tirupattur, a Morgan Stanley strategist, wrote in a note to clients this week.
Lawrence Yun, chief economist of the National Association of Realtors®, agrees. He told Axios last month: “This is not a bubble. It is simply lack of supply.”
Morgan Stanley points out that this isn’t 2006. (more…)