Yes Virginia, it is Still a Sellers’ Market

This infographic from Keeping Current Matters highlights the strength of the current market:
Sellers' market

Historically, median closed prices of homes sold in Southwest Florida during summer months tend to be lower than median closed prices of homes sold during high-season months (January through April), but that trend did not occur this year.

According to the August NABOR report, the median closed price reported in August for the Naples area was $75,000 higher than the median closed price reported
in January 2021. As buyers from more foreign countries are allowed to visit the US again, those buyers – who were largely absent last year – may well add further demand to an already extremely tight market – in August supply was less than one month.

If selers can expect multiple offers, that also suggests that buyers need to be able to move fast and know how to make a competitive offer. If you are ready to make a move, please contact me.

For the latest market report read Naples Housing Market August Review

Andrew Oliver
REALTOR®| Market Analyst | DomainRealty.com

Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
_____________
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945

www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

East Naples August Market Report

East Naples includes the areas to the East of Collier Blvd. See map below for details.

In the first 8 months of 2021 the median price of the Single Family homes sold in East Naples increased 29% to $465,000 on a 22% increase in sales, while the median Condo price increased 22% to $340,000 on a 63% increase in sales.

Single Family

Naples housing market
Naples housing market
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point

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South Naples August Market Report

South Naples includes the area bounded by 41, Davis Blvd and Collier Blvd. See map below.

In the first 8 months of 2021 the median price of the Single Family homes sold in South Naples increased 25% to $520,000 on a 66% increase in sales, while the median price of the Condos sold increased 13% to $249,000 on a 78% increase in sales.

Single Family
Naples Housing Market
Naples Housing Market

A rolling 12-month calculation represents the current month and the 11 months prior in a single data point

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Central Naples August Market Report

Central Naples covers the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd.

In the first 8 months of 2021 the median price of the Single Family homes sold increased 29% to  $465,250 on a 41% increase in sales, while the median Condo price increased 16% to $220,000 on more than doubled sales.

Single Family
Naples housing market
Naples housing market

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Naples Housing Market August Review

The median price of Single Family homes in the Naples area* sold in the 8 months to August 2021 increased 32%  to $585,000, while sales increased 40% to 5,394.

The median price of Condos sold in the 8 months to August 2021 increased 18% to $324,000, while sales jumped 77% to 6,265.

Keep reading for charts and more details: (more…)

Naples Beach August Market Report

Naples Beach covers the area mostly to the East of 41 from Port Royal to Pelican Bay ( see map below). As such it includes the most expensive real estate in the Naples area, as demonstrated by the charts below.

For the first 8 months of 2021 the median price of Single Family Homes sold in Naples Beach increased 43% to $2.13 million on a 46% increase in sales. The median Condo price increased 13% to $775,000 on a 94% increase in sales.

Single Family

naples housing market

Naples housing market

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North Naples August Market Report

North Naples includes the area from Pine Ridge Road to the Lee County boundary just short of Bonita Beach Road (see map below).

In the first 8 months of 2021 the median price Single Family homes sold in North Naples increased 32% to $736,500 on a 46% increase in sales, while the median Condo price increased 16% to $320,000 on a 56% increase in sales.

Single Family
Naples housing market
Naples housing market

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Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

Naples August Housing Market Review

The median price in the overall Naples market through the first 8 months of 2021 increased 35% to $625,000 for Single Families (SF) and 18% to $325,000 for Condos.

The tables below show the breakdown of sales and median prices by area of Naples (see map below). Price increases for SF ranged from 27% in South Naples to 44% in Naples Beach; and for Condos from 13% in South Naples to 33% in East Naples.

Sales also increased dramatically: up 39% for SFs and 79% for Condos. (more…)

Which country has the fastest growth in home prices?

According to data gathered by money.co.uk, the country with the highest property price increase from 2010 to 2020 was Israel, where there was a staggering 346% rise in costs per square meter.

Switzerland and Germany come next, with increases of 166% and 162%, followed by the United States at 153%. Hungary, Slovakia, France, Portugal, Japan and the United Kingdom round out the rest of the top 10, all with average home price increases of at least 75%.

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15-Acre Naples, Florida, Retreat With a Menagerie With Monkeys Lists for $9.5 Million

A 15-acre Florida compound that comes complete with multiple residences, a tennis court and an animal menagerie has come to the market for $9.5 million.

The solar-powered estate, which claims to be “hurricane-proof,” is designed for living off the grid and it “offers a rare opportunity to own a tranquil, sustainable oasis in Naples,” listing agent Priscilla Kellerhouse said in a statement.

A 10,000-square-foot salmon-hued home is the compound’s main residence. The five-bedroom spread has an open floor plan, high ceilings, columns and marble floors.

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Real Estate: It’s Still a Lack of Supply, Not a Lack of Demand

One of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home makes sense. Some claim rapidly rising home prices are impacting demand and, by extension, leading to the recent slowdown in sales activity.

However, demand isn’t the real issue. Instead, it’s the lack of supply (homes available for sale). An article from the Wall Street Journal shows this is true for new home construction: “Home builders have sold more homes than they can build. Now they are limiting their sales in an effort to catch up.”

The article quotes David Auld, CEO of D.R. Horton Inc. (the largest homebuilder by volume in the United States since 2002), explaining how they don’t have enough homes for the number of buyers coming into their models: “Through our history, to have somebody walk into our models and to tell them, ‘We don’t have a house for you to buy today’, is something that is foreign to us.”

Danielle Hale, Chief Economist for realtor.com, also explains that, in the existing home sale market, the slowdown in sales was a supply challenge, not a lack of demand. Responding to a recent uptick in listings coming to market, she notes:“. . . if these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year.”

Again, the buyers are there. We just need houses to sell to them. (more…)

Property Insurance Costs Too Much? 7 Ways to Reduce It

When is the lowest-cost insurer not the lowest-cost insurer? When another company actually charges less because you bundled or installed security or did something else.

NEW YORK – The price of homeowners’ insurance is on the rise, and many owners may be looking for ways to reduce their high premiums. While discounts can vary greatly based on location, size, and age of the house, some credits may be available that could reduce some homeowners’ premiums by as much as thousands of dollars per year, The Wall Street Journal reports.

The average premium for a homeowner’s insurance policy increased 3.1% to $1,249 in 2018, the latest year for which data is available. Luxury homes tend to be much more costly to insure than standard homes since they’re larger and have more decorative features within.

Here are some ways homeowners may be able to save on their homeowners’ insurance costs:

Bundles: Look into bundling a policy – insuring a home, car or boat all with the same firm. Some homeowners report a 12% reduction in their premiums by doing this. (more…)

Is Your Home (and Home Insurance) Ready for Extreme Weather?

Hurricanes. Heat waves. Earthquakes. Tornadoes. Today’s headlines are awash in extreme weather, and whether you blame climate change or just plain bad luck, the simple truth is that the damage from these disasters is impossible to ignore.

Realtor.com® teamed up with HarrisX to conduct a poll of 3,026 adults on their extreme weather concerns and homeowners insurance know-how—and the results suggest that many Americans may be more vulnerable than we think.

Here are some of the key highlights: (more…)