NAPLES Q1 2024 MARKET SUMMARY
For Naples overall, median prices were broadly stable in the 1st Quarter of 2024, while sales dropped a little from 2023 levels.
A similar, stable trend was seen in the median Price per Sq.Ft., while sales were a little slower.
(DTO- Days To Offer – the number of days a property is listed before an accepted offer is received.)
Please contact me for a market report that includes properties in your area which were recently listed or sold.
Andrew.Oliver@Compass.com
Florida Home Values Skyrocket
The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2.
However, in Florida, it took much less than a decade for home prices to achieve a twofold increase.
Average home values across Florida have undergone a seismic transformation, doubling in value within the short span of just six years. This surge, saw Miami’s average home price soar from around $290,000 in 2018 to the current median of $583,000. In Tampa, homes went from $213,500 in 2018 to $430,000.
For their study, analysts looked at historical data to calculate how many years it took for home prices in the 100 largest U.S. cities to double — and Tampa tied with Miami for having the third fastest price doubling among the country’s largest cities.
The trend of rapid price doubling extended to other big Florida cities, with home prices in St. Petersburg, Orlando and Jacksonville, increasing twofold in the past six to eight years.
Median home prices in St. Petersburg doubled within 6.6 years. In Orlando home prices doubled within 7.5 years — and in Jacksonville it took 7.9 years to see a twofold increase.
The research notes that, “Fluctuating mortgage rates, steep property prices, or supply deficits are no new challenges. But they have never unleashed such a rapid-fire onslaught on homebuyers in the U.S. as they have in today’s housing market.”
Among the top 10 states attracting new construction buyers, Florida draws significant attention, with approximately one in every eight new construction buyers opting to purchase their homes in the Sunshine State. In November, the U.S. Census Bureau reported that for the year, more than 1.5 million new residential construction projects broke ground across the state — a 9.3% increase from the year prior. (Florida Realtors).
According to my research, Naples was a little closer to the national average, taking around 8 years for prices to double :
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com - AndrewOliverRealtor.com
m 617.834.8205
Licensed in Florida and Massachusetts
Bay Forest Open Houses this weekend – PRICE REDUCED
I am hosting two Open Houses in Bay Forest this weekend. Bay Forest has long been a popular community West of 41, between Wiggins Pass and Bonita Beach Road.
The exciting news is that construction of the new $4.5 million Boardwalk has begun. (The seller will pay the final assessment)
Go HERE to see the video and photos for 15405 Cedarwood Ln, 101:
15405 Cedarwood Ln, Unit 101: 2 bed +Den, 2 bath, 1377 Sq Ft: now $370,000
(Bermuda Bay 1)
Saturday: 1:00 – 3:30 PM
Sunday: 1:00 – 3:30 PM
Go HERE to view the Bay Forest website, read the latest Newsletter, and watch the 4-minute video of Bay Forest.
Go HERE to see the video and photos for 325 Carinosa Court;
325 Carinosa Court: 3 bed +Den, 3 bath, 2066 Sq Ft: $725,000 UNDER CONTRACT
Contact me for a private showing:
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com - AndrewOliverRealtor.com
m 617.834.8205
Licensed in Florida and Massachusetts
BAY FOREST OPEN HOUSES
I am hosting two Open Houses in Bay Forest this weekend. Bay Forest has long been a popular community West of 41, between Wiggins Pass and Bonita Beach Road.
The exciting news is that construction of the new $4.5 million Boardwalk has begun. (The sellers of both these properties will pay the final assessment) (more…)
Bay Forest Condo Open Houses this weekend
Location: West of Hwy 41 on Vanderbilt Drive, N Naples Welcome to your coastal retreat in the serene community of Bay Forest! This ground floor end unit in Bermuda Bay 1 – 15405 Cedarwood Ln, unit 101 -offers convenience and tranquility. With 2 bedrooms plus a den and 2 bathrooms, this home is perfect for those seeking comfort and space. The private courtyard and direct access from the deeded carport make everyday living a breeze – no more lugging groceries through parking lots! New tile roof (2021), brand new A/C, new $4.5 millionboardwalk construction has started (seller will pay final assessment).
Open Houses: Saturday 12-3 PM; Sunday 1-4 PM (more…)
BAY FOREST CONDO – GROUND FLOOR END UNIT-OPEN HOUSE TODAY 1-4 PM
Location: West of Hwy 41 on Vanderbilt Drive, N Naples Welcome to your coastal retreat in the serene community of Bay Forest! This ground floor end unit in Bermuda Bay 1 – 15405 Cedarwood Ln, unit 101 -offers convenience and tranquility. With 2 bedrooms plus a den and 2 bathrooms, this home is perfect for those seeking comfort and space. The private courtyard and direct access from the deeded carport make everyday living a breeze – no more lugging groceries through parking lots! New tile roof (2021), brand new A/C, boardwalk construction about to start (seller will pay assessment). (more…)
Investment Opportunity in Naples Park: Open House today 2-5 PM
Come and see this brand new construction at 528 103RD AVE N in Naples Park today, 2-5 PM.
Listed by Compass agent Maddie Tracy, this 4 bedroon, 4 1/2 bathroom house high-ceiling, high end house with pool, is ideally placed in Naples Park to attract renters.
Professional property management company has estimated potential net income of $285,000 – a great potential return at the asking price of $2.25 million.
And… the house next door is also available. But it is not on BOGO. Call me at 617.834.8205 for a private showing. (more…)
PELICAN BAY 2023 MARKET REPORT and 5-YEAR REVIEW
Click PELICAN BAY 2023 MARKET REPORT and 5-YEAR REVIEW to download a copy of this report.
Median Price and Sales
The median price of the Single Family homes sold in Pelican Bay more than doubled from just $1.8 million in 2019 to $3.9 million in 2023.
Sales increased from 2019 to 2021 and have since dropped back below pre-pandemic levels. The last SF sale in Pelican Bay was in September 2023.
The median price of the Villas sold in Pelican Bay almost doubled from $1.1 million in 2019 to $2.1 million in 2023.
The number of sales increased in 2020/21, but has since dropped back to pre-pandemic numbers.
The median price of the Condos sold in Pelican increased 45% from $860,000 in 2019 to $1.25 million in 2023. Sales doubled from 2019 to 2021, and have since returned to 2019 levels.
Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 73% of Single Family sales were under $3 million and by 2023 that had dropped to just 11%. Conversely, the share of sales over $3 million went from 27% to 89% in the same period. (more…)
BAY FOREST 2023 MARKET REPORT and 5-YEAR REVIEW
Click BAY FOREST 2023 MARKET REPORT and 5-YEAR REVIEW to download a copy of this report.
Median Price and Sales
The median price of the properties sold in Bay Forest increased 77% from $268,000 in 2019 to $475,000 in 2023. Sales doubled between 2019 and 2021, and dropped back again in 2022 and 2023.
Sales by Price
Another way to look at sales is the distribution by price. In 2019, 74% of sales were under $300,000 and there were none under $300,000 in 2022 and 2023. Conversely, the share of sales over $500,000 went from zero to 44%
Bay Forest sees a small number of sales each year at quite a wide range of price: in 2023, from $320,000 to $790,000.
The combination of small number of sales and wide range of prices can make median prices less reliable as a guide to the overall market in Bay Forest. (more…)
IMPERIAL GOLF ESTATES 2023 MARKET REPORT and 5-YEAR REVIEW
Click IMPERIAL GOLF ESTATES 2023 MARKET REPORT and 5_YEAR REVIEW to download a copy of this report.
Median Price and Sales
The median price of the Single Family homes sold in Imperial Golf Estates more than doubled from $515,000 in 2019 to $1.1 million in 2023. Sales increased modestly until Q3 2021, and then dropped sharply to below pre-pandemic levels in 2022 and 2023
The median price of Villas (attached and detached) sold increased 65% from $315,000 in 2019 to $519,000 in 2023. The number of sales is quite small and shows some fluctuations during these years.
The median price of Condos (and Townhouses) increased 62% from $222,000 in 2019 to $360,500 in 2023, a small declined from the 2022 level. Sales in 2022 and 2023 dropped back to their pre-pandemic level.
Single Family Sales by Price
Another way to look at sales is the distribution by price. (more…)
PELICAN MARSH 2023 MARKET REPORT and 5-YEAR REVIEW
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). Median numbers are used in all calculations.
Click PELICAN MARSH 2023 MARKET REPORT and 5-YEAR REVIEW to download a copy of this report.
If you are thinking of selling, please contact me for a current market analysis for your property. With little supply, and the prospect of lower interest rates in 2024, this could be a good time to sell.
Median Price and Sales
The median price of the Single Family homes sold in Pelican Marsh more than doubled from $825,000 in 2019 to $2.2 million in 2023. Sales surged until around Q3 2021, thereafter returning to pre-pandemic levels and below.
The median price of the Condos sold increased by 74% from $419,000 in 2019 to $775,000 in 2022, before easing to $730,000 in 2023. Sales following a similar pattern to that for SFs.
Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 55% of Single Family sales were under $1 million and by 2023 that had dropped to just 3%. Conversely, the share of sales over $2 million went from 4% to 58% in the same period. (more…)
NAPLES 2023 MARKET REPORT and 5-YEAR REVIEW
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). Median numbers are used in all calculations.
Click NAPLES 2023 MARKET REPORT and 5_YEAR REVIEW to download a copy of this report.
The numbers have been dramatic over the last few years, for all the well-known reasons. With the market returning to more normal conditions, pricing and condition are again important. If you are thinking of selling, please contact me for a current market analysis for your property. (more…)
More Properties Listed, Supply Still Short
The recent pullback in mortgage rates is spurring more homeowners to put their homes up for sale, though the increases so far have been too modest to return the housing market’s inventory of available properties back to pre-pandemic levels.
The number of active listings, a tally of U.S. homes on the market that excludes those pending a finalized sale, climbed 4.9% to 714,176 in December from a year earlier, the biggest annual increase since June, according to data released this week by Realtor.com.
A big part of the increase was due to a 9.1% jump in new listings, or properties that made their market debut in December, which posted an annual increase for the second time after 17 months of declines.
As is typically the case, active listings declined in December from the previous month, falling 5.5%. But the drop was less than the typical decline of 6.8% to 13.2%, Realtor.com said.
While the pickup in home listings is a welcome development for prospective homebuyers, the housing market remains constrained with for-sale inventory still well below pre-pandemic levels.
Consider that active listings were down 30.9% in December compared to the same month in 2019, while new listings were down nearly 12%.
Housing economists expect that the average rate will continue to decline this year, though forecasts generally see it moving no lower than 6%.
That may not be enough to motivate many homeowners to sell, given that some two-thirds of U.S. homes have a mortgage with a rate under 4% and more than 90% have a rate below 6%.
That means the upcoming spring homebuying season is likely to favor sellers as homebuyers compete for a relatively limited number of homes for sale. (Florida Realtors)
And read these articles:
Why Mortgage Rates will fall in 2024
Transitory inflation? Recession? What else will forecasters get wrong?
More insurers coming to Florida
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com - AndrewOliverRealtor.com
m 617.834.8205
Naples November Market Highlights
My year end reviews will be published on January 14.
And read these articles:
INFLATION and RECESSION UPDATE
Why Mortgage Rates will fall in 2024
Transitory inflation? Recession? What else will forecasters get wrong?
More insurers coming to Florida
Core Inflation Prices Barely Budged in August
August Housing Market: Median Prices Rise Year on Year
Market Reports
BAY FOREST Q3 MARKET REPORT 2019-2023
BONITA BAY Q3 MARKET REPORT 2019-2023
IMPERIAL GOLF ESTATES Q3 MARKET REPORT 2019-2023 (more…)
IMPERIAL GOLF ESTATES Q3 MARKET REPORT 2019-2023
The median price of the Single Family homes sold in Imperial Golf Estates (“Imperial”) doubled from $515,000 in 2019 to over $1 million in 2022. YTD Q3 2023 the median price increased further to $1.2 million.
Sales increased until Q2 2021, thereafter dropping below pre-pandemic levels.
The median price of the Villas increased nearly 50% from $315,000 in 2019 to $465,000 in 2022. The YTD Q3 2023 median price was $539,500, in line with Q4 2022. The number of sales was low, but fairly steady over the years.
The median price of the Condos sold increased by over 70% from $222,000 in 2019 to $386,000 in 2022, before slipping slightly in 2023. Sales increased in 2020/21 before returning to 2019 levels.
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO).
Median numbers are used in all calculations.
Click on IMPERIAL GOLF ESTATES MARKET REPORT 2019_2023 to read the full report.
And read these articles:
More insurers coming to Florida
Core Inflation Prices Barely Budged in August
August Housing Market: Median Prices Rise Year on Year (more…)