Estero June Housing Market
The 3-month median price for Single Family Homes in Estero has risen only modestly over the last year to $385,000, and has been within the $350-400,000 range for most of the last decade.
The number of SF sales in Estero is quite small, although it has increased somewhat over the last year. (more…)
Why Is the Market White Hot? No, It’s Not the Pandemic
Today’s market problems – a shortage of affordable housing, historically tight inventory of homes for sale and rising prices – weren’t caused by the latest pandemic-caused economic slowdown. It goes back to the Great Recession.
Experts say the U.S. housing market was already being roiled by forces fueling the current housing-price explosion even before the pandemic.
Matthew Murphy at New York University’s Furman Center for Real Estate & Urban Policy said supply shortages were evident heading into the pandemic, adding that “the context here to this current housing moment is that we were still recovering from the 2008-2009 foreclosure crisis.”
Meanwhile, the National Association of Realtors® has been pointing to an “underbuilding gap” of between 5.5 and 6.8 million housing units since 2001. (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…)
North Naples June Housing Market Summary
The 3-month median price for Single Family Homes in North Naples – the area from Pine Ridge Road to the Lee County boundary just short of Bonita Beach Road (see map below) covering zipcodes 34109,34110 and 34119 – continued to rise sharply, reaching $749,000 for the April-June quarter, some 35% higher than a year ago, and breaking decisively upwards from the $500-550,000 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 North Naples, which has seen a major increase:
(more…)
Naples Beach June Housing Market Summary
The 3-month median price for Single Family Homes in Naples Beach – the area the area mostly to the East of 41 from Port Royal to Pelican Bay (see map below) covering zipcodes 34102,34103 and 34108 – continued to rise sharply, reaching $2.4 million for the April-June quarter, breaking strongly through the $2 million 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:
Adjustable-Rate Mortgages Staging a Comeback
Applications for Adjustable-rate mortgages (ARMs) increased 12.5% year-to-year for the week ending June 18, according to the Mortgage Bankers Association (MBA), as the discount from the 30-year FRM has widened in recent weeks.
ARMs dropped in popularity after the 2008 financial crisis, but they are starting to reemerge as buyers contend with record high home prices. “The epic surge in home prices has people looking to save money on monthly payments anywhere they can,” says Matt Graham, chief of operations at Mortgage News Daily.
Source: Freddie Mac
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…)
East Naples June Housing Market Summary
The 3-month median price for Single Family Homes in East Naples – which includes the areas to the East of Collier Blvd.(see map below) covering zipcodes 34114, 34117, 34120 and 34137 – continued to rise sharply, reaching $476,500 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:
(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…)
Plans to turn Bonita Springs Greyhound Race Track into amusement park
According to NBC2, a plan is in the works to turn the Bonita Springs Greyhound Race Track into an amusement park.
The amusement park would be called “Adrenaline World,” and would be for the soon to be demolished grandstand building of the former Naples Fort Myers Greyhound Race Track off Bonita Beach Road. (more…)
Are you interested in buying a vacation home in the Naples area?
It is clear today that some homes are being priced at what is called an aspirational level. A good Realtor, however, will be able to guide you away from these. I am about to close on a house for a client in Southwest Florida for 17% less than the original, aspirational, list price.
This table shows the breakdown of sales and median prices by area of Naples (see map below). Please contact me to discuss the market and see how I can help you in your search for a vacation – or permanent – home.
Click on these links for detailed market reports: (more…)
Real Estate: It’s Not a Bubble Unless it Pops
A bubble, by definition, pops and prices plummet.
“Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble.” (more…)
Naples Housing Market Summary by area
This table shows the breakdown of sales and median prices by area of Naples (see map below). Please contact me to discuss the market and see how I can help you in your search.
Click on these links for detailed market reports: (more…)