Naples Market boomed in March
Here is the summary of activity in March: sales up 57%, inventory down 73%. Median price (overall) up 12%.
The full report will be published on April 23 and I will post commentary on April 24.
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
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
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
‘When is the housing market going to crash?’
The housing market has been white hot for the past year, thanks to the stay at home and work from anywhere culture of the coronavirus pandemic.
But there is increasing concern among consumers that housing is experiencing a price bubble – and that the bubble may be ready to burst.
Google reported last week that the search question “When is the housing market going to crash?” had spiked 2,450% in the past month. “Why is the market so hot?” searches had doubled in just a week. (more…)
Boom times ahead for Lee and Collier Counties
THOUGH THE PANDEMIC IS FAR from over in Florida, economic development directors and other economic experts in four counties forecast a boom: Each county will see at least $1 billion in development over the next two years and the creation of 2,000 jobs, according to this Florida Weekly article.
At Southwest Florida International Airport, things are looking up. Construction continues on a new $80 million Airport Traffic Control Tower. Meanwhile, the $280 million, 200,000-square-foot expansion of the airport terminal, a project that had been deferred for a year due to the impact of the pandemic, will be bid this month, said Ben Siegel, executive director for the Lee County Port Authority.
Passenger traffic may be down, but the airport is No. 1 among the top 50 airports in the country in recovery, he said. The airport has recovered about 60% of its pre-COVID traffic, more than any other airport in the nation. From the airport standpoint, “we are optimistic,” Mr. Siegel said.
In Lee County, $2 billion in economic development and 6,500 jobs are expected in the next two years, all in one booming development area, said John Talmage, Lee County Economic Development director. (more…)
Common House Selling Concerns, and How to Address Them
If you want to list your home, it generally is a good idea to address any house selling concerns right away. That way, you can alleviate these concerns before they slow down the home selling process or prevent you from accomplishing your desired home selling results.
Now, let’s take a look at three common home selling concerns, as well as tips to help you resolve these issues. (more…)
Home Staging Helps Buyers Visualize, Homes Sell Faster
Eighty-two percent of buyers’ agents said staging made it easier for a buyer to visualize the property as a future home, according to the National Assocation of Realtors ® 2021 Profile of Home Staging.
“Staging a home helps consumers see the full potential of a given space or property,” said Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “It features the home in its best light and helps would-be buyers envision its various possibilities.”
Staging increased the sum buyers were willing to spend for a property, according to the report. Twenty-three percent of buyers’ agents said that home staging raised the dollar value offered between 1% and 5%, compared to similar homes on the market that hadn’t been staged.
Want to Sell Your Home as Quickly as Possible? Here’s How to Be Proactive About Making That Happen
Image by mynemesis2011 from Pixabay
If you’re anticipating putting your home on the market soon and want to sell it as quickly as possible, you’re probably thinking that the best way to accomplish this is to accept a major drop in price. Although it’s true that price points can affect how quickly a property sells, you don’t have to dip much, if anything, below market value to facilitate a fast sale as long as you live in an area with a moderately healthy real estate market. Following are five proactive ways you can help your upcoming home sale go quickly. (more…)
Pink bathroom – really?
Pink bathrooms became fashionable in the 1950s because pink was Mamie Eisenhower’s favorite color. At one time it was estimated that there were 5 million pink bathrooms in this country, but they faded almost as fast as they arrived. Pink was swapped for woods and neutrals in the ’60s and the retro oranges and greens of the ’70s. The world simply fell out of love with pink.
Today, there is a resurging interest in the pink bathroom—thanks to the revival of mid-century design and millennials’ love affair with all things retro. An intact pink bathroom is now more of an intriguing design challenge than a renovation project, plus it’s a fun selling point for homeowners and renters alike.
Maybe, but a pink bathroom is not something I would choose.
It was a surprise therefore when, earlier this week, I went into my bathroom and to be confronted with this: (more…)
No slowdown in buyer demand for Bonita and Estero market
According to the Bonita Springs-Estero REALTORS® (BER), buyer interest in February 2021 was robust, leading to multiple offer situations and a very active start to the spring selling season in Bonita Springs and Estero. Along with robust sales, inventory shortages are also a continuation into springtime as well. Most notable was the 76.7 percent drop in available inventory as compared to the same time in 2020. While there are inventory challenges, this should not deter buyers and sellers from entering the market.
Demand for Pools, Hot Tubs Surging Due to COVID-19
New in-ground residential pools saw a 21% uptick in 2020 compared to 2019. States like Arizona, Texas, and Florida saw permits rise by up to 30%, Janay Rickwalder, a spokesperson for the Pool & Hot Tub Alliance, an industry research group, told The Escape Home.
“This is historic growth for the industry—the next closest period was in 1983 with 16% growth over a much smaller base,” Rickwalder says. (more…)
Naples market on fire in February
The February 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), marks the last month of comparative activity before the pandemic shuttered the global economy in March 2020. That said, overall closed sales of existing homes in Naples for February increased 62 percent to 1,307 closed sales from 807 closed sales in February 2020.
Buyers are scooping up the available inventory of homes in all geographic locations within Naples almost as fast as they come onto the market. Inventory fell 68.8 percent in February to 2,224 homes from 7,127 homes in February 2020. (more…)
Naples market continues strongly upwards in February
Here are the highlights from the Report for the Naples Area for the month of February, showing the same story of a continued increase in sales and median prices, and a continued decrease in inventory.
I will write in more detail when the full report is published on March 24.
Read:
“Party on, dude” says the Federal Reserve
Buyers are overpaying, but are there signs of a bubble (more…)
“Party on, dude” says the Federal Reserve
Former Federal Reserve Chair William McChesney Martin, Jr famously said: “The Federal Reserve…is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.”
This week, current Fed Chair Jerome Powell in effect said “party on, dude.” As the New York Times commented: “The official view of the central bank’s leaders now is that it has been an overly stingy host, taking away the punch bowl so quickly that parties were dreary, disappointing affairs.
The job now is to persuade the world that it really will leave the punch bowl out long enough, and spiked adequately — that it will be a party worth attending. They insist punch bowl removal will be based on actual realized inebriation of the guests, not on forecasts of potential future problematic levels of drunkenness.”
Chairman Powell’s comments
“We will continue to provide the economy the support that it needs for as long as it takes.” (more…)
Buyers are overpaying, but are there signs of a bubble?
As prices continue to soar, Housing Wire asks the question: Are there signs of a bubble?
“The national average of home prices rose 14.4% year-over-year to $336,200 in February – the largest increase since July 2013, according to the latest report from Redfin. As proof of the impact of the country’s low inventory and high cost of building materials, new listings fell 16% – the second-largest decline on record since Redfin’s data began in 2012, only passed by the drop in April 2020. (more…)
Goodbye sub 3% mortgages
It was only last July that the 30-year Fixed Rate Mortgage (FRM) dropped below 3% for the first time and this week it moved back above 3% again, following the direction of the 10-year Treasury Note (10T).
