Happy Fall Friends! Here's my latest Olde Naples
Florida market analysis. No tricks here today, just treats so let's get started!
The Olde Naples real estate
market overall could be leaning more towards a SELLER's market this season since the community has clearly recovered and is only experiencing a peep over 8 months of active listing inventory. But when we break it down there's still a segment that's in an oversupply situation and perhaps may offer a little more opportunity for those who are still trying to get a "good buy".
Here's the Olde Naples Real Estate Results For the Past 12 Months
126 Olde Naples listings are currently on the market.
154 Olde Naples sales have sold during the past 12 months.
20 Olde Naples listings are under contract at this time.
Here are some clear signs the market has improved:
- The average list price to average ORIGINAL list price shows there's less than a 2.5% difference. This tells me, owners and agents are feeling pretty confident in getting their prices or at least working offers so fewer and smaller price reductions are taking place in Olde Naples. This is lower than it has been in the past several years and while it is entirely customary to be confident going into season, keep in mind many of these listings have been on the market for much longer than the past month or two...so this is a good point to watch to determine seller confidence.
- Average Olde Naples market time is down 101 days! Olde Naples active listing market time is 225 days while average market time for Olde Naples properties that have sold is 326. Market time is always a little bit of a tricky indicator here since we probably have a slightly larger portion of people who would "like to sell" compared to the people who "need or want to sell". There are two big reasons for this. A. Many people who have decided to move on from owning their properties can purchase something else, move in and are not inconvenienced by showings. Many properties around here are 2nd or 3rd homes so they may not even be in town to be inconvenienced with open houses etc. B. Another huge reason why some people can sit on the market for huge amounts of time is because they can wait. There's several motivators to sell and for many down here, many sellers can and will wait for the price despite the fact that it may make absolutely no economical sense to do so. So the fact that this market time has decreased this much is really saying something. The last time I reported about this, the average market time was
- Average sales are up 14% compared to the year before.
- Average list price to sales price ratio is now 92% compared to 91% when I reported in May.
Let's take a peek at the segments:
Olde Naples Homes:
47 Active Olde Naples home listings are currently available.
69 Olde Naples homes have closed during the past 12 months.
7 Olde Naples homes are currently under contract.
Olde Naples homes clearly performed better than the year before despite it's same result in the 3rd quarter. Closed Olde Naples single family home sales were up nearly 17% compared to the year before. The success continues even during this very suspenseful election time with a home priced at nearly 20 million going under contract in August. Now if that isn't a vote of confidence, I don't know what is!
There's less than 8 months of inventory on the market for Olde Naples single family homes and it is evident that people aren't waiting til January to purchase. In fact, there's 7 homes under contract right now so if you're interested in purchasing a home in Olde Naples, you might check out your options now if at all possible.
Market time is down 44% when you look at what's still on the market (143 days) compared to what has sold (215 days) That's pretty dramatic!
Olde Naples Villas Rundown:
If you're a bargain shopper you should check this segment out over any other in Olde Naples. I'm still showing a bit of an oversupply here with 16 months of inventory but my gut says it probably won't be a talking point for too much longer. Besides, you want 5 full interesting talking points for a successful negotiation strategy! Contact me direct so I can assist you!
Here are the Olde Naples Villa statistics:
24 Olde Naples villas are currently active.
15 Olde Naples villas have closed during the past 12 months.
3 Olde Naples villas are currently pending.
Even though it appears pricing is going up 513/ square foot list price for closed sales and $558/square foot list price for active listings, I do think you can still get something done. Average list price to sales price ratio has just passed the 91% mark so clearly owners are feeling a little more confident but sales are actually down 13% compared to the 12 months before...(another compelling talking point). If you're thinking about buying or selling an Olde Naples villa, contact me direct! We'll put a plan together to get you where you want to go.
Olde Naples condos have performed well!
56 Olde Naples condos currently on the market.
70 Olde Naples condos sales have taken place during the past year. Only 59 sold during the same time frame the year before ~ up 18%!
10 Olde Naples condos under contract at this time.
The Olde Naples condo market is running a little hotter with a peep over 8 months of inventory and increased sales compared to the year before. Pricing is on the rise...check this out:
Avg list price of active listings: $575,623 or $388/ sq.ft.
Avg list price of pending listings: $518,590 or $306/sq.ft.
Avg list price of sold listings during last 12 months: $524,100/$340/sq.ft.
I know what my smart readers are thinking...whoa Smart Girl! Look at those pending property statistics...those prices are going down in Olde Naples. Don't hold your breath...most of those pending properties were negotiated during the summer, long after last busy season and those types of discounts don't exist very often this time of year. Not that it's not "possible" just that it might not be that "probable".
Since we've talked so much about what other people have already done. Let's talk about what people are doing right now! My real estate web traffic is going through an interesting turn right now. My Naples real estate web traffic catapulted the evening of the first Presidential debate and has continued to remain high since. As an example I took the time frame between September 1 and October 21 just to monitor the difference. Visits are up 42%, page views are up 55% and time on the site is up 10% compared to this time last year. Web traffic is usually a direct indication of what is going to be on the streets in Naples between 30 and 45 days down the road. What is even more interesting is that the visitors aren't just up in the United State. Japan, Italy, Sweden, Saudi Arabia are all countries showing at least a 100% increase in activity.
Now I know you're thinking...what do your website statistics have to do with my desire to buy or sell Olde Naples real estate?
If you're a buyer you need to know you're not the only one poking around right now! Here's a short list of search terms related to Olde Naples and their results compared to same time last year:
- Olde Naples real estate Up 66%
- Old Naples Florida Up 45%
- Real Estate Old Naples Florida Up 266%
This means you need to be prepared to go after what you want this year. Grab a Olde Naples real estate professional like me and let me prepare a negotiating strategy that will help you win! I am great at that!
If you are an Olde Naples resident who is thinking about selling, call me. There will be others who think now is the year to go for it. You want somebody on your side who can help you market your Olde Naples property apart from the rest and help you negotiate your best price! I can do that too!
In the meantime, I hope you're enjoying your fall. Keep in mind there's only:
14 days til the election
48 days til Hanukkah
59 days til Winter
63 days til Christmas
Shannon Lefevre, PA
Your Naples Smart Girl!