Our Broker Kathy Zorn Analyzes The Second Quarter

Naples, Fla. (July 21, 2016) - As Collier County's resale housing inventory levels continue to outpace last year's levels, median closed sale prices for homes over $300,000 remain fairly unchanged. Several brokers who recently analyzed the Second Quarter and June 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe the 2Q real estate market's behavior is reminiscent of how the local housing market behaved in 2003.

During the recession we experienced a dramatic increase in inventory, particularly in properties below $300,000. Last year was a near record year for closings. So if you look at the decrease in closed sales for this year's second quarter and compare it to last year's second quarter closed sales, it's not really a fair comparison.

Kathy Zorn, broker/owner, Florida Home Realty, stated, "There are many owners who purchased short sales or foreclosures and don't have to sell, so they are willing to hold out for a price they want. This mindset also applies to some investors who would rather collect rent than sell at today's prices. Property is always a great investment and this subset of sellers is perfectly in the right to hold out, but the report tells me that closed prices have barely changed in a year so the days of impressively peaking values and expecting a price over market value are in the past."

The NABOR® 2Q 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 2Q 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

CATEGORIES 

2Q 2016 

2Q 2015 

CHANGE 

Total homes under contract (pending sales) 

2,541 

2,843 

-11% 

Total closed sales 

2,662 

3,109 

-14% 

Median closed price 

$325,000 

$318,000 

2% 

Total active listings (inventory) 

4,983 

3,698 

35% 

Average days on market  

76 

75 

1% 

Single-family closed sales 

1,263 

1,388 

-9% 

Single-family median closed price 

$421,000 

$399,000 

6% 

Single-family inventory 

2,674 

2,133 

25% 

Condominium closed sales 

1,399 

1,721 

-19% 

Condominium median closed price 

$259,000 

$263,000 

-2% 

Condominium inventory 

2,309 

1,565 

48% 

If you are buying or selling a home, let a REALTOR® be your guide. With so many different options in the Naples area real estate market, a REALTOR® can help you do a market comparison and determine a fair and reasonable listing price. A REALTOR® can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.FloridaHomeRealty.com

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