More Choices, Great Prices for Buyers
The August 2016 Real Estate Market Reports released for the Southwest Florida area showed consistent performance for the summer with more inventory for buyers to choose from. Inventory as reported by the Naples Area Board of Realtors (NABOR) increased by 36% compared to last August and the Bonita Springs Estero Area Board of Realtors (BEAR) was up by 47%.
Pending sales are properties with accepted offers. The BEAR Market Report stated their overall pending sales for August 2016 was up 30% from last year and attribute the increase in pendings due to the increase in property selection. Closing sales overall for August were down 14% compared to last year.
The August 2016 Market Report for NABOR showed a 9% decrease in overall pending sales to 734 from 811 pending sales in August 2015. Closed sales were down by 5%. High end properties seemed to be the most affected by the decrease in pendings and closings. Analysts agree that buyers in these price points may be reluctant to purchase due to the uncertainty of the economy prior to the Presidential election. Once they learn the direction of the country, it is likely they will make large investments again.
Despite the close proximity of the areas, the average days on market is notably different. NABOR reports for all properties including single family homes, condominiums and townhomes, the Average Days on Market is 88 and BEAR reports 154 days.
Overall, the real estate market is a healthy one with less than 10 months of inventory reported from both NABOR and BEAR. The median and average price may be down slightly but overall holding. The anticipation of a good selling season is on the horizon. The presidential election will soon be over, northern real estate markets continue to do well, our prices are stable and inventory will provide more choices for buyers.
Written By: Kathy Zorn