Naples, Fla. (October 27, 2023) – New listings in Naples during September increased 27.3 % to 937 new listings from 736 new listings in September 2022, making pre-season buyers very happy. According to the September 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), overall inventory continues to inch upward steadily.
For September, inventory for the single-family home and condominium markets increased 13.2% to 2,793 properties from 2,468 properties in September 2022. The report also demonstrated that pre-season homebuying is starting earlier every year as pending sales (homes under contract) in September increased 18.7 % to 735 pending sales from 619 in September 2022 and 687 in September 2019 (pre-pandemic).

The median closed price in September increased 3%% to $571,500 from $555,000 in September 2022. Interestingly, the September report indicated 723 price reductions compared to 80 price increases during the month. The combination of new listings plus price reductions on existing inventory made September a great month to purchase a home. Historical data in the report confirms prices and competition during the autumn months are lower than in the winter months.

“The report showed the average closed price increased over 13% (month over month) for September,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “While we are seeing appreciation rates decelerate across all markets, Naples continues to command top values for quality properties.”

Estero Village Council unanimously ranked Johnson Engineering as the top firm Wednesday to provide professional consulting services for a village-wide traffic study. 

Updating the village’s traffic study will document how traffic has changed over the last six years and identify new areas that need to be improved. 

In recent years, development has boomed in Estero with some residents opposing new developments in the name of traffic congestion and community safety. Incorporated in 2014, Estero’s first village-wide traffic study was completed in 2017.  

“A lot of the improvements noted in that report have already been done,” Public Works Director David Willems said. 

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The city’s recent unveiling of new street banners represents only a glimpse of what citizens will see coming to Naples Design District.   

“Later on this month, the CRA (Community Redevelopment Agency) will consider a design proposal to design the Design Walk, the pilot Design Walk, which is meant to be an example in the public realm of what this area of town can look like—the activation of alleys, the refurbishing of sidewalks, things like that. So that’s the next thing that’s on our horizon that will be a physical manifestation of what’s to come,” said Naples City Manager Jay Boodheshwar.   

Mayor Teresa Heitmann and Naples Design District President Elizabeth Kurtz unveiled the new banners during a Sept. 29 ceremony and stepped into a bucket truck to hang one of the banners on a streetlight pole in front of The Collective design hub on 10th Street South.   

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Naples, Fla. (September 22, 2023) – Inventory is selling quickly, and prices are stable in the Naples housing market. According to the August 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®),  closed sales of homes in Naples during August increased 17% compared to July closed sales, and 1.9% to 702 closed sales from 689 closed sales in August 2022.
Brokers who reviewed the Market Report are confident sales during the second half of 2023 could outperform sales during the second half of 2022, unless we experience another major disaster like a hurricane. Another promising factor that supports this expectation is the steady rate of new listings, which increased 2.6% in August, and contributed to the 7.2% increase in inventory for the month.

“I see the top of the last economic cycle occurring in the first quarter of 2022,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “This is when 18 months of rapid appreciation in most market sectors stopped. Historically, a period of correction follows a market peak. However, property values remain stable in most market areas or have returned to our long-term historical trend of 8% per year appreciation. I am searching daily for evidence of wide-spread market decline but have yet to find it.”

The median closed price in August increased 5.2% to $605,000 from $575,000 in August 2022. Though according to the August report, activity in the condominium market fueled many of the increases reported.
As such, there was a 7.7% increase in the median closed price in the condominium market compared to a 2.2% decrease in median closed price for the single-family home market; a 10.1% increase in new condominium listings compared to a 3% decrease in new single-family home listings; and a 25.5% increase in condominium inventory compared to a 3.7% decrease in single-family home inventory.

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According to data from the Marco Island Area Association of Realtors MLS, the Marco Island real estate market experienced a 34% increase in inventory and a 2% increase in closed sales in August.

There were 429 properties in inventory with 64 closings for a total volume sold of $88 million.
In August, 25 single-family homes sold for a median price of $1.4 million and spent an average of 74 days on the market. Meanwhile, 31 condominiums sold for a median price of $615,000 and spent an average of 67 days on the market.

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Naples, Fla. (August 25, 2023) – While much of America grapples with unfamiliarly high interest rates that have stalemated the resale home market, broker analysts reviewing the July 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), point to data that shows home sales activity in Naples has remained steady for the past year despite several interest rate increases. Yet, even as cash sales for homes in Naples decreased from 66.7% in January to 53.5% in July, the overall median closed price of homes in the first seven months of 2023 has continued to increase compared to most months in the first seven months of 2022.

“Activity for our area has flatlined compared to last year, but it is still trending higher than before the pandemic,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “While there might be fewer homes to show buyers right now, a significant number of sales are still occurring, and there’s nothing to indicate that home prices will drop suddenly.” 

The July Market Report’s total sales data showed 81 fewer homes sold in July compared to July 2022, an 11.9% decrease to 600 closed sales from 681 closed sales. On the other side of the spectrum, pending listings (homes under contract) in July increased 6.3% to 798 pending listings from 751 pending listings in July 2022, which illustrates our market’s steadiness. Also, the percent of list price received this July is steady at 96.1% compared to 97.9% in July 2022. In July, days on market increased 115.4% to 56 days from 26 days in July 2022, the lowest reported in the history of NABOR®’s Market Reports. Incidentally, before the pandemic, days on market averaged over 100 days (104 days in July 2019).

London Bay Homes, a well-known luxury builder in SW Florida, finalized the purchase of former Outrigger Beach Resort on Fort Myers Beach for $38.2M.

The deal also includes the purchase of the former Charley's Boathouse Grill. Hurricane Ian destroyed both in September 2022.
London Bay Homes is the developer of Mediterra, the Ritz-Carlton Residences in Estero, and Grandview at Bay Beach on Fort Myers Beach.

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The Bonita Springs & Estero Board of Realtors has just released the real estate market report for June 2023.

New listings and closed sales were down 23% and 19%, respectively.
The average days on the market was 45 days and the median closed price of $536,000.

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A new mixed-use development at the corner of US 41 and Pelican Sound Dr in Estero, the proposal has been submitted to the Estero Planning, Zoning & Design Board.
The new development would have 219 multifamily units on an 11-acre parce. The Meadows of Estero and Pelican Sound Golf & River Club are the nearest communities.

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