Sales of homes in Collier County increased 7.4% in August 2019 as inventory fell 17.8% to 4,917 properties compared to 5,980 in August 2018. This showcases a six month supply of ‘inventory’ for Collier County.
Inventory, traditionally, begins to creep up in September, October and November as many sellers try to get a jump start on listing their homes for the coming season, per Mike Hughes, VP and GM of Downing-Frye Realty. These preseason months can be a great time for buyers as well. They’ll find less competition from other buyers. They’ll also get an early peek at properties that will probably sell during season.
The agency that records the number of showings in the County showcases that 16,878 appointments were made during August 2019. This is a 16% increase as compared to August 2018.
As per usual, analysts reviewing the August report are keeping an eye on sales activity for next year, as sellers will face market uncertainty brought on by a presidential election. The 3rd quarter of 2016, right before the last election demonstrated overall closed sales down 14% as compared to closed sales during 3rd quarter 2015.
Budge Huskey, President of Sotheby’s International Realty, states “The overall market is very healthy today based on the average person’s financial position continuing to improve in tandem with the economy. Yet in the luxury and upscale second home markets, which are often elective, buyers tend to have a longer-term horizon and base investment decisions on where they believe the economy and markets will be a year or more out in the future.”
The median closed price for home sales in August 2019 decreased just 0.2% to $317,918, only $582 lower than the median closed priced in August 2018.
Geographically, closed sales of single-family homes in the East Naples area increased the most in August 2019 by 35.6% followed by closed sales of single-family homes in North Naples, which increased 15.6%.
Jeff Jones, Naples Area Board of Realtors (NABOR) president added “There were 1443 price reductions made during August [29% of the total homes listed], which is important for buyers as this is an indication that many sellers are eager to sell!”
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