Naples Inventory and Prices On the Rise – Good News for Buyers and Sellers
According to the Naples Area Board of Realtors (NABOR), the Naples housing market is more stable than it has been in the past eight years, due to rising inventory and prices.
How Inventory Affects Market Health
When inventory increases, it creates a healthy balance in the market. Home values are not overinflated due to lack of supply; and they’re not rock bottom due to a glut of inventory and no buyers. Sellers must price homes fairly if they want to be in the game, and this helps stabilize area prices and comparables used to determine values. At the same time, Naples home buyers have plenty of options to choose from, and while there may be some wiggle room negotiating price, values are mostly spot-on and fair.
It’s the ideal market for buying and selling, “at the right time.”
What the NABOR Report Reveals
The organization, which tracks home listings and sales in Collier County, showed a healthy increase in year-over-year inventory in their 2016 First Quarter Inventory Report. Specifically:
- A 33% increase in overall inventory from Q1 2015
- Condos in the $1-2 million range increased 61% from Q1 2015
- Condos in the $0-300k range increased 33% from Q1 2015
- Inventory in North Naples saw the highest increase, 43% from Q1 2015
Overall closed sales actually decreased slightly from Q1 2015 to Q1 2016 – from 9.873 to 9,352 respectively. However, this is not viewed as a negative, as 2015 was a fantastic year for the Naples real estate market. A slight decrease in sales, coupled with increased inventory and steady prices, all point to market stabilization and healthy long-term growth.
Traditional vs. Non-Traditional Sales
Perhaps one of the most significant pieces of information from the NABOR report reveals that traditional sales accounted for 95% of transactions, and that non-traditional (foreclosure, short sales) made up just 5%. This is another indicator of market health, offering proof that home values have stabilized, and that homeowners have recovered from upside mortgages and are no longer turning to non-traditional sales in desperation.
The Link Team Can Help You Take Advantage of the Current Market
Increased inventory and prices mean a more stable market for both buyers and sellers. Whether you’re buying or selling, now is a great time to get in on the Naples real estate market! Call Nina Link at 239.357.5058 and let the Link Team help you take advantage of this window of opportunity.