Posted on Friday, July 25, 2014
The real story this month is the Pelican Bay area – but we will get to that in a minute. The continuing story Naples-wide is low supply and rising prices. The Naples News reported (http://nangoebel.wordpress.com/2014/07/10/may-results-more-of-the-same-real-estate-prices-up/) double-digit price increases again as our market continues to Boom. Inventories increased slightly to 3.72 months as volumes decreased slightly.
What does it all mean? Prices should continue to go up. If inventories were as high as twelve months we would expect stable prices but at these low levels of 3.7 months we expect prices to continue to climb and climb a lot. As season arrives in the fall we could see significant price jumps as volumes move against this short supply. Keep in mind new construction is a good alternative to buyers right now and will offset the supply shift (http://nangoebel.wordpress.com/2014/05/09/new-construction-booming-but-cannot-keep-pace-with-demand/).
Readers of the blog will know you really have to go neighborhood by neighborhood to understand this market. Let’s take a closer look at the neighborhoods we track each month:
Old Naples – a slight inventory increase to 3.73 months on slowing volume but very supportive of price increases.
Pelican Bay – an unbelievable inventory of only 1.9 months and still headed down. We expect price increases here.
Windstar on Naples Bay – only 3.73 months inventory with some slowing volume. Very supportive of price increases.
Crayton Road Area – we see some slowing in volume and increase in supply here but the inventory is still only 3.51 months – very supportive of price increases.
Royal Harbor – inventory is now up to 8.73 months as the market is finally catching up in this neighborhood. We some more price increase potential but over the next few months we see a more balanced market forming here with buyers and sellers on equal footing. For now it is still a seller’s market. A nice on water community.
Oyster Bay has only three single family homes for sale and Golden Shores has only two. These on-water communities are where we are building our Key West and British West Indies homes.
Port Royal – the top priced homes in town and in fact in most parts of the United States and for good reason – absolutely breath-taking. Supply dropped to 7.89 months as we see this market tightening further – and more support for price increases even at these high levels.
New construction finally has legs. What we mean by that is last year we saw lots of plans and marketing but now we are seeing shovels in the ground and some great new floor plans and options and good price points. We will soon publish our eBook “New Construction in Naples, Florida” – just let us know if you would like and advanced copy – we would appreciate your feedback!
We would like to say again how thankful we are for the market rebound. With the new boom, local area jobs are back and folks are starting to get on their feet again. Time to make hay while the sun shines.
We have toured or owned in Naples for nearly forty years. We are fortunate to call this wonderful paradise our full-time home. Please give us a call at 239.595.3921 and we would be pleased to help you look at this property or other offerings. Also consider reading our book “Understanding Naples Real Estate” to get you started on your real estate search at https://www.naplesbestaddresses.com/offer/ or just give us a call about things to do here.
Hope to meet and talk with you soon,
Mark Goebel PA, Nan Goebel PA and David Goebel, PA Co-Founders of the Naples Best Addresses team Coldwell Banker Mark Goebel, PA and Nan Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 239.595.3920 NaplesBestAddresses.com Facebook: NaplesBestAddresses Youtube http://www.youtube.com/user/naplesbestaddresses?feature=results_main
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
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Some of the data relating to Naples homes for sale and Naples real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
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