Hello Naples Friends,
It’s been nearly a year since my last Aqualane Shores post and I have great news to report for both buyers and sellers. Let’s get started:
Current Aqualane Shores market:
- Active: 26
- Pending: 9
- Closed during the past year: 29
- Average days on market: 201 days. Up 18% compared to closed sales.
- Avg. list price for actives: $5,045,346 and $1,058 per foot
- Avg. list price for pending sales: $4,236,333 and $1,082 per foot
- Avg. list price for closed sales during the past year $4,646,867 and $1,150 per foot
- Avg. closed price $4,388,100
- Median list price: $4,695,000
- Median list price on closed sales during past year: $3,850,000
- Lowest/highest list price currently active : $2,450,000 – $7,890,000
- Lowest/highest pending contract: $2,600,000 – $7,495,000
- Lowest/highest closed list price during past year: $2,245,000 – $10,500,000
- Lowest/highest closed sales price during past year: $1,700,000 – $10,250,000
- Avg. list price to sales price ratio: 94%
Aqualane Shores is in a state of undersupply in regards to inventory levels with just a 10-month inventory. Factor in current pendings would drop that to only 8 months of inventory. That performance is extraordinary compared to other Naples luxury neighborhoods where inventories are reaching and/or far past stable conditions. During my Aqualane Shores post last April, there were 38 active listings and 16 months of inventory. Aqualane Shores has actually strengthened during the past year.
Pricing could very possibly continue to rise if the market continues to perform at the same level which I suspect could happen with postseason buying! That’s great news for sellers! Sales traffic was strongest during the past year in December, May, and June. I wouldn’t be surprised at all if smart buyers go after offseason discounts. Talking about discounts, buyer’s on average aren’t getting huge breaks at the negotiating table which could also be a sign of a strengthening market. Average list price to sales price ratio is actually up 1% since my last report and up 2% compared to statistics from closed sales from the year before.
Closed price per foot is up 9% compared to closed sales from 2 years ago. That doesn’t mean sellers are taking unfair advantage either. I think the owners there have done an exceptional job managing the market. You might think there would be lots of evidence suggesting perhaps an overconfidence in the market but on paper, for the most part, Aqualane Shores sellers are playing pretty fair right now. As an example 15 of the 26 active listings have made price adjustments down. As a result, buyers are responding amicably. Of the 9 pending listings, 6 of those properties adjusted their price down to attract a buyer. Those price adjustments are definitely working.
Aqualane Shores is a market where buyers and sellers are on the same page. That means everything! A market starts to fail when the perceived value doesn’t match prices on current offerings. An overconfident market starts to lag and gets stagnant and that can mean huge trouble when an entire location is disconnected from reality. I am seeing that in other Naples luxury locations at this time. Resistance from buyers sets in and then the waiting game begins causing market times and inventories to rise quickly. If sellers are slow to respond that can greatly devaluate the market. In some cases, the cost of that correction will be far greater and cost sellers more than what would’ve been necessary had they been a little more responsive and accommodating.
Aqualane Shores new construction is performing well with steady inventories. 5 Aqualane Shores homes built in 2014 and newer have sold during the past year with 2 currently under contract. 6 newer homes remain on the market at this time.
Respectfully, other Naples luxury neighborhoods around town could take a page out of the Aqualane Shores success story.
Buying in Aqualane Shores? The good news is, you still have some great choices and owners appear to be accommodating buyers. That doesn’t mean you won’t find the end of season discounts but don’t be surprised if you find an owner who doesn’t want to negotiate a big percentage off list price especially if it’s priced fairly. 6 properties during the past year gave more than a 10% discount with one owner cutting loose with nearly a 25% discount. 3 properties during the past year sold for full list price while one sold for just 1% off list. As far as options are concerned, if you’re looking to build, buy small, fix it up or buy new, there are options. You don’t have jillions of options but at least the market isn’t completely picked over. If you want big water, little water or even no water, we have that too. If you’re thinking about buying and you’ve identified what you like, waiting for a better price may not be a wise idea. Buyers are responding to good price reductions. If you wait, you could find yourself competing and losing the property you wanted. Contact me today and let’s go buy a great Aqualane Shores home!
Selling in Aqualane Shores? You are amongst some really strong and smart neighbors. Now is an awesome time to sell and I don’t just write that arbitrarily. Just check out some past Naples real estate blog posts and you’ll quickly find I call it as I see it. Inventories are lower than other Naples luxury locations so if you price your home at a value that makes sense to a buyer, chances of selling are pretty great. Market times are still lengthy coming in at over 200 days on average and even well-priced properties aren’t particularly flying off the market on the first day but those that are priced well are selling within a pretty good range of time. As an example of the 9 pending properties, 4 of those sold with 90 days or less of market time. That’s nearly perfect! You’ll still want to hire a diligent agent who can market your property at the capacity you deserve. Choose an active agent like myself who knows how to put your property in the best light and attract ready, willing and able buyers. Furthermore, you’re going to want to hire an agent who can protect you at the negotiating table and through the contract period. So far only one Aqualane Shores home has experienced a contract back out and if you’re selling, you don’t want to be next.
Shannon Lefevre, PA
Your Naples Smart Girl!