5 Things to Know About the Naples Real Estate Market on April 29, 2020

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Hello Naples Friends,

The questions about the Naples real estate market are swirling all around as both buyers and sellers are trying to get a handle on what’s coming down the pike. I’ll cover some things I’m seeing and share some tips to help you navigate through the rapids of Naples real estate. Here are the 5 things you want to know about the Naples real estate market on April 29, 2020

You’re Not The Only One Looking AroundMoraya Bay

Many of you took my advice on my last blog post when it came to signing up for new property notifications to watch their favorite Naples real estate markets. With the email alerts working the way they should, this service is going to save a bunch of people an enormous amount of money. A huge majority of my buyers are thoughtful consumers and want to learn their markets before purchasing and may take years before they’re ready to pull the trigger. This is an excellent way to do it! New automatic email subscriptions are up 247% this month compared to the same month last year.

Shannon.com hit an all-time high record of property viewings! Thank you for choosing Shannon.com to keep posted about Naples real estate! These extra views are a good indication people are watching and waiting for those priced well new listings and powerful price reductions that could come from anxious sellers. As a result, some of these offerings are going extremely quickly. During this past week, 18 properties went under contract within 10 days or less of market time. That is a very fast reaction time!

Some buyers are pulling the trigger before they’re seeing the property first. It makes sense. Traveling isn’t necessarily the easiest and people are busy running companies and taking care of their families right now. The thing that hasn’t changed is the fact that an enormous amount of the Naples luxury prospect base has made several real estate transactions throughout their lives. Buying real estate isn’t scary for them. They’re really comfortable relying on professional agents, inspectors, attorneys and other vendors to orchestrate their purchase. If you need to see before you buy, you’re going to want to react quickly if you’re also after a terrific deal. Ready to move forward? Hit me up and I’ll tell you exactly how we can do a great job for you!
The most viewed listing this week:  PH4, a glorious penthouse in Moraya Bay on Vanderbilt Beach.
The most visited neighborhood this week was Pelican Bay!

The Best Way to Analyze Past Trends

While many people are looking for factual information about property values, others are analyzing longer trends. Zillow is a terrific tool to analyze past market trends but I’ve never found it reliable when it comes to their property estimates or forecasting. If you want to see how the most popular Naples neighborhoods have performed over the past 10 years, start here. If you want to rely on their future predictions, they’re not expecting mass dysfunction either. They’re calling our glorious resort town of Naples “Cool.” You and I already knew that hahaha. The prediction for all of Naples is down 2.3%. Here’s the Zillow  forecast for some of my favorite locations:
Your very best way to understand where the market is going is to ask me. I can tell you how your market performed during this part of the last trend. I can also share important buyer and seller behaviors to help understand how negotiations change when there’s a shift. These changes can make all the difference in the success of your deal. Many agents who were not selling between 2006 and 2010 are not prepared for it. You’re going to want an agent who is tenured and completely prepared.
Don’t make market assumptions too fast. Just this week I had a gentleman ask why so many Collier's Reserve Salesresidents in Collier’s Reserve were selling suggesting there may be something big going on there provoking a rush of new listings. Technically, Collier’s Reserve is under-supplied so there’s no cause for alarm. The next question: “Why would anybody list their home right now?” If you’ve been reading headlines, watching the news, or even browsing your social media streams, then you know there’s a great divide on how everybody is feeling right now about this virus. Many people here remain pretty level headed and expect this to be a short term situation. Others aren’t feeling as confident but that’s just one of the reasons why Naples is so great. Those who aren’t comfortable will punt out or stay off. Those who are optimistic or have more motivation to sell will give it a shot.
I’ll be posting more Naples neighborhood market reports soon. In the meantime, give me a shout if you want all the juicy details about your favorite Naples locations.
Are you considering putting your place on the market? You can shoot me some recent photos of Vanderbilt Beachyour property and I’ll be happy to let you know what I think! Not a photographer? No worries, give me a jingle and I can run by, after all, the State of Florida has deemed me an essential worker. I’ve waited my whole life for this. Hahaha. Besides, my marketing game is strong! When all this took place, I was able to negotiate a terrific deal with both the buyer and seller of my listing on Vanderbilt Beach. Ask me how I did it or wait for the post coming soon!

Pending Properties Lead Over Reductions

When the Naples real estate market takes a hard turn south the number of price reductions greatly outweigh any other category on our “hot sheet”. Our hot sheet is a daily, 24 hour, 3 days and 7-day account for all of the new listings, pending properties, off-market changes, sales and price moves. A committed REALTOR checks this every day at a minimum and sometimes several times a day depending on market conditions. This week we had more pending sales than price reductions which I would consider a sweet sign of strength.

Price Increases Are On The Rise

Of the 20 properties priced higher today compared to the week before, 5 were new construction. Many are nominal little increases of less than 2%. The most notable increase was over 20% on a Gulf access home featuring 180 feet of waterfront. Now that’s ambitious!

Seller’s Discounted On Average 5.5%

170 transactions closed during the past 7 days with an average discount of a hair over 5.5%. If you’re hearing grand stories of deep negotiating or thinking you yourself are going to grab properties at 30% off, you might want to wait. Steep discounting didn’t occur this week. 15% of the documented sales sold for at or above list price. 5% of the buyers this past week got more than a 10% discount.

In ClosingNaples Florida beaches

I hope you found my latest 5 things to know about Naples real estate insightful. In the meantime stay safe, be diligent! Naples beaches open Thursday if you’re ready to come down and enjoy some fabulous weather and sunshine! Give me a jingle if I can help you with your real estate objective!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

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