The Moorings Forecast Season 2022-2023
The Moorings Forecast Season 2022-2023
Hello, Beach and Golf Enthusiasts,
Today I’m covering one of Naples’ great original golf and beach communities, The Moorings. An 18-hole executive golf course at the Moorings Golf and Country Club provides beautiful golf views along with some fabulous Bayfront homes. Our famous sugary sand beaches are available at The Moorings Private Beach Park and beachfront condos. This report marks the ninth edition of my 2022-2023 Naples real estate forecasts for all of my favorite Naples neighborhoods. Yesterday, I covered the Mediterra Real Estate Forecast. Today, I’ll explain the real estate market, where it might lead, and what it means to you if you plan on buying or selling this year. Here’s my Moorings Forecast for Season 2022-2023.
In This Post:
• The One Big Talking Point
• Current Moorings Market Statistics
• Projected Inventory Levels
• Comparison of past inventory reports
• What to expect
The One Big Talking Point
I see an interesting split between overconfidence and more accommodation as market time skyrockets. Agent and owner term requests located in confidential remarks in MLS suggest there’s an opportunity for more fair negotiations for the buyer. Overall, there’s only been about a 1% discount for those who purchased during the past year, but there has been nearly a 5% discount for closed sales since August. These factors present pretty good evidence buyers aren’t as willing as they were before to pay current values. This is going to be an exciting neighborhood to watch this season!
Current Moorings Statistics
Current Inventory – 51 or three months of inventory. In my June inventory report, inventory was the same. Last November’s inventory report results were less than one month.
Here are the details:
May Closings
2021 – 26
2022 – 32
June Closings
2021 – 30
2022 – 13
July – Closings
2021 – 16
2022 – 6
August Closings
2021 – 18
2022 – 14
There were 90 sales in Moorings last May through August compared to 65 sales during the same time this year. The Moorings was performing even better than May last year but trailed off substantially once interest rate, gas hikes, and economic woes took over. June and July had a dismal performance compared to the year before, and many agents found themselves in a very different market. There are 28 properties pending today, but 12 of those are La Perle, Mooring’s newest nearly completed mid-rise condominium built on the bayside. There were 13 closings in September last year, and it may be not easy to match last September’s performance if La Perle doesn’t C.O. by then. Regardless, The Moorings is sitting on 148 sales for the year. By this time last year, there were 249.
Projected Inventory Levels
Twenty-four listings punted off the market since April 1st and have not been re-listed or sold. That could push inventories up to nearly 4.5 months of stock if all those properties hit the market again this pre-season. This isn’t enough to put a significant amount of pressure on prices, but it would certainly break a recent record for inventory in The Moorings. It could cause a little shake-up, especially if those come on at lower values than what’s available today.
Total days on the market is 411% higher, currently at 107 days.
What To Expect
I expect inventories to increase this year, and based on what I see, it could lead to more softening. The Farmer’s Almanac predicts a snowy winter, which nearly always means Naples will see more buyers. Agents working with prospective buyers will have to keep an active watch on the market if they’re going to advise their clients with the most accuracy.
31% of the active listings have adjusted their price to attract buyers.
Selling?
If your goal is to sell your Moorings property for a reasonable price, you are still very much in luck, and you should be able to do way better than your neighboring friends who sold during the past year, provided you don’t overshoot the market. There are several overzealous owners on the market today who will pose as an accelerant on the sale of your property, provided you list your property at a realistic value. Moorings buyers watch past sales like it’s their job and aren’t jumping on heavily overpriced listings. As a result, nearly one-third of the properties in Moorings have already reduced their price. A sizable increase in inventory and an increase in market time have also been noted. If this trend continues, you can expect more owners to adjust their prices to compete, making it tougher for you if you overshoot your price too.
Couple that with an abundance of ready, willing, and anxious agents gearing up to collect listings rather than sales this next season. This competition will cause some agents to oversell their services and your Moorings property value to win your business. Meanwhile, they’ll capitalize on the extra business they’ll get from marketing your property, and if you don’t sell, they’ll still come out ok. Go with the agent who shows you proof of your property’s estimated value based on closings and appreciation projections vs. the one who’s just using you and your property to enhance their own agenda. Agents or owners who base their list prices on other active listings are already disappointed with those tactics.
Buying?
Keep your eyes open for realistic sellers as pre-season draws near. If you haven’t done so, sign up for Moorings’ new property notifications and check those listings once you receive them. Make plans for you and your agent to see it. Your agent should already have your negotiating strategy prepared. You can also expect price reductions when the current grouping of overpriced listings starts dropping due to the lack of interest and listing competition increases this upcoming season. More owners may punt off the market as the realization sets in that they may not garner the attention needed to get their price.
While you may bump into a competition on excellent properties or listings priced well, you won’t be competing on every parcel. There may be more negotiating room on those listings with more market time. Other demands like extended closing periods or “As Is” contract requests are also fading unless the listing agent is out of touch, and I see evidence here. Many agents now request a standard contract instead of an “as is” one. The design is to lock you into your deal. Ask me about protections.
I hope you enjoyed my Moorings Forecast For Season 2022-2023. Call me with your questions and objectives, or shoot me a text or email.
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223