Hello Naples Friends! Today I have a Mediterra real estate update for you. Here’s what I’ll cover:
- Mediterra real estate statistics
- Mediterra market movement
- Great news
- Mediterra new construction update
- Big buying signs
- Mediterra website statistics
Mediterra Real Estate Statistics
Active 73 Last Report 78
Pending 10 Last Report 10
Sold – 55 Last Report 58 (past 12 mo.)
Average List: – $504 Last Report $477
Average Pending – $502 Last Report $382
Average List Closed – $419 Last Report $425
Average Closed – $392 Last Report $397
Average DOM – 231 Days
Average Continuous Days On Market – 314
Mediterra Market Movement
Prices are down just over 1% this year compared to last year (down 1% last year from the year before.)
13 Mediterra neighborhoods are oversupplied down from 16 last year!
There have been 20 price reductions this year. Last year there were 15. Competition is picking up.
The Great News
- 11 Mediterra properties have gone under contract within 30 days of market time!
- Inventory levels are basically unchanged since my last report. Other golf course communities are seeing big increases in inventory.
- Entry level to get into Mediterra has increased $10,000.
- Average discount rate remains at 7%.
- 4 properties have sold during the past 12 months in the $700/ft plus price range. Only 3 sold the year before.
- 19 (up from 14) Mediterra subdivisions have no, low or stable inventories!
- There are 2 more pending sales on the books this season compared to last year.
Mediterra New Construction Inventory Is Low
Homes built in 2015 and newer are performing pretty well with only 9 months of inventory.
Market time is creeping up exponentially with an average of 511 days compared to 311 days for those that sold during the past year.
With the exception of 1 listing, average list prices are down 3%.
How Will The Season End?
Price reductions across Naples are up 30% compared to last year as owners compete for a sale. Mediterra saw enormous success last February with only 2 closings occurring in March. Selling traffic ramped back up in April and soared through the summer.
Here are the number of sales in Mediterra last summer:
- April – 5
- May – 8
- June – 8
- July – 5
- August – 5
- September – 5
As you can see, 65% of the sales occurred during the non-traditional best selling months. Many buyers believe the best time to buy is “after the season”.
This is customary when buyers are resisting current values. I have a very similar group of buyers this year as I did last year. Everybody has zeroed in on where they want to purchase and some have selected a property but they’re waiting for either a reduction or a timeframe they think a lower offer will be better received.
This week I heard a buyer’s sister say, “I was told to wait until September to buy.” I don’t agree.
The real question is when will the season end?
Big Buying Signs!
Shannon.com website statistics are an excellent way I gauge buyer enthusiasm. I’ve been studying web analytics for well over a decade now and know the indicators to study to forecast buying activity.
Here are a few web stats on Mediterra:
- Buyers are checking Mediterra out more this year with an increase hit rate of 39%
- They’re spending a little more time looking than they did last year which means they’re slightly more interested in what they’re seeing.
- Mediterra condo activity is up 225%.
- Mediterra home traffic is about the same.
- Mediterra villa interest is up 89%
They’re also analyzing past sales considerably longer than they did last year. That means some of my viewers are more price conscious and are going to be looking for discounts and new priced right listings.
One glaring thing I noticed is there are a few Mediterra neighborhoods with obvious hovering going on. That means there are buyers who will likely pull the trigger either once a price reduction has been made or when they think a seller may be more apt to accommodate a lower offer. If this is you, there are ways to avoid the risk associated with waiting. If you see something you like, I can prepare an outstanding game plan to better your chances of winning the deal you want. Call me today.
That’s all I have for Mediterra today. I hope you enjoyed my update and if you’re ready to go take a peek at what’s available. Give me a jingle!
Shannon Lefevre, PA