Naples Real Estate Inventory Report 5-29-20
Everybody is asking about the Naples real estate market and there seems to be a HUGE disconnect between buyers and sellers. The biggest confusion seems to be coming from places that were hard hit by COVID. In case you didn’t already hear, Naples wasn’t hit that terribly bad. While some are continuing to self-quarantine, many of us have gotten back to living our fabulous southwest Florida lives. What absolutely isn’t happening are those huge discounts some of you were counting on. Here’s a brief recap of what has happened and when the best deals took place. Surprise! It’s not what you may have thought!
Aqualane Shores
This market is raging active right now with 7 pending contracts. Inventory levels are healthy (12 mo.) and soon to be undersupplied. The average discount is 9%. The best discount just happened on 5/28 but the best deal actually occurred at the end of April. Are there more opportunities? You’ll have to book your appointment and make an offer to find out. If you’re looking for a deal here, your best bet is to sign up for new property and discount notifications!
Audubon
With balanced levels of inventory and 4 pending right now, I’ll bet there could be some good buying opportunities here. Market times are not doing great which could push sellers to accommodate more at the table. So far, the best deal of the year happened last October. Since the COVID chaos, sellers have negotiated substantially less at the closing table so it may take some more time to see what transpired during current negotiations.
Bay Colony
Eating their way through a 2-year inventory, Bay Colony is seeing some relief with 6 pending contracts at this time. Were there great negotiations made during the recent chaos? Not as far as I can tell so far. The best deals of the year took place on the beach last August with a 12% discount and yearly record low sold price per foot sale. Estates at Bay Colony saw their record low sale in January of this year with their biggest discount closing March 4th (slightly before the panic began). Market times are soaring though so if you’re looking for a fair deal, you should be able to find one here.
Collier’s Reserve
With slightly under stable levels of inventory, Collier’s Reserve is holding its own. The average discount in the neighborhood is just slightly over 7%. COVID didn’t shake Collier’s Reserve residents either at least so far. The best deal was made last September and the best discount occurred last December. Market times are still on the rise so if you like this market, there could be more deals to be had. If you want to know the best way to uncover them, give me a jingle.
Coquina Sands
Ever since Athen’s Group was granted permission to remaster the Naples Beach and Golf Club into a Four Season’s luxury resort, activity in this beachside enclave has been out of this world. With less than 5 months of active inventory, I don’t see any immediate relief for buyers anytime soon. How did Coquina Sands residents respond at the negotiating table? Cool, calm, and collected. The best negotiation occurred on sweet Happy Valentine’s Day but the best discount was captured last August. If you like this area, you better be on your toes! 2 of the 4 pending properties in Coquina Sands went under contract by its 3rd day of market time! Sign up for new property notifications to get alerts on all new listings and price reductions today!
Grey Oaks
8 months of inventory in what could be considered one of the all-time best golf course communities in Naples not only suggests golf isn’t dead but alive and thriving. A 7% discount on average further proves the strength of the community with the best deal occurring last June. The best negotiation did in fact happen at the end of April with a 27% haircut. Nearly everybody else negotiated around 5% off. Inventories are light and the community is active so don’t make the mistake of waiting until prices increase or everything is terribly picked over.
Mediterra
Whew, this location is DOA with zero under contract in the entire area. 16 months of inventory is another weak indication. The average total market time clocks in at over 12 months. Talk about a failure to respond to current market conditions. Buyers, you might be able to find a deal here. Sign up for new property notifications to keep on top of new better-priced listings and price reductions. The average discount here is slightly over 6% but activity proves it might be time for some sellers to get a little more realistic. The best deal happened last December. The best discount happened last August.
Moorings
Here’s another ridiculously active beachside community featuring just 10 months of active inventory. The COVID scare didn’t prevent negotiations either. 25 pending contracts exist at this time. How are the negotiations going? One buyer got the yearly record-breaking deal at the end of April even though there was only a 3% discount to get to it. Everybody else negotiated within 10% except for that one other buyer who got a 16% discount. Average discount for the neighborhood is right at 6%. Buyers are on the scout here with 3 pending deals happening within 6 days of market time. Sign up for price reductions and new listing updates today!
Naples Cay
It’s summer slumber as usual in Naples Cay with zero pending and 15 months of inventory. You might find some deals here. The average discount is right at about 5%. The best negotiation occurred last August with the best deal happening in December. 2 of the 11 deals closed this year were on the market for a week or less so if this is your area of interest, you’re going to want to stay on top of your game. Sign up for new property notifications and price reductions in the event somebody decides to get more motivated this summer.
Old Naples
Talk about a hot market with less than 10 months of active inventory and 32 pending contracts! As a result, there were no all-time great deals made during the COVID crisis (so far) It looks like June is the time to negotiate here or at least it was last June with the best negotiation of the year closing July 3rd and the best deal of the year closing at the end of July. All eyes on this area with 10 of the current deals under contract going under contract in 6 days or less. If you want to be the next deal maker, consider signing up for new property notifications and price reduction alerts to reap the highest rewards!
Park Shore
Following suit with the other Naples beachside communities, Park Shore is performing quite well with less than 9 months of inventory and 28 pending contracts. Buyers are seeing less than a 6% discount on average and COVID issues didn’t result in any negotiation records for the year either. The best negotiation occurred in August this past year while the best deal happened in July. Buyers don’t seem to be standing over the top of this market like they are in other locations but it still wouldn’t be a bad idea to sign up for price reduction alerts to capture the best opportunities!
Pelican Bay
Less than 8 months of inventory and 28 pending listings continue to prove the strength of the market along our fabulous beaches. Finally, we have our first record-breaking deal for the year occurring during COVID and closing on April 30th. Additionally, the best negotiation closed at the beginning of March (slightly before panic set in). Discount rates are at nearly 6% which should provide some fun negotiations through summer and the rest of the year. If you’re thinking about selling your Pelican Bay villa, you need to call me. I have 2 buyers scouting as we speak. Stay alert! By the way, have you checked out this amazingly priced condo?
Pelican Marsh
With less than 5 months of inventory, Pelican Marsh property values are actually on the rise! The average discount is just over 6%. The best discount occurred back in April but the best deal took place last August. Pelican Marsh usually gets really busy this time of year and with inventory this low, properties could skyrocket. I’d buy right now if I were wanting to own property in this location!
Pine Ridge
15+ months of inventory is putting a damper on the party here and it looks like the only people enjoying those higher prices are the current owner and those three buyers under contract. The hover method is in effect so if you are waiting for price drops and new value-priced properties to hit the market, you should sign up for new property and price drop notifications! The last property only took 4 days to go under contract. The best deal of the year took place in February with the greatest negotiation occurring last May!
Port Royal
19 months of inventory with total market time clocking in at nearly a year is music to at least the 4 buyers under contract in Port Royal. While it’s too early to see what transpired at their negotiating table, Port Royal sellers have been more accommodating this year. 9% off is what the average buyers are getting here. That best deal and best negotiation took place last October. Buyers are watching for new listings and price reductions here with 3 of the 4 properties pending within 30ish days of a notable reduction. If you like this area but you’re waiting for a deal, sign up for notifications and be ready to get here.
Quail West
I think I found all of Mediterra’s buyers. Check this out, 10 pending sales here! Looks like all those price corrections are working! Average per foot pending sales is about 14% less than what sold last year which tells me, more sellers are going to follow suit. The best negotiation occurred in February this year but the best deal happened last August…do you see a pattern here? I’m not seeing a great deal of hovering which makes for a more relaxed purchasing experience!
Royal Harbor
Perfect stability describes the inventory level here despite the slight property value increases. Have you ever self quarantined on a boat? It’s kinda hard to fixate on the world going to hell in a handbasket when those cool breezes are hitting your face and the dolphins are playing all around you. Royal Harbor experienced its best discount in March but their best deal was made in July. 6 of the 26 deals taking place this past year sold within 6 days so you have to be ready to pull the trigger on a great deal! Sign up for notifications and get alerts on fabulously priced properties and meaningful price reductions!
Talis Park
Taking no prisoners just like Quail West, Talis Park is sitting on 9 pending contracts and an exactly stable market (soon to be slightly undersupplied). People aren’t reacting to price reductions quickly but they are reacting to new listings with great prices. If this is where you want to call home…home away from home…you might sign up for new property notifications here. The best deal and discount ( 2 separate transactions) both took place in December. What a great way to launch into high season!
The Dunes
With average prices down 4% compared to what sold during the past year, The Dunes is doing a great job keeping lower inventory levels with just under 8 months supply. The real winners are those who have remodeled their properties! Discounts are averaging about 5%. The best deal was negotiated last May with the best discount occurring in August. There are 3 pending properties today. Buyers aren’t responding lightening fast to price reductions right now either so there could be some sweet negotiating room if you pop in and take a peek at some listings.
Tiburon
A pinch over 8 months of inventory puts Tiburon in a state of undersupply and has caused a 5% increase in property values over what has closed during the past year. The average discount is a little more than 5.5%. Much like most of Naples luxury communities, COVID didn’t do much in terms of rattling the seller. The best deals here took place last May and this February (it was a tie). The best discount happened in December.
Vanderbilt Beach
Sitting on a perfectly level amount of inventory, Vanderbilt Beach is ramping up as well with 11 pending properties. Average discounts are at about 6.5%. Beachfront property on the other hand is horribly light! If you have a beachfront condo you want to sell, you need to call me! Much like many other communities, Vanderbilt Beach didn’t pucker during COVID either. The best discount happened last August and the best deal occurred in September.
In Conclusion
If you haven’t figured it out, August is a GREAT month to buy Naples real estate. This summer is expected to be off the charts in terms of buying activity. Traffic on my website was up 36% this week compared to last year. Sales in my office this month were only down 10% compared to last year and the number of calls, emails and text messages from excited buyers is outpacing what happened this time last year.
If you’re planning a trip, you really need to get on my calendar. Please don’t wait until the last minute because I don’t want you to miss the opportunity to work with me. As always, I’m just a quick text message away from answering your most curious questions. In the meantime stay safe until you can join us in the sunshine again!
Best Regards,
Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223