Naples Real Estate Inventory Report 6.21.22

Naples Real Estate Inventory Report 6.21.22

Happy summer! I’m updating you today about our Naples real estate inventory. I’ve chosen my favorite Naples communities, just like my last November Naples inventory report. Big changes are all around us, and our inventory is just part of the news! I’ve enclosed lots of #ProTips and #FunFacts! Cheers!

As most of you know, low inventory levels were the biggest headline for us this season when Naples had less than 1,000 listings offered at any given time. It was rough for buyers to find what they were looking for, and as a result, multiple offers and hard-core negotiating affected our market significantly. 

Today, we are at 2,062 active listings available, and that number is growing every day. Even though we are still experiencing low levels of inventory, buyers aren’t fighting each other as often to be the next Naples real estate owner. There have been 3,089 price reductions taken this year compared to 2,166 last year during the same time. That’s a 42% increase in reductions! 
Price reductions aren’t the only discounting we’re seeing. Negotiations are becoming more commonplace than in the past 3 years. Buyers are finally getting some muscle back. Yay! In a very short time, buyers’ mindsets changed from “how much over do you think we need to offer?” to “I wouldn’t offer more than (an unrealistically low number).” We always see some buyers who like to jump to the next part of the trend. We’re hearing it, but those buyers haven’t been successful yet in many cases.

This is the first summer in three years both buyers and sellers have felt good about carrying on with their summertime activities. That mostly means traveling away from Naples, which causes a slow down for our Naples real estate market. Many agents (and owners) are placing much clout on this slow down as “resuming normal operations.” I disagree with that, and as a result, I think some agents and owners will be in for a big surprise this Fall. 
If you’ve followed my blog, you’ve heard this before. This is no time to be working with an inexperienced agent. Your ability to react is only as great as the people providing experienced, sound advice.
I’m introducing something new called “Drop Off.” You’ll see the number of closed sales in each Naples neighborhood from June 20th to August 3rd of last year. That’s the rough number of closed sales getting ready to fall off of our 12-month rolling average and should be able to help you understand where inventory levels in your neighborhood are headed. Sometimes these discrepancies can be very telling and tip you off if there’s a cliff a neighborhood is going to fall off.  If you’re confused about what this means, call Shannon.
Let’s review the inventory levels!

Aqualane Shores

• 14 Active
• 5 Pending
• 23 Sold (Past calendar year)
• 7 Drop Off

The Aqualane Shores area has the highest inventory level compared to the 19 communities studied today! Just over 7 months of inventory exist in Aqualane Shores. Last November there were less than 2 months. Market time is up 25% to 153 days compared to sold data at 153 days. There are two documented price decreases and 4 active listings with higher prices than their original listed price. These are new construction properties where labor and materials have increased substantially. Owners in Aqualane Shores can be very slow to react to a downward trend. That’s why successful buyers opt to negotiate to get their best deal. Private handshakes compared to waiting for documented reductions is the way to go here! The current market isn’t keeping up with last year’s historical sales, but it isn’t a big enough difference to expect a huge response from the Aqualane Shores market. The good news for buyers is there is a little movement down, there are more properties to choose from, and there is more discounting at the closing table. 

Audubon

• 2 Active
• 4 Pending
• 37 Sold (Past calendar year)
• 7 Drop Off

There’s less than 1 month of inventory in Audubon, but traditionally, most residents list their properties closer to the season here. Because of the inventory shortage, it’s too early to expect discounts, but that doesn’t mean you won’t be able to negotiate down on an offer. Residents in Audubon have been disappointed in the past to come back to this market in the Fall with intentions to sell only to find many of their neighbors had the same idea. Avoid the competition by listing and selling before everybody else gets on board. Neighborhoods that don’t shut down in the summer tend to do a better job managing their inventory to avoid gluts. Audubon should follow suit.

Bay Colony

• 2 Active
• 4 Pending
• 43 Sold (Past calendar year)
• 7 Drop Off

The Bay Colony beach and golf communities have two weeks of inventory and traditionally hibernate through the summer. You can expect inventory to remain exceptionally light through the summer months. If you’re buying, it’s wise to set up new property notifications in the rare event something will hit the market this summer. Well-priced properties are moving relatively quickly, while overpriced listings are sitting longer. The average market time is sitting at 67 days for the two properties currently listed. The average market time for the 4 pending is only 15 days. 

#FunFact Pelican Bay is considering voting for an increase on the transfer fee from $7,500 to $10,000 this Fall. Buy now for added savings.

#ProTip Yucky flooring is a big detraction. Boost property values and enhance your selling success by changing it out. Call me if you need help!

Collier’s Reserve

• 2 Active
• 2 Pending
• 11 Sold (Past calendar year)
• 2 Drop Off

Inventory in Collier’s Reserve is up to 2 months as opposed to zero inventory in November. As you can see from the number of closed sales for the year, it’s been relatively quiet, but that hasn’t stopped market time from increasing to 128 days. What’s available today is priced lower than what is already pending. The average list price per foot for pending properties is $732. The average list per foot for active properties is $593. Both active listings have adjusted down. There’s motivation here! Hop on that!
#Fun Fact: Some neighborhoods in Naples cool off faster and take longer to recover than other locations. Want to know why? Call me!

Coquina Sands

• 9 Active
• 4 Pending
• 31 Sold (Past calendar year)
• 8 Drop Off

There are nearly 3.5 months of inventory in the beachside community of Coquina Sands compared to just over 1.5 months last November. 2 of the 9 active listings have dropped their price to capture interest. The average active days on the market is 84 days, up 35% compared to what closed over the last year. I think there’s going to be more movement down here. 
#ProTip Buyers, instead of waiting for a documented price reduction on the property you like, set up a winning negotiation strategy to avoid competition. Ask me how!

Grey Oaks

• 14 Active
• 7 Pending
• 58 Sold (Past calendar year)
• 10 Drop Off 

Nearly 3 months of inventory exist in the Grey Oaks community today compared to less than a month last November. Two listings adjusted pricing down as a result. Same-day sales have become nonexistent so the mad rush to the closing table may be a thing of the past unless something hits the market priced exceptionally well. You can expect slower-moving listings through the summer as most Grey Oaks buyers are off doing what they love best this summer. 

#FunFact: A very successful Naples agent was wildly proactive during the last downturn. I secretly called her “The Queen of Naples Price Reductions.” Once the increase in reductions started taking place throughout Naples, I kept an eye on her because I considered her an accurate temperature gauge. She knows what it takes to get her inventory to move. She just did her first price drop on a listing in Grey Oaks this week.

Mediterra

• 15 Active
• 3 Pending
• 80 Sold (Past calendar year)
• 7 Drop Off

Inventory has more than doubled in the Mediterra golf neighborhood with just over 2 months today compared to less than 1 month last November. 4 of the 15 properties have already dropped prices. The average market time is 56 days which means our Mediterra buyers are also on a summer hiatus. I saw my first price war here about a month ago. That’s when new listings hit the market and properties already on the market reduce to compete. The result? One of the four listings punted off the market while the others remain available. The result is a stall, that’s bad!
#FunFact When the Naples real estate market turns south, some sellers decide they missed their window of opportunity and choose to go off the market. The mindset is, “Hey if they aren’t going to pay what it’s worth, I’ll just use it myself.” We’re going to see more of this going forward, and it’s usually the very best properties that opt not to participate.

Moorings

• 55 Active
• 28 Pending
• 221 Sold (Past calendar year)
• 32 Drop Off

The beachside community of Moorings offers 3 months of inventory today compared to .7 months of inventory last November. The speculation over the Four Season’s project has slowed down. Construction is well underway, changing the Naples coastline forever…sigh. 27% of the active market has adjusted its price down to capture the interest of a buyer. One of those is on a new construction single-family home. It’s a very unusual experience to see a builder drop prices right now. Most builders are increasing prices. Now is a terrific time for buyers to get their negotiating strategy down. Call Shannon for some sound strategy advice.

Naples Cay

• 3 Active
• 0 Pending
• 12 Sold (Past calendar year)
• 2 Drop Off

The private beachside enclave of Naples Cay is also sitting on 3 months of inventory, up from less than one month back in November. The real story is the 243-day average market time making Naples Cay the neighborhood with the most time on the market. One listing has been reduced from the original list price. Traditionally, Naples Cay has had a long history of hibernating during the off-season months. This was back when one agent had nearly all of the market share.

#FunFact If you hire an agent who takes blurry and dark phone photos on your multi-million dollar property, it’s a bad look for your agent and a reflection of your hiring skills. Demand better or suffer the poor consequences of both your actions.

#ProTip We have a very basic yet very effective listing philosophy. It’s so effective all of our listings have sold during the past six years. Call us if you’d like us to use our recipe to get your Naples property sold.

Old Naples

• 41 Active
• 60 Pending
• 226 Sold (Past calendar year)
• 44 Drop Off

There are just over 2 months of inventory in Old Naples compared to the 1.61 months back in November. 26% of the current listings have reduced their pricing even though it is potentially outperforming what it did last year. The average active market time of 76 days is less than pending listings totaling an average of 91 days. Inventories might be rising, but activity is still really strong. Your best shot is negotiating a deal to see what you can accomplish.
#Fun Fact: If I see multiple price reductions at set amounts, for example, $100.00/day for several days in a row, that’s a very big sign the agent is a fool, and the seller doesn’t have any idea what they’re doing either. You’re inviting smart people to take advantage of you. Don’t do it.

Park Shore

• 49 Active
• 33 Pending
• 307 Sold (Past calendar year)
• 51 Drop Off

There are less than 2 months of inventory in Park Shore compared to the .81 months of inventory in November. The average market time is 77 days for active listings compared to 44 days for pending sales. 17 out of the 49 properties in Park Shore have reduced their prices from the original list price. That’s 34% of the active market! Some of those reductions are pretty astounding as well. If you haven’t signed up for new property notifications, you’re missing out on some eye-popping listing alerts!

Pelican Bay

• 34 Active
• 27 Pending
• 415 Sold (Past calendar year)
• 54 Drop Off

There’s less than 1 month of inventory in Pelican Bay compared to the .37 months of inventory we had in November. The lowest inventory we saw was just 11 listings. That’s super low! Today, there are three times that amount, and it’s still super low. Market time in Pelican Bay averages about 45 days for active listings, while pending sales average 42 days. The number of sales is down compared to last year, but it will not make a huge difference in the Pelican Bay market soon. Even with the low inventory, 5  Pelican Bay properties have reduced prices. That’s only 14% of the market.

#FunFact Pelican Bay is considering voting for an increase on the transfer fee from $7,500 to $10,000 this Fall. Buy now for added savings.

#ProTip Polybutelyne plumbing was once considered a defective item, and now it’s not BUT, insurance companies don’t want to insure it. This can cause big problems at inspections and kill your deal. Replace it before you list or disclose it to avoid complications.

Pelican Marsh

• 9 Active
• 8 Pending
• 117 Sold (Past calendar year)
• 14 Drop Off

There’s less than 1 month of inventory in Pelican Marsh compared to the .10 months of inventory last November. They’re just coming into their stride as summer months traditionally tend to be more active. Even with the low inventory, one seller has opted to reduce their price to entice a buyer.  To expect further softening in this market this summer may be a bad idea. It’s best to negotiate rather than wait for reductions.

#FunFact Ugly light fixtures can be the very thing that makes your home look tired. Take a picture of your room. If the light fixture is the most offensive thing in the shot, replace it.

Pine Ridge

• 23 Active
• 11 Pending
• 52 Sold (Past calendar year)
• 13 Drop Off

There are over 5 months of inventory in Pine Ridge compared to just over 1 month last November. 5 of the 23 properties for sale in Pine Ridge have reduced their price, suggesting owners and agents have identified cooler reactions from buyers in the neighborhood. One of those reductions includes a “to be built” home with completion as early as 2023. Market time is sitting at 63 days or 240% higher than the market time on closed properties for the past year. 

#FunFact Unfurnished homes are extremely difficult to sell! Ask Shannon how she can make your vacant home sell faster and for more money!

#FunFact There’s a line between having too many things on your countertops and not enough. Both are losing propositions. You want your home to look like you still love it. You don’t want it to look like a pack rat lives there, or your home is being foreclosed.

Port Royal

• 9 Active
• 8 Pending
• 28 Sold (Past calendar year)
• 3 Drop Off

There are nearly 4 months of inventory in Port Royal compared to last November when we had just over 1 month, and there are more pending sales today than there was this time last year. No price reductions have been documented, and with the current traffic, that makes sense. 3 of the 19 neighborhoods studied today outperform this time last year, and Port Royal is one of them. Market time is currently at 31 days for active listings compared to 46 days for pending properties. You’ll have to negotiate to get your best deal. 7 of the 9 most recent sales sold for less than full price. One sold for full price, and that remaining sale closed for over the list price.

Quail West

• 12 Active
• 8 Pending
• 53 Sold (Past calendar year)
• 7 Drop Off

2.72 months of inventory compared to .80 last November in the Quail West golf community continues the increase in inventory trend. The average market time sits at only 27 days which is down from 45 days for pending listings. They, too, are outperforming sales compared to last year, and as a result, no documented price reductions have been noted. Like Port Royal, you will have to negotiate to get your best deal. 10 of the 19 past sales have resulted in lower than list sales prices, 5 sold at list price, and 4 sold over list price. 
#FunFact Aerial photos of your old/outdated roof are not a selling point and could be preventing buyers from considering your home.
#ProTip If you have a ginormous pool deck and outside entertaining area and are representing the good time that can be had in your photos, you’re doing it right.  

Royal Harbor

• 9 Active
• 3 Pending
• 32 Sold (Past calendar year)
• 7 Drop Off

3.38 months of inventory in the boating community of Royal Harbor compared to last November when we had about 2.25 months. Market time has jumped from 35 days for pending properties to 75 days for active listings. As a result, 9 properties in Royal Harbor have adjusted their price down from the original list price. 3 properties have dropped more than once to find a buyer for their listing. Now is a great time to negotiate here to identify a motivated seller.

#FunFact a friend (who is not a REALTOR) FSBO’ed his condo last week. He mentioned he had better quality photos than his competition. He wasn’t wrong. The only thing worse than bad quality listing photos is when agents list their personal home, and they post the worst quality photos in the entire neighborhood. 

Tiburon

• 7 Active
• 4 Pending
• 53 Sold (Past calendar year)
• 9 Drop Off

There’s less than 1 month of inventory in the Tiburon golf community compared to November, when there were only .14 months of inventory. Even with the light inventory, two sellers have opted to reduce their prices to capture a buyer. This is likely based on the fact market time has increased to an average of 55 days, up 250% from 22 days on average on closed properties during the past 12 months. 

#ProTip Properties that have been updated using highly customized or unique finishes can be difficult to sell if the final work is not received well by the lion’s share of the prospect base. If you have unique tastes, it might be better to de-customize to get your property sold for the highest price. Ask Shannon for more information.

#FunFact Neighborhoods that hurdle their 20-year birthday go through a stepchild phase where original properties sell at a discount and remodeled properties retain a higher value. It can cause turmoil neighborhood-wide if an overwhelming majority of the offerings aren’t remodeled. We saw it in Pelican Marsh and Collier’s Reserve. The first homes in Tiburon were built-in 1999.

Vanderbilt Beach

• 31 Active
• 15 Pending
• 183 Sold (Past calendar year)
• 36 Drop Off

The North Naples beach community Vanderbilt Beach is sitting at just over 2 months of inventory compared to .71 months last November. 5 properties have reduced their price here, and with an average of 65 days on the market, there could be more. Attention beachfront lovers: There are still very few listings available on Vanderbilt Beach, but there is a terrific opportunity. You should check it out if you haven’t done so already. 
#ProTip If the 30-year-old furniture is the most offensive thing in the real estate photo, make it go away. 
#FunFact There are 3 foreclosures for sale in the Naples area, and none of them exist in the 19 neighborhoods I studied today.

How Can I Help?

I hope you enjoyed my latest Naples Real Estate Inventory Report 6.21.22. If you have questions or want to chat about your specific Naples real estate objective, please text, call, or email!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!
239-595-6223