Hello Naples Friends,
It was one heck of a July here in Florida as buyers flocked (or clicked from afar) to purchase Naples real estate! 1,282 sales were recorded in July. That’s up 38% compared to the year before and up 42% compared to the month before. I experienced the most productive July in my Naples real estate career this year and that’s dating back to 2002. Yay!
Reports this past week from another source stated the latest statistics show inventory dropped 26% since February. Most would marvel and consider that a great sign of strength. I kinda think that’s a snake oil stat. Inventories are always higher in February. Many sellers take their properties off the market in the summer so inventories naturally decline. This is why it’s important to hone in on the area/type of property you’re looking for to get a real look at what your market is doing.
Not all markets are behaving the same way!
Golf course property interest has picked up. We just listed a fabulous home in Timarron at Pelican Marsh and had 2 offers on the first full day on the market with another coming this morning. I’m currently working a contract on a home in Grey Oaks where the Seller doesn’t want to make any real concessions at all while trying to capture a new record for that subdivision.
Beachfront properties are slowing down a little. Vanderbilt Beach hasn’t seen a pending contract in over 2 weeks. Many sellers and seller’s agents are more confident than maybe they should be as well. This is likely a byproduct of a super busy May and June. If trends continue, it could mean new listings in this area come on the market in October at slightly lower pricing.
Bay Colony Mixed Signals Bay Colony as a whole didn’t start off very well this year with sales seriously slow through February/March. Post quarantine, traffic picked up substantially in the off-beach high-rise and villa product but single-family home sales are still in trouble.
Bay Colony Shores hasn’t seen a sale since April ’19! I have 2 buyers looking in this location right now but overpricing hasn’t caused any serious reason to engage.
Bay Colony beachfront condos are still looking at an oversupply of inventory as well with half of the current inventory dropping their price so far.
Off beach condos in Bay Colony are absolutely on fire! I closed one in Salerno yesterday with another unit currently under contract. There are only 7 high-rise units off the beach in Bay Colony available at this time. 7 are under contract and 11 have sold already this year. You can expect prices to rise if condo interest continues this path. If you’re looking for an off-beach unit in Bay Colony, take a look at our fabulous new listing in Salerno! She’s a beauty!
Pelican Bay has some amazing offerings! If you’re not into picked over garage sales you should take a peek at some of the offerings in Pelican Bay right now. There are some really pretty high-rise units currently available including our fabulous penthouse unit in Claridge! It comes complete with a pool cabana and 2 of the most prime parking spaces you could ever imagine!
Are You A Trend Follower?
For those of you who follow trends, you already know behavior changes before numbers change. When Naples buyers are gung-ho, they may grumble about high prices but they buy anyway. When the market starts to soften, we see buyers wiggle during negotiations and become less enthusiastic about paying the price it takes to procure property. They’ll choose to walk away. Some buyers flake out after a deal happens. I’ve seen both of those scenarios this week. These are all GREAT signs for buyers to capitalize on. It’s difficult to negotiate good deals when zillions of people are expressing interest.
Last Chance Bargains
August and September are notoriously the BEST months to buy Naples real estate because sellers tend to be more flexible now than they will be in October. That may not ring true for picked over neighborhoods. Call me or check inventory here to see if there’s something worth taking a stab at to capture an amazing deal before the season begins.
Will We Experience A Strong Pre-Season?
If you don’t feel like you can make any decisions right now, heed the warning from my favorite resource for long-range weather forecasting (almanac.com). They’re predicting cooler than average temperatures earlier this year. December looks like it’s going to be a crap month for many of our east coast and upper mid-west friends. Weather is a HUGE catalyst for Naples’s real estate activity which could mean we may have another active real estate pre-season. Many people I spoke with during the past four months stated they were NOT going to be locked up in their properties up north this upcoming year like they were last year. Strong pre-seasons can make it tough for true season buyers due to a lack of good inventory and higher pricing. Prepare yourselves in advance!
Don’t Forget To Vote!
This being an election year, I should probably comment. During the last election, many of our buyers were slamming the breaks on buying by now. To put it in a better perspective Naples sold nearly 50% more properties in July this year compared to 2016. Fearing election results was a consistent rejection many of us could not overcome in 2016. I haven’t experienced any fear of that this year in Naples although some girl in Cape Coral heard it according to my all accurate Facebook feed. Hahaha.
Florida COVID number have you concerned? Here’s an interesting fact: Two people I know had it. Both recovered. We’re all wearing masks during appointments out of respect for residents and clients for the most part (unless we think we can get away with not wearing one). Other than that, agents, vendors, neighbors, and friends are back to normal everyday life. I hear more concern for the health of Neapolitans coming from our fans outside of Collier County who are reading the headlines. The rest of us are engaging in fabulous southwest Florida life.
Too Scared To Travel?
For those who are still a little too nervous to travel, you should know many are still handling their real estate business by writing contracts on properties without seeing them personally and listing their properties without coming down to prepare. My team and I are a great resource if you’re thinking about doing the same. We can make your property look outstanding so you get top dollar and can provide resources to help you determine the property condition of a property you like.
In closing, I’d like to say THANK YOU for supporting me through my 24 years in this crazy business. Those of you who have used my services, refer me to friends, families, and clients or simply value the information on my site, I appreciate you. I am set to experience my biggest year ever and have assisted more repeat clients this year than any other year. I am humbled by your trust and loyalty and strive to continue to earn it. You’re helping me raise an amazing kid and I simply couldn’t do it without your support. If you need me, I’m just an email, call, or text away.
Shannon Lefevre, PA
Your Naples Smart Girl!