January Reveals Stable, Balanced Market for Some
The market is stable and steady for some Southwest Florida pockets, according to recent reports.
Naples inventory in January rose 13 percent to 5,091 homes from 4,515 homes during the same period last year, according to the Naples Area Board of Realtors (NABOR) Market Report. Average days on market in January decreased 14 percent to 75 days from 87 days the year prior.
"Inventory levels are rising because prices are now at a point where sellers can see profits again so they are putting their homes on the market," said Dominic Pallini, broker at Vanderbilt Realty, in a press release. The 14 percent decrease in days on the market could be due to price reductions, he added.
The report also showed closed sales for single-family homes in the Immokalee/Ave Maria area rose 78 percent to 48 single-family homes in the 12-months ending January 2016 from 27 single-family homes in the 12-months ending January 2015.
Inventory in both Bonita Springs and Estero is showing stability, but single-family homes priced under $300,000-$500,000 are limited in availability, according to Bonita Springs–Estero Association of Realtors (B.E.A.R.) and broker analysts on the newly formed Media Relations Committee. There were just three recorded distressed homes in January that had a 100 absorption rate and sold for market price.
However, in Marco Island, sales of single-family homes dropped by two from 18 in January 2015 to 16 this year, according to information provided by Gerry Rosenblum, broker associate with Berkshire Hathaway HomeServices Florida Realty. The total amount of closed real estate dropped from $60 million in January 2015 to $46 million dollars this year.
The January figures may not be totally telling for the months to come. “One month does not a market make,” said Pallini in the press release. "We won't have a picture of how sales this season will play out until April or May. The only thing we know for certain is that buyers have many more options now than last year.”