Season is here! There is no denying it. The “out of state plates” are cruising along the Naples streets…in addition to more street traffic, our Internet traffic is up substantially…Rental inquiries: UP! …Buyer inquires: UP!…Showings on listings: UP!…Offers on listings: UP!…Pending sales: UP! (click on chart below to enlarge which tracks pendings for the past 4 years).
PENDINGS are always the best barometer for determining the current real estate climate. It signifies what is actually happening NOW.
Here are a few other statistics from October that I think you will find interesting:
Presently there are 7,773 active residential listings in *Naples…remembering just a few short years ago when this peaked at over 15,000!
Of those, 3,354 are single family homes and 4,419 are condos.
There are 791 active single family listings priced at or above $ 1 million dollars (Previews Properties)
Only 46 total $1 million+ single family homes are currently pending.
There are 519 active condos priced at or above $1 million (Previews Properties)
Only 20 total $ 1 million+ condos currently pending.
Closed sale YTD of all [SFHs and Condos] Previews Properties: 532, which calculates to an estimated 2 year absorption rate in the $ 1 million+ price points.
October saw 1,481 total listings pending, up approximately 13% over the previous month.
1 in 5 active listings had a priced reduction in the month of October.
The average rate on a 30-year fixed rate mortgage fell to 4.25%, matching the second lowest on records from 4.34 average percent last month. That equates to a monthly payment of $492 for every $100,000 financed. That is a decrease of 9.12% in the monthly payment of a year ago when the average rate were 5.04%.
Lower inventories, low rates, pent up demand, the election behind us, inquiries up, consumers beginning to believe that prices are leveling off…all positive indicators that Naples is in for a good selling season ahead!
Please let us know if there are any specific statistics that you would like us to include in our monthly report. The Harris-Peppe Team always welcomes your comments, and we look forward to earning your business.
Have a great day,
The Naples Real Estate Blogger
*All data derived from SunshineMLS and includes Naples residential statistics only.