The Naples Real Estate Market is Seeing Home Prices Stabilizing, Bringing About a Balanced Market
The Naples housing market remains strong, although January and February have shown an extraordinary amount of price decreases with more than 3,500 price decreases since March 1st! There is no need to panic, we saw this coming, with 150% increase in available homes (due to new construction). It’s my job to educate my clients (you!) on the current conditions and we are ready for a slight correction.
More Options for Buyers
The buyer has more options now than any other time in the last 3 years. We’re back to 7 month’s worth of inventory on the absorption rate chart, and climbing.
It’s important to note that active properties that have been sitting over the last 3-6 months couple months have not sold need to reevaluate in this market and gauge whether or not their home is overpricing. If your home is currently listed, it’s best to talk to your agent about where your home’s value sits and what their next steps are for summer season. If your home is seen by potential buyers as overpriced then you may miss an opportunity to sell and the property may sit for a long time.
Where the housing market stands at the end of season
The next few weeks of season will be an indication of how the rest of the year will go. Although, it’s been “weaker” than 2015, the market remains strong and continue to keep moving. Due to the fact it’s an election year, inventory has increased, the rocky stock market all make up for an, however local statistics show (and respected appraisers agree) the market is moving along fine – there is no need to panic.
How new construction is affecting the housing market
There are currently 81 NEW communities under construction in Naples Florida! Due to the increase in inventory, the market has begun to level out creating a more balanced market favoring neither sellers nor buyers.