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Naples, Fla. (August 30, 2024) – Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales during July decreased 2.6 percent to 608 closed sales from 624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7 percent, convincing broker analysts who review the report that we can expect similar closed sales performance in August.
“We can’t expect every year will be a record breaker,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Overall, the first half of 2024 has been average for sales. We still have buyers who want to be here, and new listings have remained strong, which provides even more options for buyers this summer.”
Chasing Yesterday’s Wave
Broker analysts reviewing the monthly Market Reports have been comparing NABOR® data from 2019 to data reported in 2024 – pointing to the fact that 2019 was the last year when our housing market activity was “normal” (pre-pandemic). Budge Huskey, CEO, Premier Sotheby’s International Realty, pointed out, “If we compare year-to-date [2024] market results to 2019, sales are down 16 percent. For July, we are down 29 percent compared to July 2019.”
Priced Right to Sell
Precisely put by Huskey, “inventory levels have returned to more historically normal levels yet well above where we were the last couple of years. With the additional competition for sellers, too many still expect to receive aspirational prices when we have fewer buyers seeking greater values.”
On average, home values in Naples have increased 50 percent since 2019, due in large part to the buying frenzy of the pandemic. But it’s over. Inventory has increased substantially, and sellers need to heed their REALTOR®’s recommendation to price their homes competitively for today’s market. Factors such as high interest rates and high insurance premiums are creating financing obstacles for a large number of buyers. Additionally, the number of cash sale transactions is decreasing, 51.9 percent in July compared to 61.2 percent in January 2024.
“Prices are coming down incrementally, not significantly, but there is indication in the July report that more negotiations are taking place in both the low- and high-end price points of the market,” said Dominic Pallini, Broker at Vanderbilt Realty, Inc. The percent of list price received in July decreased 1.4 percent to 94.8 percent from 96.1 percent in July 2023.
Median closed price during both June and July decreased .8 percent. In July, the overall median closed price was $590,000 compared to $595,000 in July 2023. For both summer months, reductions in the median closed price of single family homes drove the overall median closed price decrease. Conversely, the median closed price of condominiums increased in June and July.
“If interest rates come down too much, like around 5 to 5.5 percent, we will likely see a rise in prices,” added Pallini. “In my experience, we need to have at least 12 months of inventory before we see prices hold steady during rate drops.”
The NABOR® July 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024:
Old Habits are Hard to Break
According to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, Naples has two distinct markets right now. “There is plenty of inventory within five miles of the beach, but virtually none east of Collier Boulevard. The rate of growth in Golden Gate Estates and in and around Ave Maria today is unreal.”
A venerated property appraiser, Carroll confirmed Huskey’s comment about less motivated sellers in Naples adding that she tracks inventory levels throughout Naples and is seeing behavior that is reminiscent of 30 years ago when people listed their homes during winter season, and if it didn’t sell cancelled the contract before summer. “For instance, Aqualane Shores had 3.5 years of inventory in January 2024, but in July it had 1.6 years of supply. This drop is not due to sales because we see a large number of the same properties re-added to the market each winter. But this behavior is not occurring in Golden Gate Estates, where demand is outpacing supply.”
Sellers should be forewarned: If you are attempting to time the market because you believe you can get a higher price for your home when more buyers are predicted to be in town during the winter season, you may regret your decision. More inventory will require sellers price homes more competitively and entertain more buyer negotiations.
As Hughes put it, “The specter of declining interest rates cuts both ways. If buyers wait until interest rates drop, prices are likely to increase. Likewise, if a seller waits to list a home during winter season, the added competition may also put downward pressure on the price.”
Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023.
If you are looking to buy a home, income producing property or sell a house in Naples, contact me. My abilities stretch way beyond just listing the house. I provide a concierge approach to selling your house starting with an accurate market comparison, creating your listing with exceptional marketing tools, managing all showings, negotiate offers, contingencies plus so much more!
' Felicia, xoxo
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At SKR Home and Health Care Solutions, we recognize that each clients needs are unique. Thats why we offer a wide range of personalized services designed to provide the highest level of care and support. Whether youre in need of short-term assistance or ongoing care, our team is dedicated to making your life easier and more comfortable. From companion care to skilled nursing services, SKR is here to meet your needs with compassion, professionalism, and expertise.Companion and Caregiving OptionsWe offer a variety of caregiving and companion services, with a team of qualified professionals to help with day-to-day activities and provide specialized care when needed. Our services are available for a minimum of 8 hours up to 24-hour coverage, with live-in options available.Our caregiving options include:Home Health Aide (HHA): Provides assistance with daily activities like personal care, meal preparation, and light housekeeping.Certified Nurse Assistant (CNA) and Companion: Provides hands-on personal care along with companionship, assistance with ambulation, and help with daily activities.Licensed Practical Nurse (LPN): Offers skilled nursing care for patients needing medical attention or medication management.Registered Nurses (RN): Provides more advanced care, including medication management, wound care, and other skilled nursing services.Services We Offer Include:Bathing and Dressing: Helping with personal care routines to ensure comfort and dignity.Meal Preparation: Preparing nutritious meals to meet dietary needs and preferences.Errands and Prescription Fill/Refill: Assistance with errands and ensuring timely medication refills.Laundry and Light Housekeeping: Keeping your home clean and organized with minimal disruption.Transportation to Doctors Appointments: Safe and reliable transportation to medical appointments and other essential errands.Assistance with Recovery: Helping with post-surgery or post-treatment recovery, including mobility and medication management.Ambulation Assistance: Supporting mobility and ensuring safety during movement around the home.All of our caregivers are CPR-certified, ensuring your loved ones are in the best hands possible.Were Here to Help24/7 Availability Whether you need someone for a few hours a day or round-the-clock care, we are available to create a personalized care plan that works for you. Our team is committed to being there whenever you need us.Frequently Asked QuestionsQ: My mother does not want to have someone in her home. She is very independent and has been fighting this discussion. How do I talk her into this? A: Its common for individuals who are independent to resist the idea of in-home care. At SKR, we focus on fostering trust and building a relationship with the client. We can approach the situation gradually, explaining how our caregivers can help preserve her independence while ensuring her safety and well-being. Our caregivers are compassionate and trained to support clients while respecting their autonomy.Q: My parents are ready for the next stage of their lives. They still live in the home I grew up in; how does this process even begin? A: Transitioning to the next stage of care can feel overwhelming, but SKR is here to guide you through the process. 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Our caregivers offer companionship, assist with personal care, and provide support during your hospital stay to ensure youre comfortable and well cared for throughout the procedure and recovery.Let SKR Home and Health Care Solutions Help You Find Your AngelsSKR Home and Health Care Solutions is here to provide safe, compassionate, and professional care. Our caregivers are committed to helping you and your loved ones maintain independence, health, and quality of life in the comfort of your own home. Whether you need short-term help, long-term support, or something in between, we are ready to create a customized care plan to suit your needs.Please call or email us today to discuss your situation and how we can help. Together, well ensure you receive the highest quality care possible.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.