ANNUAL MARKET REVIEW FOR 2016

 

Naples / Bonita Springs / Estero / Marco Island Market Area

 

NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

The number of closed sales in 2016 decreased 12% to 11,582 from prior year, making it the lowest year- end sales volume since 2011, the beginning of this expansion cycle. The number of closings above $1 million decreased 14.7% over 2015 with 1,069 sales at the end of 2016 vs 1,253 at the end of 2015. The segment above $5 million decreased 30% year-over-year.

Inventory Levels and New Listings

Inventory increased 34.6% in 2016, in the combined Naples, Bonita Springs, Estero market. This is the largest percentage increase in inventory since the depths of the recession in 2008. The supply of condominiums increased 35.8%, while single family homes increased at a rate of 33.6% over the same period last year. It should be noted that John R. Wood Properties does not include manufactured product or time share condominiums in our analysis.

Availability of single family homes and condominiums increased in all price segments, with the largest increase noted in the product segment under $350,000. Product priced between $350,000 and $850,000 had the largest supply of inventory, representing over 40% of the total current inventory and an increase of 22% over the prior year.

The largest increase in condominium supply was product priced under $350,000. The largest increase in single family supply was for product priced between $350,000 and $850,000 and between $2 million and $5 million.

The sum of new listings placed on the market during 2016 was 20,392, up 9% over 2015, and the highest since 2010.

Pended Sales

The number of sales pended during the year was 13,578, down 24% from the prior year and the lowest annual total since 2012. All price categories reflected decreases, with properties priced at $350,000 or below showing the smallest decrease, and down only 10% from 2015. It is important to note that not all pended sales close. However, this benchmark along with current inventory has proven to be the best leading indicator of market direction.

Summary

Year-end evidence indicates that market direction has shifted from one that was in balance at the end of 2015, to one that is trending to an oversupply at the end of 2016. Some segments are already well above a one year supply. This market dynamic favors buyers, who now have a greater supply of available options for purchase. This shift is a notice to sellers that pricing strategy must be adjusted to reflect current market conditions.

 

MARCO ISLAND

Closed Sales

The number of closed sales in 2016 decreased 14% to 843 from 982 at year end 2015. This sales volume is the lowest since 2011, the beginning of the current expansion cycle. Properties priced above $1 million decreased 12.8% over 2015, with 149 sales at the end of 2016 vs 171 at the end of 2015.

Inventory Levels and New Listings

Inventory increased 22% in 2016 compared to last year, with the year-end inventory the highest since 2014. The supply of condominiums increased 20% over the same period last year with single family inventory increasing 23%.

Marco Island real estate is distinguished by its view and its open water access. The following summary provides insight into the availability and pricing of single family homes and condominiums based on their view. Inventory data by view has been calculated since September 2016.

Single family inventory with Direct Access has increased 17.5% and list prices have increased 5% since September. Indirect Access homes have increased 8.6% in inventory with a 5.2% reduction in average list price. Available homes with Inland and Golf Course views have increased 46% and 25% respectively with asking prices lower by 5%.

Condominium inventory with Direct Access has increased by 43% and list prices have dropped 2%. Indirect Access condominiums posted a 26% increase in inventory and a 10% reduction in overall asking price. Beachfront high rise condominiums account for the largest product offering on Marco Island. Current inventory is 6.8% higher than September 2016 with the current offering price relatively stable, down less than 2%.

Pended Sales

The number of sales pended during 2016 was 879, down 27% from 2015 and the lowest annual total since 2008. The Marco Island real estate market is heavily influenced by second home buyers and the reduction in pended sales is a reflection of the overall market softening. It is important to note that not all pended sales close. However, this benchmark along with current inventory has proven to be the best leading indicator of market direction.

Summary

The same market dynamics are evident on Marco Island that we see in Naples, Bonita Springs and Estero. The supply of waterfront properties with boating access posted the greatest increase on Marco Island over the past year. Beachfront condominiums, which generally cater to the very seasonal market, have also increased, but not to the same level. Overall, the market favors the buyer and sellers should be aware of this price shift.

Source:  John R. Wood Properties

 

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Third Quarter Market Review for 2016

NAPLES CONDOMINIUMS

  • The average price paid for condominiums through the third quarter increased 8% over the same period a year ago to $372,000.  Median price for the period was up 2.5% at $240,000.
  • There were 914 condominiums closings in the third quarter, an 18% decline from Q3 2015.
  • Months of supply is 6.1 months,  down from 7.8 months at the end of QW2 and up from 3.2 months at the end of Q3 2015.

BONITA SPRINGS/ESTERO SINGLE FAMILY HOMES

  • The average price paid for a single family home through the end of the third quarter is $440,339, a 9.2% decrease from a year ago.  Median price was up 4.8% over the same period to $368,000.
  • During the third quarter, there were 332 single family home closings, down from 350 in Q3 2015.
  • Months of supply is 6 months, down from 9.7 months at the end of Q2 and an increase from 4.1 months a year ago.

BONITA SPRINGS/ESTERO CONDOMINIUMS

  • Average condominium price through the first 9 months is $283,449, down 6.5% from an average of $303,285 for the same period a year ago.  Median price was approximately the same as last year at $234,800, a decline of 2%.
  • There were 325 closings during the third quarter, 8 fewer than Q3 2015.
  • Months of supply is 5.6 months, up from 2.7 months at the end of Q3 2015.

MARCO ISLAND SINGLE FAMILY HOMES

  • The average sales price at the end of Q3 was $843,834, consistent with a year ago.  Median price was $645,000 which represent less than a 2% increase over prior year.
  • There were 90 closings of single family homes during the third quarter, a 14% increase over Q3 2015 when there were 79.
  • Months of supply is 10.2 months at the end of Q3 2016, up from 7.7 months at this time in 2015

MARCO ISLAND CONDOMINIUMS

  • Condominium average price was up 8.5% compared to the same period in 2015 at $594,579.  Median price declines 9% year over to $350,000.
  • There were 107 closings during the third quarter 2016 vs. 123 for the same period in 2015.
  • Months of supply is 8.1 months, up from 4.6 months a year ago.

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 Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Saving to Buy a Home? Do You Know the Difference Between Cost & Price?

As a seller, you will be most concerned with the ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not with price but instead with the ‘long term cost’ of the home.

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Saving to Buy a Home

Many economists have pointed to Brexit (Britain’s exit from the European Union) as a reason that interest rates will remain low for the next few months. But Trulia’s Chief Economist Ralph McLaughlin warns that this will not always be the case in a recent post:

“While the departure of the UK from the European Union has driven down the 10-year bond, and thus mortgage rates, we expect them to rebound later in the year as uncertainty over the economic consequences of the departure lifts.”

The Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and Freddie Mac all project that mortgage interest rates will increase by close to a full percentage point over the next twelve months.

According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.3% over the next 12 months.

What Does This Mean as a Buyer?

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Cost of Waiting to Buy a Home

Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.3% predicted by CoreLogic over the next twelve months:

 

 

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Summer Staycations in Town

FORGET THE AIRPORT – THESE LOCAL RESORTS ARE OFFERING SOME OF THE BEST VACATIONS RIGHT IN OUR BACKYARD.

 

As summer draws to a close, there’s no better time to take a much-needed vacation than right before the hustle and bustle of the start of the season. If you’re craving a little rest and relaxation without the additional stress of making last-minute travel plans, why not try a staycation right here in town? These local resorts are featuring a variety of special offers for thesummer, some tailored specifically for Florida residents.

 

screen-shot-2016-09-15-at-10-35-23-amThis summer, guests can enjoy a series of special summer packages and room rates at Naples’ Ritz-Carlton resorts, including a family package with two rooms. Our top pick? The Summer Beach Package, valid through October 31st, which starts from $429 at the Ritz-Carlton, Naples and $229 at the Ritz-Carlton Golf Resort. Perfect for those who like to lie on the beach and enjoy delicious dining, this package includes overnight accommodations, daily breakfast, a $50 nightly dining credit toward lunch or dinner at Terrazza or dinner at Lemonia, complimentary use of two beach chairs and one umbrella at Vanderbilt Beach, and more.

 

The Vanderbilt Beach Resort is offering a complete minThe Vanderbilt Beach Resorti summer vacation package for just $205 per person. The mini vacation includes gulfside hotel accommodations for two nights, continental breakfast served in the resort’s Turtle Club restaurant each morning, lunch and dinner vouchers to a selection of local restaurants, and attraction tickets ranging from admission to the Naples Botanical Garden or the Naples Zoo to a Pure Naples boat cruise or narrated sightseeing trolley tour.

 

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At The Edgewater Beach Hotel (pictured right), Florida residents can save 25% off select room types plus a $25 daily resort credit. And if that’s not enough, try the Sun, Sand, and Savings package, which includes one umbrella rental per day, breakfast for two adults, and a waived resort fee. Valid through September 30, this offer is perfect for those hoping to spend the entire day relaxing on the the white sand of Naples Beach.

Source:  Naples Illustrated by Anna Bjorlin

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

 

Things to do This Weekend in Southwest Florida

This weekend in Southwest Florida you can hit the theater, pay tribute to Frank Sinatra or Henry Ford, and even get more Pokemon Go action. Harley-Davidson is also promising to double your trouble, and as usual, there’s a long list of open houses from Marco Island to Sanibel Island this weekend.  Check it all out below and make it a great one!

The Naples Pier at Sunset
The Naples Pier at Sunset

FRIDAY

SATURDAY

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A Local Resident

SUNDAY

 

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Best Gulf Views in Southwest Florida

I don’t just specialize in luxury real estate in Naples, Florida.  I also know exactly what the best Gulf views in Southwest Florida look like and I’ve laid them out for you below.  Click on any one of the pictures to get more details on these stunning properties for sale from Naples to Marco Island.

2750 Gordon Dr Naples, FL $58,000,000 La Capanna represents one of the most significant beachfront residences ever created in Naples. Old world Italian renaissance era ambiance takes inspiration from an ideal beachfront location giving it the feel of a Mediterranean seaside resort.

2750 Gordon Dr
Naples, FL
$58,000,000
La Capanna represents one of the most significant beachfront residences ever created in Naples. Old world Italian renaissance era ambiance takes inspiration from an ideal beachfront location giving it the feel of a Mediterranean seaside resort.

7613 Bay Colony Dr Naples, FL $28,990,000 Known as the "Castle by the Sea", this magnificent Naples beachfront estate is just a short walk to the Ritz Carlton, and minutes to premier golf courses. This custom designed home is in a class by itself with Palladian architecture and exquisite details.

7613 Bay Colony Dr
Naples, FL
$28,990,000
Known as the “Castle by the Sea”, this magnificent Naples beachfront estate is just a short walk to the Ritz Carlton, and minutes to premier golf courses. This custom designed home is in a class by itself with Palladian architecture and exquisite details.

162 South Beach Dr, Marco Island FL $8,500,000 An elegant Old World charm envelopes you upon entering this Marco Island oceanfront estate. Located in the exclusive Hideaway Beach gated community, the residence offers privacy and spectacular panoramic views of the turquoise waters of the Gulf of Mexico.

162 South Beach Dr,
Marco Island FL
$8,500,000
An elegant Old World charm envelopes you upon entering this Marco Island oceanfront estate. Located in the exclusive Hideaway Beach gated community, the residence offers privacy and spectacular panoramic views of the turquoise waters of the Gulf of Mexico.

996 Royal Marco Way Marco Island, FL $7,400,000 Phenomenal beachfront estate positioned directly on the sand. Spacious 3-level furnished home with private elevator features a light, bright, open floor plan that takes advantage of stunning panoramic views of the Gulf.

996 Royal Marco Way
Marco Island, FL
$7,400,000
Phenomenal beachfront estate positioned directly on the sand. Spacious 3-level furnished home with private elevator features a light, bright, open floor plan that takes advantage of stunning panoramic views of the Gulf.

8111 Bay Colony Dr #1401 Naples, FL $6,500,000 A front row seat to a stunning backdrop of beach, Gulf, blue sky and preserve begins when you enter this luxury residence. Two premium adjoining condos were beautifully crafted into one elegant floorplan offering unparalleled flowing space, unobstructed views and privacy.

8111 Bay Colony Dr #1401
Naples, FL
$6,500,000
A front row seat to a stunning backdrop of beach, Gulf, blue sky and preserve begins when you enter this luxury residence. Two premium adjoining condos were beautifully crafted into one elegant floorplan offering unparalleled flowing space, unobstructed views and privacy.

10 Seagate Dr #12S Naples, FL $5,595,000 Dramatic and uninterrupted views of the Gulf from every room! Only 28 residences in this intimate building situated directly on the beach in prestigious Naples Cay.

10 Seagate Dr #12S
Naples, FL
$5,595,000
Dramatic and uninterrupted views of the Gulf from every room! Only 28 residences in this intimate building situated directly on the beach in prestigious Naples Cay.

350 Collier Blvd #403 Marco Island, FL $4,200,000 Entrancing views of Marco Island's pristine beach and turquoise waters upon entry into this elegant, refined contemporary residence. Rarely available and one of the most coveted buildings boasting long sweeping, unobstructed beach views.

350 Collier Blvd #403
Marco Island, FL
$4,200,000
Entrancing views of Marco Island’s pristine beach and turquoise waters upon entry into this elegant, refined contemporary residence. Rarely available and one of the most coveted buildings boasting long sweeping, unobstructed beach views.

81 Seagate Dr #1001 Naples, FL $3,995,000 Savor the panoramic west, south and east views from this spacious residence. Enjoy the glorious views of twinkling lights at night and the blue waters of the Gulf of Mexico and Venetian Bay by day.

81 Seagate Dr #1001
Naples, FL
$3,995,000
Savor the panoramic west, south and east views from this spacious residence. Enjoy the glorious views of twinkling lights at night and the blue waters of the Gulf of Mexico and Venetian Bay by day.

6597 Nicholas Blvd #1901 Naples, FL $3,865,000 A luxury residence in the sky with unobstructed views offering exquisite turnkey convenience.

6597 Nicholas Blvd #1901
Naples, FL
$3,865,000
A luxury residence in the sky with unobstructed views offering exquisite turnkey convenience.

 

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Third Thursday on Third Street South, Naples

July 21 @ 6:00 pm – 9:00 pm

Third Thursday on Third Street South, Naples
Third Street South, Naples
 From 6-9 p.m. on July 21, the courtyards of Third Street South will come alive with music, courtesy of local artists. Guests can browse the shops while enjoying the performances, which will be held in the Fleischmann Courtyard in front of Bad Ass Coffee.

Third Thursday on Third Street South, Naples

Third Street South, Naples
Third Street South, Naples

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island.

Home Remodeling Projects with the Biggest Returns

Home Remodeling Projects with the Biggest Returns

The hot and slower summer months in Southwest Florida give many of us the opportunity to catch up on personal projects, revamp business models, and perhaps even tackle a few home remodeling projects.  If the latter is you, be sure to consider which renovations will give you the best bang for your buck, especially if you have any future plans to sell your home.

The following info-graphic offers a general idea of how much certain jobs may cost, and what you can expect in terms of return on investment at the time of sale.[pdf-embedder url=”https://secureservercdn.net/166.62.110.90/d1c.d83.myftpupload.com/wp-content/uploads/2016/06/RemodelInfographicIllustration.pdf”]

If you’ve thought about selling your home and just aren’t sure where to start, contact me for a home consultation.   I can prepare comparative home valuations which will show how your home stacks up in the current Southwest Florida real estate market.  Once you’re equipped with the approximate market value of your home – you can better assess what home improvements would be beneficial for creating a quicker and more profitable sale.

Reprinted with permission Florida Realtors. All rights reserved.

 

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island!

 

 

 

John R. Wood: #1 Residential Real Estate Company

John R. Wood: #1 Residential Real Estate Company
John R. Wood: #1 Residential Real Estate Company

When it comes to per agent productivity, John R. Wood Properties sets the bar. RealTrends, the recognized keeper of statistics for the national residential real estate industry since 1988, has named John R. Wood Properties the number one residential real estate company in Florida for per agent productivity and number 18 in the nation for per agent productivity.

Overall, John R. Wood ranked 65 out of 500 brokerages in the nation with total closed sales volume of $2.365 billion.

“Obviously, we knew we were doing well this year, but we didn’t realize how well we were doing against our competition until the RealTrends Report was released,” said Phil Wood, president.  “We know we have the best of the best when it comes to agents and staff and this report has proven it year after year.”

Even more impressive is the fact that many of the competing firms listed as top residential brokerages are affiliates of franchise organizations whereas John R. Wood is an independent, family-owned, and locally-based real estate firm.

The REAL Trends 500 is a leading report that has been ranking the performance of top residential real estate brokerage firms for the last 29 years.  Firms are ranked by both transaction sides and sales volume.  Information collected must be independently verified which is why the the REAL Trends 500 remains the trusted source for information about the performance of real estate firms. For the 2016 REAL Trends Survey firms needed to close a minimum of 1,702 transaction sides in 2015 to place in the top 500.

In addition to these rankings, John R. Wood Properties is Southwest Florida’s oldest major real estate firm representing over 3500 clients annually through its 14 offices from Marco Island to Sanibel and Captiva.

 

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island!

Things to do this weekend in Southwest Florida

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Posted June 3rd

Happy Friday!  We made it through the short week and now it’s time to turn our attention toward weekend events.  The art scene is the big opener for things to do this weekend in Southwest Florida followed by some meditation and perhaps a little quality time with canine friends.  Of course, it  Of course, it wouldn’t be summer without baseball and fireworks so be sure to check out the Miracle game on Saturday.  And what better way to finish up the weekend than with a few belly laughs at the Barbara B. Mann delivered direct from “Weird Al” Yankovic.  We’ve got it all including another line up of over 100 open houses in the area if you want to check out the latest in Southwest Florida real estate.

FRIDAY

SATURDAY

SUNDAY

 

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island!