“We are still seeing significant inventory tightness in the lower price ranges...”

Monday, September 21, 2015   /   by Michael Donovan

“We are still seeing significant inventory tightness in the lower price ranges...”







Naples single-family homes priciest in Florida

Existing single-family homes in the Naples area were the most expensive in the state last month, more than twice the Florida median, a new report said.

And single-family price growth in both Collier and Lee counties beat the statewide medfian.

Naples-Marco Island ranked fourth in Florida out of 10 metro areas in terms of price growth year-over-year in August, according to a report by Florida Realtors released Monday. The Cape Coral-Fort Myers area ranked sixth.

Single-family home prices in the Naples area reached a median of $414,000 in August compared with a year earlier, when they were $359,000, a 15.3 percent increase.

In Cape Coral Fort Myers, they hit $205,000, up 12.3 percent from $182,500 a year earlier.

Statewide, detached homes rose 11.1 percent, to $199,900 from $180,000.

Town houses and condos in Southwest Florida saw a more moderate pace of price growth. In Naples-Marco Island, they were up 6.7 percent, to $240,000 from $225,000, while in Cape Coral-Fort Myers, they were up 6.3 percent, to $170,000 from $160,000.

By comparison, statewide they were up 10.3 percent, to $150,000 from $136,000.

And in another bit of good news for Florida sellers, the average percentage of original list price received rose slightly over the year, to 94.5 percent for single-family homes, and 93.2 percent for town houses and condos.

Yet the once-frenetic pact of sales throughout the state is moderating, said Florida Realtors chief economist John Tuccillo in the report.

He expects that slower pace to continue for the rest of the year, partly because the number of new listings in both detached and attached housing has shrunk.

“We are still seeing significant inventory tightness in the lower price ranges,” he explained. “That trend, together with rising rents, poses something of a challenge for companies seeking to relocate to Florida in need of potential workforce housing.”

He noted that supply statewide is below the 6-month inventory range considered balanced. For single-family homes it’s 4.3 months, and for condos 5.2 months.

Despite the tight supply, Mike Hughes, president of the Naples Area Board of Realtors, said demand for housing in Southwest Florida remains strong. Those who need financing for a home and are anticipating a rise in mortgage interest rates are particularly eager to buy.

“Everyone became spoiled with interest rates in the 3 and 4 percent range,” he said. “Now they’re worried they soon may be paying a higher rate.”

MVP Realty USA
MVP Realty 4851 Tamiami Trail N
Naples, FL 34103

The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2020. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida Multiple Listing Services. Properties listed with brokerage firms other than Dawn Johnson - MVP Realty are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2017 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact Dawn Johnson - MVP Realty Data last updated 9/27/2020 11:59 PM CST.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2020. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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