As the summer months wind down, our team certainly hasn’t! The Skotak-Brown Group closed 13 transactions in the previous 60 days, with 2 homes sold this week and 3 new contracts now making their way to closing! We are in need of more listings as we head into fall with strong buyer demand.
Activity remained strong in July according to the July 2019 Market Report released by the Naples Area Board of Realtors (NABOR). Heightened showing activity in June led to a spike in closed sales this July, increasing 7.1 percent from 2018. Despite a reduction in inventory since last July, closed sales prices have remained steady.
The July 2019 ShowingTime report indicated on average that a home for sale in Collier County is shown 17 times before it sells. “We believe the less inventory available; the more properties people want to see,” said Brittany Skotak of The Skotak-Brown Group. “This is why we believe now is a good time for sellers to enter the market so they have the opportunity to capture buyers who are looking at homes right now,” Skotak added.
Late summer and early fall are a great time for a seller to list a home because there is a lot of interest from eager buyers. “Sellers often believe fall is not the best time to list their home, but seasonality doesn’t affect us in this area,” said Deb Potok of the Skotak-Brown Group. “Land values are also high right now, which means early fall couldn’t be a better time to list,” Potok added.
According to the NABOR report, median closed prices have decreased 2.9 percent since January, but compared to last July, prices have held steady. Based on a rolling 12- month analysis, only condominiums priced above $2 million have seen a substantial increase in their prices, by 13 percent.
Sellers added 935 new listings to July’s inventory, but this increase in inventory failed to keep up with the number buyers entering the market. At the end of July, there were 5,200 homes on the market compared to 6,100 in July 2018. Currently there is a 6- month supply of homes on the market, which is lower than average during this time of year.
If you are looking to buy or sell a home, our experienced team will help you every step of the way. Contact us today to ensure your next purchase or sale is a success!