Real Estate Buyers & Sellers Navigate the Pre-Season Market
Recovery from Irma has been rapid across Southwest Florida but, there are effects to be considered when listing or purchasing a home. A snapshot comparison of the SWFL Real Estate for the month of October 2016 vs. October 2017 provides information to make the best buying or selling decisions.
Naples Market Trends
Naples Oct 2016 vs. Oct 2017
Upside: Decreases in Pending Sales (-11%) and Active Listings (-8%) bode well for sellers. Less competition and fewer choices for buyers. Prices increased by 9% overall with a spike in properties over $300k by 5%.
Considerations: Average days on the market rose dramatically by 22%. Some of this might be necessary storm repairs but, more likely, it’s the market taking more time to react to the higher pricing.
Advice: Pricing is everything. If you need a quick sale, pricing at market or below encourages offers.
Upside: Properties are sitting on the market longer. Sellers get anxious and are willing to negotiate a better price.
Considerations: Fewer homes on the market make it more difficult to compete against other buyers.
Advice: Timing is everything. If you see a property you want, act quickly. As Season gets into full swing and more visitors descend on our beautiful city, prices will rise. Buy now.
Bonita Springs & Estero Market Trends
Bonita Springs/Estero Sellers
Upside: Prices have marginally increased over last October by 1%, indicating recovery post Irma is progressing throughout the area.
Considerations: Pending and Closed Sales are down and Active Listings are up. Buyers have more choices and negotiations are tougher.
Advice: It has got to be about pricing in this market. Increased Active Listings and Average Days on Market make this market attractive to prospective buyers but, only if the price is right.
Bonita Springs & Estero Buyers
Upside: Buyers are finding more homes available on the market than this time last year offering more choices across price points.
Considerations: Modest increases in prices points to a rising trend as we fast approach Season.
Advice: Buyers buy now! There are more choices than a year ago and prices are sure to increase as competition for premium properties increases this time of year.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations 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.