- Since July 2007, inventories in Naples Florida have been falling consistently.
- Today, most Naples communities are at a one-year supply or at a shortage.
- The erosion of values is really not being seen anywhere anymore.
This is what Cindy Carroll, vice president of Carroll & Carroll Real Estate Appraisers and Consultants in Naples, reported at a meeting I attended this morning.
Cindy considers a one-year supply of inventory to be a balanced market. I don’t disagree with this, but I know others consider a six-month supply to be balanced.
Based on that, here are how some Naples’ neighborhoods are fairing:
- Aqualane Shores (homes) — 9.8 months of supply
- Old Naples (homes) — 8.2 months of supply
- Old Naples (condos) — 9.3 months of supply
- Moorings/Park Shore/Coquina Sands (homes) — 7.5 months of supply
- Moorings/Park Shore/Coquina Sands (condos) — 8.7 months of supply
- Pelican Bay (homes) — 8.7 months of supply
- Pelican Bay (condos) — 9 months of supply
- The Strand (homes) — 10.5 months of supply
- The Strand (condos) — 10.5 months of supply
- Imperial Golf Estates — 5.4 months of supply
- Royal Harbor — 7.5 months of supply
- Saturnia Lakes — 3.6 months of supply
- Lake Park (homes) — 3.15 months of supply
- Lakewood (homes) — 2.4 months of supply
- Golden Gate City (homes) — 1.4 months of supply
- Vanderbilt Beach (homes) — 1 year of supply
Other communities, including Port Royal, Pine Ridge, Quail Creek, Grey Oaks, Quail West, Vineyards and Collier’s Reserve are just over a year’s worth of supply.
What does this mean if you’re a buyer? It means you may not find what you’re looking for in the Naples resale market. It means you may have to be open to looking at new construction and waiting for your home to be ready. It means don’t be discouraged by what you do or do not find in the Naples area, just be prepared to adjust your criteria or time frame if need be.
What does this mean if you’re a seller? Naples is still a very price sensitive market in every price point. Just because inventories are at historic lows doesn’t mean you can command a price. Yes, we are starting to see some appreciation, but it is minimal. As I’ve said before, if you delay selling your Naples home for 18 months to get less than a 1% increase in your selling price … well, it hardly seems worth the wait to start the life you really want, right?
What about the shadow inventory we’re always hearing about? Cindy Carroll says short sales and foreclosures make up 30% of the Naples market during any given season. That percentage is market wide. She’s not worried about shadow inventory because it will pop up in the areas of Naples that are “starved” for inventory.
Note: If you’ve read previous posts of mine, Cindy Carroll has often been quoted about her take on the Naples market. Why? Cindy, who if she wasn’t born and raised in Naples probably arrived here at an early enough age to be considered born and raised, is an unbiased authority on Naples real estate. Plus, she’s been tracking the market longer than our local Multiple Listing Service. The numbers she’s reported above are taken directly from the Naples Multiple Listing Service as of September 2012.
Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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