Momentum Is Building for New Home Construction

If you’re in the process of looking for a home today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option.

As a recent article from the National Association of Realtors (NAR) says:

“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in 2019 . . . Meanwhile, the market for new construction is a bright spot.”

Here’s a look at a key metric that shows just how much new home construction is ramping up nationwide. It’s called new residential completions. Basically, completions are newly built homes that are finished and ready to move into.

The graph below uses data from the Census to show the trend of new-home completions over time, including the long-term average for the number of finished housing units (shown in black on the graph):

As you can see on the left (shown in orange), leading up to the housing crash, builders exceeded that average. The result was an oversupply of homes on the market, so home values declined. That was one of the factors that led to the housing crash back in 2008.

Since then, the level of new home construction has fallen off, and builders haven’t built enough homes to meet the historical average (shown in red). That underbuilding left the housing market with a multi-year inventory deficit. And, that deficit is part of what makes inventory so low right now.

But, here’s the good news. The green on the right shows that according to the latest report from the Census, builders are matching the long-term average right now. And that means they’re bringing more newly built homes to the market than they have in recent memory.

And residential starts and permits are also gaining momentum. Starts are homes where the construction has officially kicked off. Permits are homes where builders are planning to break ground soon. Since both are up, it’s a sign there are even more newly built homes coming soon.

What This Means for You

More newly built homes in various stages of the construction process means your pool of options just got bigger. If you’re looking to move right now and timing is important to you, reach out to a local real estate professional to explore the homes that were recently completed in your area. If construction is done on those homes, you should be able to move in quickly.

But, if you can wait a bit and the idea of customizing a home from the ground up appeals to you, ask that same agent about the homes in your area that are in the process of being built. If you buy a home that’s still in the works, you can help pick the features and finishings along the way. And when none of the homes you’ve looked at so far are to your liking, being able to tailor one to your taste may be your best option.

Either way, a trusted real estate agent is a crucial part of the process. They’ll know exactly what’s available in your area and can base their recommendations on your unique needs, desired neighborhoods, and more.

Bottom Line

So, if you’re having trouble finding a home you like while inventory is so low, it may be time to consider looking into new-home construction. If you’d like to start that conversation, let’s connect so you’re working with an expert on what’s available in our area.

Results You Can Count On

July 20th, 2023 Posted by Matt

Homebuyers Are Getting Used to the New Normal

Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.

To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:

According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage rates play a significant role in buyer demand and, by extension, home sales. Yun highlights the positive impact of stable rates:

“Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales.”

As a seller, hearing that home sales are consistent right now is good news. It means buyers are out there and actively purchasing homes. Here’s a bit more context on how mortgage rates have impacted demand recently.

When mortgage rates surged dramatically last year, escalating from roughly 3% to 7%, many potential buyers felt a bit of sticker shock and decided to hold off on their plans to purchase a home. However, as time has passed, that initial shock has worn off. Buyers have grown more accustomed to current mortgage rates and have accepted that the record-low rates of the last few years are behind us. As Doug Duncan, SVP and Chief Economist at Fannie Mae, says:

“. . . consumers are adapting to the idea that higher mortgage rates will likely stick around for the foreseeable future.”

In fact, a recent survey by Freddie Mac reveals 18% of respondents say they’re likely to buy a home in the next six months. That means nearly one out of every five people surveyed plan to buy in the near future. And that goes to show buyers are planning to be active in the months ahead.

Of course, mortgage rates aren’t the sole factor affecting buyer demand. No matter where mortgage rates stand, people will always have reasons to move, whether it’s for job relocation, changing households, or any other personal motivation. As a seller, you can feel confident there is a market for your house today. And that demand is pretty strong as buyers settle into where rates are right now.

Bottom Line

The way buyers perceive today’s mortgage rates is shifting – they’re getting used to the new normal. Steady rates are contributing to strong buyer demand and consistent home sales. Let’s connect so we can get your house on the market and in front of those buyers.

Results You Can Count On

July 18th, 2023 Posted by Matt

Kensington Pool Home Sold!

This spacious Kensington pool home just sold to a fantastic couple from the Northeast. Working with Naples Golf Guy Team, our clients found this fabulous luxury Naples home in Kensington Country Club.

4072 Kensington High St. Naples, FL 34105 – Sold Price – $1,200,000

More About This Kensington Pool Home:

This single-family home sits on one of the best lots in Kensington! The ultimate Naples Lifestyle with a magnificent view of the golf course and tranquil lake! With a Western exposure the home boasts spectacular views of our beautiful Florida sunsets.

The home was recently renovated and offers plenty of natural light. Soaring ceilings, new porcelain tile flooring, coffer ceilings, porcelain solid surface counter tops. The kitchen boasts stainless steel appliances, a desirable gas stove, and expansive quality cabinets. The spacious master suite has granite counters with dual sinks and a Spa Inspired Steam Shower with dual shower heads.

Truly paradise!

• • 2 Bedrooms Plus Den
  • 2 Bathrooms
  • 1,949 Square feet under air
  • Built in 1998

Are you considering buying or selling a home in Kensington? Let’s connect to discuss your options – 239.370.0892.

More about Kensington Golf and Country Club

Kensington Golf & Country Club is a Scottish links-style course featuring many water hazards but only a few trees coming into play on most holes. The course was built on rolling terrain, and large mounds are used to define the layout of the individual holes. The greens are fairly large, undulating, and fast, including many that are elevated and multi-tiered. The signature hole is the 8th, a 195-yard, par 3, known as a “Redan hole,” requiring a tee shot over water to an elevated and sloped green.

In addition to golf, the club offers both casual and formal dining options at the main clubhouse as well as resort-style food and beverage service adjacent to the pool. Also, members have access to a wide array of club amenities including an Olympic-sized heated swimming pool with cabanas, seven Har-Tru tennis courts, four Pickleball courts, two Bocce courts, state-of-the-art fitness center including a Pilates studio.

This gated golf community has a total of 565 properties.  There are four neighborhoods of coach homes with two units per building.  All of the units have garages and are located on the golf course and have fantastic views.

There are six neighborhoods of single-family homes and villas throughout the community.  The homes range from 2,100 to 5,000 square feet.  Most of these homes are located on the golf course.

Learn more about Kensington GC…

Azure Villa Just Listed!

Spacious Azure Attached Villa Just Listed by the Naples Golf Guy Team! A spectacular COASTAL CONTEMPORAY Sandhill Model overlooking a beautiful fountain and tranquil lake.

9040 Mayreau Way Naples, FL 34114 – List Price $729,900

More About This Azure Villa in Hacienda Lakes:

Move right into this spacious 2023 villa that was just completed. NEVER LIVED-IN and LOADED WITH UPGRADES such as engineered hardwood and tile throughout.

Today’s Housing Inventory Is a Sweet Spot for Sellers

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.

According to a recent report from Realtor.com:

 “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”

The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):

It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.

When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.

What Does This Mean for You?

If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):

• The percent of homes that sold in less than a month ticked up slightly to 74%.
• The median days on market went down to 18 days, showing homes are still selling fast when priced right.
• The average number of offers on recently sold homes went up to 3.3 offers.

Bottom Line

When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Let’s connect to get the process started.

Results You Can Count On

The Naples Golf Guy Team, as seen on Forbes, is committed to extraordinary customer service with an emphasis on detail. Professionalism, integrity and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.

July 6th, 2023 Posted by Matt

Shadow Wood Property Just Sold!

Another Shadow Wood Property Sold! Congratulations to our clients who just closed on this fabulous vacation home in Shadow Wood at the Brooks in Estero FL.

22181 Longleaf Trail Dr., Estero FL – Sales Price $920,000

More About This Shadow Wood Property

Located in the Longleaf neighborhood of Shadow Wood at the Brooks, this beautiful home includes a FULL GOLF MEMBERSHIP bypassing the waitlist! The home has recently undergone more than 20 upgrades including a fully remodeled master bathroom and guest bathroom.

The spacious lanai has plenty of space surrounding a spectacular pool and spa overlooking a serene lake. Perfect for relaxing after a round of golf or entertaining friends and family.

• Single Family Home
• Two Bedrooms Plus a Den
• Two Bathrooms
• Two Car Garage
• 1,939 Square Feet Under Air
• Built in 2003

Are you considering selling your Shadow Wood Home? Let’s connect to discuss your home’s value – 239.370.0892.

Shadow Wood Country Club

Shadow Wood Country Club is the only golf community in Estero which includes three 18-hole championship golf courses. There are two golf courses located in Shadow Wood at the Brooks which were originally designed by Bob Cupp and recently renovated by Rees Jones. The third course, The Preserve, was designed by award-winning architect Arthur Hills and is located in Fort Myers. Residents electing membership in the country club also have full access to the 30,000-square-foot clubhouse. All golf members have access to all 3 courses regardless of where they live.

In addition to world-class golf, members have access to 9 lighted clay tennis courts, 2 brand new bocce ball courts as well as a full schedule of Social Events.  Finally, you will find the club offers an extraordinary level of service that is tough to beat.

Southwest Florida’s Current Golf Home Trends

Your go-to resource for SWFL’s current golf home trends for Naples, Bonita Springs, Estero, Fort Myers, Bradenton, Lakewood Ranch, and Sarasota. Depending on the type of community, there may be a waitlist for membership. In some cases, it is less than a year and in other cases, it is as long as 10 years.

Despite the waitlists, there are options for immediate golf privileges in many communities. It is important to have an experienced golf community expert help you navigate your options to ensure you find the lifestyle, community, and golf course of your dreams.

With more than 150 golf communities in the area, it is a challenge to navigate all the various options for golf membership. That’s where we come in. Our vast relationships with all the golf communities from Naples to Sarasota allow us to serve our clients by making the home-buying or selling process an easy and enjoyable one.

While it may seem overwhelming at first, once we know how often you play, other desired club amenities, property type, and price range we can help you narrow the list of clubs down to a handful that will potentially offer you the Florida golf lifestyle you are looking for.

Below you will find highlights for the latest real estate statistics for single-family golf homes and golf condos in our area for the past 12 months.

SW FL Current Golf Home Trends – Single Family Homes

NAPLES FL Current Golf Home Trends – Single Family Homes

Audubon Country Club – 8 properties for sale, 22 properties closed over the past 12 months and average sales price $2,365,660

Collier’s Reserve – 4 properties for sale, 17 properties closed over the past 12 months and average sales price $2,512,059

Greyhawk at GC of the Everglades – 9 properties for sale, 41 properties closed over the past 12 months and average sales price $1,121,511

Grey Oaks – 16 properties for sale, 35 properties closed over the past 12 months and average sales price $4,167,871

Kensington – 1 property for sale, 23 properties closed over the past 12 months and average sales price $1,615,072

Lely Resort – 18 properties for sale, 97 properties closed over the past 12 months and average sales price $1,378,075

Mediterra – 7 properties for sale, 23 properties closed over the past 12 months and average sales price $4,210,043

Olde Cypress – 5 properties for sale, 28 properties closed over the past 12 months and average sales price $1,601,929

Pelican Bay – 15 properties for sale, 24 properties closed over the past 12 months and average sales price $4,747,881

Pelican Bay (Estates at Bay Colony) – 2 properties for sale, 0 properties closed over the past 12 months

Pelican Marsh –8 properties for sale, 32 properties closed over the past 12 months and average sales price $1,965,203

Quail Creek – 6 properties for sale, 19 properties closed over the past 12 months and average sales price $2,197,568

Quail West – 17 properties for sale, 32 properties closed over the past 12 months and average sales price $4,250,664

Talis Park – 4 properties for sale, 13 properties closed over the past 12 months and average sales price $3,696,500

Tiburon – 3 properties for sale, 7 properties closed over the past 12 months and average sales price $4,052,857

Treviso Bay – 3 properties for sale, 14 properties closed over the past 12 months and average sales price $1,744,643

Vineyards – 5 properties for sale, 68 properties closed over the past 12 months and average sales price $1,416,096

BONITA SPRINGS FL Current Golf Home Trends – Single Family Homes

Bonita Bay – 13 properties for sale, 28 properties closed over the past 12 months and average sales price $2,491,482

Palmira – 10 properties for sale, 23 properties closed over the past 12 months and average sales price $1,067,087

Pelican Landing – 9 properties for sale, 45 properties closed over the past 12 months and average sales price $1,390,260

Pelican Landing (The Colony) – 2 properties for sale, 8 properties closed over the past 12 months and average sales price $2,589,375

ESTERO FL Current Golf Home Trends – Single Family Luxury Homes

Miromar Lakes – 7 properties for sale, 37 properties closed over the past 12 months and average sales price $2,204,530

Pelican Sound –  1 property for sale, 8 properties closed over the past 12 months and average sales price $1,066,664

Shadow Wood – 5 properties for sale, 49 properties closed over the past 12 months and average sales price $1,652,520

West Bay Club – 2 properties for sale, 22 properties closed over the past 12 months and average sales price $1,350,977

FORT MYERS FL Current Golf Home Trends – Single Family Luxury Homes

Gulf Harbour Yacht and Country Club – 7 properties for sale, 27 properties closed over the past 12 months and average sales price $1,836,781

The Forest – 5 properties for sale, 30 properties closed over the past 12 months and average sales price $726,183

BRADENTON Florida Current Golf Home Trends – Single Family Luxury Homes

Concession – 7 properties for sale, 15 properties closed over the past 12 months and average sales price $3,246,077

Founders Club – 2 properties for sale, 14 properties closed over the past 12 months and average sales price $2,304,327

Esplanade at Lakewood Ranch – 8 properties for sale, 39 properties closed over the past 12 months and average sales price $1,046,851

Esplanade at Azario – 2 properties for sale, 61 properties closed over the past 12 months and average sales price $1,033,691

SARASOTA FL Current Golf Home Trends – Single Family Luxury Homes

TPC Prestancia – 8 properties for sale, 7 properties closed over the past 12 months and average sales price $1,528,429

Southwest Florida Current Golf Home Trends – Condos

NAPLES FL Current Golf Home Trends –  Condos

Audubon Country Club – 0 properties for sale, 3 properties closed over the past 12 months and average sales price $1,375,333

Grey Oaks –  0 properties for sale, 17 properties closed over the past 12 months and average sales price $2,390,824

Hammock Bay – 14 properties for sale, 37 properties closed over the past 12 months and average sales price $790,308

Kensington – 2 properties for sale, 16 properties closed over the past 12 months and average sales price $809,344

Lely Resort – 32 properties for sale, 131 properties closed over the past 12 months and average sales price $565,564

Mediterra – 7 properties for sale, 21 properties closed over the past 12 months and average sales price $1,988,524

Pelican Bay – 80 properties for sale, 259 properties closed over the past 12 months and average sales price $1,945,183

Pelican Marsh – 6 properties for sale, 57 properties closed over the past 12 months and average sales price $803,351

Talis Park – 16 properties for sale, 27 properties closed over the past 12 months and average sales price $1,727,541

Tiburon – 9 properties for sale, 30 properties closed over the past 12 months and average sales price $1,468,500

Treviso Bay – 14 properties for sale, 57 properties closed over the past 12 months and average sales price $580,611

Vineyards – 14 properties for sale, 95 properties closed the over past 12 months and average sales price $673,905

BONITA SPRINGS FL Current Golf Home Trends – Condos

Bonita Bay – 50 properties for sale, 132 properties closed over the past 12 months and average sales price $1,961,153

Palmira – 2 properties for sale, 17 properties closed over the past 12 months and average sales price $659,671

Pelican Landing – 6 properties for sale, 62 properties closed over the past 12 months and average sales price $580,931

Pelican Landing (The Colony) – 28 properties for sale, 59 properties closed over the past 12 months and average sales price $1,493,263

ESTERO FL Current Golf Home Trends – Condos

Miromar Lakes – 5 properties for sale, 30 properties closed over the past 12 months and average sales price $1,079,200

Pelican Sound – 1 property for sale, 37 properties closed over the past 12 months and average sales price $590,069

Shadow Wood – 6 properties for sale, 31 properties closed over the past 12 months and average sales price $593,376

West Bay Club – 7 properties for sale, 22 properties closed over the past 12 months and average sales price $902,268

FORT MYERS FL Current Golf Home Trends – Condos

Gulf Harbour Yacht and Country Club – 28 properties for sale, 90 properties closed over the past 12 months and average sales price $866,198

The Forest – 14 properties for sale, 36 properties closed over the past 12 months and average sales price $261,564

BRADENTON FL Current Golf Home Trends – Condos

Esplanade at Lakewood Ranch – 1 property for sale, 5 properties closed over the past 12 months and average sales price $472,400

Esplanade at Azario – 3 properties for sale, 23 properties closed over the past 12 months and average sales price $486,056

SARASOTA FL Current Golf Home Trends – Condos

TPC Prestancia – 4 properties for sale, 2 properties closed over the past 12 months and average sales price $607,500

More Southwest Florida Golf Community Housing Trends

Overall, inventory for Luxury golf properties in our area remains historically low, however, depending on the community and the neighborhood inventory has increased compared to this time last year. If you are considering buying a luxury golf home, we will help you find the community and home to fit your lifestyle.

If you are considering selling, it is still a seller’s market and you have time to catch the top of the market. Call us today to learn your home’s value and how we can help you sell it for maximum value. What is my home worth…

If are considering buying a home we can help you identify which golf community or communities will fit your lifestyle and match your criteria for amenities in your price range. With the various fees associated with each golf community, it can be a challenge to determine what your total obligation will be for membership initiation fees as well as the annual membership dues, capital improvements and home owners association fees.

Since each community varies we recommend you use a professional Realtor with experience in golf communities to navigate your way through your options. We’ve been helping connect buyers and sellers in golf communities for more than 20 years.

If you do not see a snapshot of the southwest Florida luxury private golf club community you are interested in, contact us for complete market analysis. Call, email or text us today for all of your real estate needs – 239.370.0892.

May Sarasota FL Real Estate Report

The latest Sarasota FL Real Estate Report showed 1,263 properties sold for just over $831 Million during May in the North Port, Sarasota, and Bradenton areas.

The luxury market was strong, as evidenced by the 159 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home on Manasota Key overlooking the Gulf of Mexico for $8,000,000.

Overall, inventory ended the month at 2,897 properties for sale, which is up from 1,452 listings during the same time last year. However, unlike the prior month, inventory did increase slightly month-over-month. There was a net increase of 39 properties for sale from April to May. Yet, Sarasota County ended the month with just over 3 months’ supply of homes for sale leaving us in a solid Seller’s market.

Where are prices headed? While we can’t predict the future, the basic rule of supply and demand continues to prove true in Southwest Florida. Either supply would need to increase significantly or demand to fall. From the supply side, the U.S. needs more than 4 Million homes to catch up to demand. New construction will help, however, it’s a slow process to build new homes.

From the Demand side, Florida remains a popular destination for retirement. Travel & Leisure recently revealed the 15 Best Places to Retire in the Sunshine State. Southwest Florida was at the top of the list, with Tampa and Sarasota leading the way.

Also, the Sarasota and Bradenton area remains a popular destination for travel as evidenced by the 15 percent increase in passenger traffic compared to the first 5 months of last year. There were 4.12 Million passengers through the airport over the past 12 months. Due to the growth in traffic, the airport already broke ground on a $73 million terminal and airport expansion.

Sarasota is now even easier to get to with more than 50 direct flights from cities mostly from the mid-west, north-east, and south-east making it an ideal destination for a vacation home or second home. The area continues to receive accolades including being ranked the 5th Best Cities to Live by U.S. News & World Report.

So, between low supply and high demand, prices are expected to rise. Just not at the same pace as the past couple of years.

Sarasota FL Real Estate Report – Single-Family Homes

May 2023 versus May 2022 Single Family Home Highlights:

• Closed sales decreased 9.7 percent going from 910 transactions down to 822 sales.
• Pending sales fell from 812 last May compared to 665 this May, an 18.1 percent reduction.
• Inventory increased 75.7 percent up to 1,824 homes for sale compared to this same time last year when 1,234 homes were for sale.
• New listings decreased from 1,111 down to 813 which was a 26.8 percent decline.
• Median days on market increased to 25 days which was a 316.7 percent increase versus May of 2022.
• Available inventory of single-family homes ended May with a 3 months’ supply of homes available for sale which was up from 1.2 month’s supply during May of 2022.

Although single-family home inventory rose year-over-year, it remained the same as April. The median sales price increased 3 percent over the same time last year up to $510,000. However, it fell slightly from April when it was $520,000.

Additionally, days on market remained low at just 25 days from the day a property was listed until it went under contract. Unlike the prior month, the days on market increased slightly up to 25 days in May compared to 21 days in April.

Bottom line: It remains a Seller’s market for Sarasota single-family homes.

So, if you are thinking about selling your property in the Sarasota area, call, email, or text us today – at 239.370.0892 for a complimentary market analysis.

On the other hand, since real estate is truly local, it could vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from.  Whether you are just beginning your search or you want to stay up to date on the latest trends in a particular neighborhood, now may be a good time to start watching for properties that meet your criteria. New listings are hitting the market every day, so if you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota FL Real Estate Report – Condos and Townhomes

May 2023 versus May 2022 Condo Highlights:

• Condo sales decreased 17.1 percent going from 532 real estate transactions down to 441 sales.
• Pending sales decreased 13.3 percent down from 384 last May to 333 this May.
• Inventory increased 159.2 percent up to 1,073 condos for sale compared to last May when there were only 414 units for sale.
• New listings fell from 479 down to 384 or a 19.8 percent decline.
• Median days to contract was 27 days which was up from 5 days last year.
• Available inventory of condos ended May with a 3.5 months’ supply of properties available for sale which was a 250 percent increase.

Condo inventory increased significantly over last year. However, it actually fell from April when there were 1,112 units to sell down to 1,073 condos in May which represented a 3.5 percent reduction in condos for sale.

Similar to the prior month, we ended with just a 3.5 months’ supply of condo inventory. We’re still only halfway to a balanced market which is traditionally a 6-7 months’ supply of units for sale.

Additionally, days to contract increased to 27 days up from 22 days in April and up from just 5 days during May of 2022. Finally, cash sales remained high at 68 percent of all condo sales up from 62 percent during the prior month. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, the condo market remains a strong Seller’s market.

Bottom Line

It remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Ritz-Carlton Residences at Sarasota Bay to bundled golf communities such as Esplanade at Azario, there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

May 2023 Sarasota Real Estate Stats – Single Family Homes

May 2023 Sarasota Real Estate Stats Condos

New Listings in Southwest Florida Golf Communities

May 2023 Naples Florida Housing Market Stats

The latest Naples Florida housing market stats showed 1013 properties sold for just over $1.1 Billion. The highest-priced sale was for a single-family home for $29 million in Port Royal. Additionally, 287 of the real estate transactions for the month were at or above $1 Million.

Overall inventory ended the month with 2,749 properties for sale. Although inventory increased 28 percent over the same time last year, it actually fell month-to-month. At the end of April, we had 2,868 properties for sale. By the end of May, inventory fell by 4.1 percent.

However, similar to other Southwest Florida cities, the numbers are very misleading. In May of 2019, before the pandemic, Naples had just over 5,905 properties for sale. Inventory ended the month at 46.5 percent of what we normally have during this time of year.

Demand remains strong for the luxury lifestyle Naples has to offer. The area is ranked the 2nd Wealthiest County in the state behind Monroe County. So it may not surprise you we were recently recognized as the Most Charitable County in Florida!

Need another reason to live along the paradise coast? Naples also has been recognized as the 4th Best Beach Town in the Sunshine State.

Bottom line, the Naples area continues to be a prime location for Vacation Homes or a top option for best places to retire.

Naples Housing Market Statistics – May 2023

May 2023 versus May 2022 Highlights

• Closed sales decreased 20 percent compared to May of last year.
• Overall pending sales decreased 4 percent versus the same time in 2022.
• Inventory increased 28 percent up from 2,155 homes to 2,748 homes for sale.
• Average days on market increased 231 percent up to 53 days compared to May of 2022.

In all, there were 482 single-family homes and 531 condos sold for a total of 1,013 sales during the month, which was a 20 percent decrease compared to the same time last year. While inventory is up significantly over 2022, it actually decreased by 32 properties from April to May.

The median single family price increased significantly up to $805,250 up from $752, 890 compared to the same time last year. However, unlike the previous month, it fell slightly from $825,000 in April.

Similarly, the median condo sale price was $485,000 which was the same as May of the prior year. And, similar to single-family homes it was down from the previous month when the median condo sales price was $526,000.

Additionally, even though the number of days it took for a property increased significantly over this time last year (231% increase), it actually remained the same as it was in April.

It remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Ritz-Carlton Residences to bundled golf communities such as coach homes in Talis Park there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling, let us help you navigate this complex market. The Naples Golf Guy team members are all REALTOR® professionals who have the expertise to provide you with timely and accurate market data. Call, email or text us today for all of your real estate needs – 239.370.0892.

Naples Florida Housing Market – Luxury Golf Home Sales in May

• $8,000,000 – 2556 Escada Dr. in Tiburon with 8,351 sq. ft. (90% of list price)
• $5,800,000 – 3123 Dahlia Way in Grey Oaks with 5,542 sq. ft. (98% of list price)
• $5,300,000 – 6367 Burnham Rd. in Quail West with 4,459 sq. ft. (98% of list price)
• $4,950,000 – 2546 Augusta Dr. in Pelican Marsh with 4,714 sq. ft. (84% of list price)
• $4,952,500 – 2202 Miramonte Way in Grey Oaks with 3,724 sq. ft. (92% of list price)
• $4,550,000 – 4252 Deephaven Ln. in Quail West with 4,290 sq. ft. (96% of list price)
• $4,500,000 – 1746 Persimmon Ct. in Pelican Marsh with 4,380 sq. ft. (98% of list price)
• $4,500,000 – 29171 Marcello Way Way in Mediterra with 4,218 sq. ft. (94% of list price)
• $4,350,000 – 353 Chancery Cir. in Audubon with 4,426 sq. ft. (100% of list price)
• $4,250,000 – 10818 Est Cortile Ct. in Mediterra with 3,534 sq. ft. (101% of list price)

New Listings in Golf Communities

If you just want to keep an eye on the market, we can set up a custom property search that is fully automated or sign up for automatic property alerts.  Please feel free to call us any time to set up the alerts for you based on your criteria.

Lee County May Housing Market Report

The May housing market report for Lee County showed 2042 properties sold for just over $1.1 Billion during the month. The County includes Bonita Springs, Cape Coral, Captiva, Estero, Fort Myers, Fort Myers Beach, Miromar Lakes, Sanibel, and surrounding areas.

The luxury market remained active with 172 properties sold at or above $1 Million during May. The highest-priced sale was a single-family home on Barefoot Beach overlooking the Gulf of Mexico for $7.4 Million.

Fifty percent of the top 10 highest-priced homes sold in Lee County were luxury golf properties priced between $3,480,000 and $4,700,000. Golf communities represented were Miormar Lakes, Bonita Bay, and Mediterra.

Florida remains a popular destination for retirement. Travel & Leisure recently revealed the 15 Best Places to Retire in the Sunshine State. Southwest Florida was at the top of the list, with Tampa and Sarasota leading the way and Fort Myers was ranked 5th.

Not only was the area ranked as one of the top places to retire, it was named The Best Place for a Vacation home by Travel & Leisure. With 590 miles of shoreline, sandy white beaches and plenty of sunshine, what more could you ask for?

While real estate is local, national experts have started to revise their forecasts for home values. As we have seen in Southwest Florida, prices continue to rise largely due to low inventory.

Morgan Stanley strategist, James Egan recently said he no longer thinks home prices will decline this year, “We now expect home prices to end the year flat to December 2022 as opposed to our prior base case of -4%”.

Now more than ever, it’s critical to connect with a local real estate expert to help you navigate the market. Whether you are buying or selling, we’ll put 23 plus years of experience to work for you and your family.

Lee County May Housing Market Report – Single-Family Homes

May 2023 versus May 2022 Single Family Home Highlights:

• Closed sales decreased 10.4 percent going from 1,594 transactions down to 1,428 sales.
• Pending sales decreased 13.3 percent down from 1,547 last May versus 1,342 this May.
• Inventory increased 84.3 percent up to 4,458 properties for sale compared to this same time last year when 2,419 homes were for sale.
• New listings decreased from 2,036 down to 1,746 which was a 14.2 percent decline.
• Median days on market increased to 30 days which was a 172.7 percent increase versus May of 2022.
• Available inventory of single-family homes ended May with a 4 months’ supply of homes available for sale which was up from a 1.7 months’ supply during May of 2022.

The median sales price for single-family homes was down year-over-year, however, it increased from the prior month. The median price in April was $438,000 and we finished May with a median price of $445,000. 

Unlike last month when inventory fell month-to-month, there was a slight uptick of single-family homes for sale going from 4,189 at the end of April up to 4,458 in May. which represented a 7 percent increase.

Additionally, we finally hit a 4 months supply of homes available for sale. It is still considered a Seller’s market, however, we continue to make progress. A balanced market is typically a 6-7 months supply of homes for sale.

If you live in Lee County and you want to maximize the value of your home, contact us today. Call, email, or text us today for a FREE market analysis – 239.370.0892.

If you are considering buying a property, now is a good time to start watching the communities you are most interested in using our automatic property alerts. If you are not sure which communities fit your lifestyle, contact us and we’ll help you target the neighborhoods which offer the amenities and lifestyle you would like to enjoy.

Lee County May Housing Market Report – Condos and Townhomes

May 2023 versus May 2022 Condo Highlights:

• Condo sales decreased by 21.1 percent going from 778 real estate transactions down to 614 sales.
• Pending sales decreased 22.1 percent down from 691 last May to 538 this May.
• Inventory increased 241.7 percent up to 1,952 condos for sale compared to last May when there were only 812 units for sale.
• New listings decreased from 769 down to 675 which was a 12.2 percent decline.
• Median days to contract increased to 27 days which represented a 237.5 percent increase versus May of 2022.
• Available inventory of condos ended May with a 4.1 months supply of properties available for sale which was a 241.7 percent increase over last year.

Similar to single-family homes, inventory of Lee County Condos finished the month low at a 4.1 months supply. However, we continue to move in the right direction as condo inventory increased compared to the prior month when it was just 3.9 months supply of condos for sale.

So, although we are not there yet, condo inventory continues to move towards a balanced market which would be a 6-7 months’ supply of condos for sale.

Also, condo prices continue to increase. The median price for the month was $350,250 which was a slight increase over April when it was$347,500 which and it was up from $345,000 in May of last year.

Finally, it is notable that once again 63 percent of condo sales were paid in cash. If you are planning on leveraging a loan for your condo purchase, you are still competing with a significant number of cash buyers. Regardless of when you plan to purchase, if you are a buyer, it may be time to start taking a closer look at homes for sale in neighborhoods that might fit your criteria. To stay up to date sign up for automatic property alerts.

Bottom line, like most of Florida, Lee County remains a Seller’s market for both condos and single-family homes. If the inventory remains low, and demand remains strong, prices will continue to rise. If you are considering selling, call, email, or text us today to discuss your home’s value in today’s market.

Not only will we help you determine what if any repairs should be made before listing your home, but we will also provide current market data to determine the optimum selling price.

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Naples to Sarasota.

Southwest Florida May Housing Market Report

May 2023 Lee County Real Estate Stats – Single Family Homes

May 2023 Lee County Real Estate Stats

Begin Your Search for a Southwest Florida Vacation Home or Second Home:

So, if you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area.  If golf is your game, we specialize in golf community real estate.