The Garlock Group’s Naples Market Report
While 2016 ended with record sales for The Garlock Group, overall the Naples Real Estate Market report showed flat sales and growing inventory for the year ending December 31, 2016.
Several factors influenced performance during the year: election anxiety and zika fears were negative factors, and wildly successful new home sales impacted especially single family results.
Inventory increased from 4,426 listings at the end of 2015 to 5,946 listings at the end of 2016. Currently, on February 15th, inventory has grown to 6.494, up 9% in just the last few weeks.
Based on 2016 total sales of 8,510 closed transactions, there is a 10 month supply of inventory. In typical real estate parlance, this is considered a balanced markets, though some neighborhoods certainly favor buyers over sellers.
Additionally, days on the market increased about 14% over the year, from an average of 78 DOM to 89 DOM. These factors have led sellers to be more savvy in the selection of their listing agents and in setting the list price that appears in MLS. The Garlock Group, in response to increased competition in the market, has redesigned and upgraded our marketing for 2017, realizing that each listing must be presented with professional photos, distributed widely in social media, and advertised in the best of vehicles.
Following is the complete report issued by the Naples Area Board of Realtors and includes all of Collier County except Marco Island.
The NABOR® Annual 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® Annual 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
The Garlock Group ended 2016 with sales of $15,000,000, an increase of $2,000,000 over 2015. Closed sales included homes in Connors Vanderbilt and Naples Park, condos on the beach, at The Dunes and Regatta and communities from Estero to Lely.
Our team focuses on helping each buyer find the perfect property for their needs, and then we use our negotiating skills to ensure they buy at the right price.