Home sales soared in April with the largest number of homes sold in the 10 year reporting period. Home sales experienced a 21.28% increase in April 2019 over April 2018. Condominiums also experienced sales growth but not at the same rate as single family homes. Another positive indicator is that overall sales exceed inventory for both single family homes and condominiums.
In a recent presentation by industry experts, predictions are positive for the local area real estate market.
· Cindy Carroll, Principal, Carroll & Carroll Appraisers stated that "our market is very neighborhood specific." This lends itself to my consistent comment that our market is "very segmented"; therefore, one area of the market might be strong with an under-supply of inventory and pent-up demand while another area could be in an over-supply scenario.
· Dr. Sean Snaith, UCF Institute for Economic Competitiveness, is optimistic about the Florida Economy and real estate market for the following reasons:
1. Housing is not keeping up with demand.
2. 1000 people are migrating to Florida daily.
3. No state income tax in Florida.
4. Tax law implications on property taxes.
5. Baby Boomers are retiring and looking for warmer winter climates.
6. Births exceed deaths in Florida.
7. International growth.
Another positive factor for the Florida market is the impact of the subzero weather up north versus the beautiful winter weather in Naples/Marco Island.
Lastly, the positive news about our local area continues to reach potential Buyers across the world. Consider the recent reports:
· Naples - Top of US Boomtowns - GoBankingRates
· Naples-Immokalee-Marco - Healthiest City in the U.S. (for the 4th straight year) - Gallup National Health and Well-being Index
To enjoy a real time look at our beautiful beach, check out the link to the JW Marriott beach cam: Link to JW Marriott Webcam
Single Family Homes Sales Trends
As you can see from the line above, April sales for single homes soared to the highest month of homes sales in the 10 year report period. Sale increased by 21.28% for April 2019 (57) versus April 2018 (47).
Another positive indicator for the single family home market is that even though inventory increased by 6.69% (April 2019: 335 versus April 2018: 314), annual sales (381) continues to surpass inventory (335).