The Grant Group 2016 Mid Year Report.pdf

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Mid-Year Report
Naples, Bonita Springs, Barefoot Beach, and Fort Myers Beach Areas •


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Market Update
The ever resilient 2016
Naples/Bonita Springs real estate
market continues to forge ahead
despite considerable challenges. Global economic upheaval,
Brexit, weak Canadian currency,
domestic and international terrorism, election and interest rate
concerns, plus a fluctuating stock
market, created a threatening
sales gauntlet. After an exceptional 2015, overall real estate
inventory spiked considerably
in the first quarter of 2016—
up 33 percent from 4,253 homes
in 2015, to 5,651 (2016). The
largest inventory jump was for
condos listed between $1-2 million, which increased 61 percent.
Condos listed between $100,000
and $300,000 were up 33 percent.
Pending sales were off 23 percent.
Closed sales fell in all areas except
North Naples which was up 8
percent. The fluctuating stock

fell dramatically (25 percent) in
July. The good news—despite
a 36 percent jump in inventory, prices continued to climb.
Another bright spot—as of June
30th, overall housing starts (single-family, townhouse, condos)
have gone up 20 consecutive quarters. For the year ending June
30th, overall starts are up 30
percent over the prior 12-month
period. Statewide home sales
were down 8 percent with condos down 11.5 percent, but the
median Florida home price rose
11.6 percent. It’s important to
remember 2016 sales are measured against 2015—the strongest year since 2005. Here at the
Grant Group, after an extremely
busy August, with $10 million
in pending contracts, we are
anticipating a strong finish for
2016. n

market hurt 1st quarter sales.
The effect of seesawing equities
on real estate is even more pronounced in Southwest Florida.
In Naples, 49 percent of all single-family homes and condos are
vacation homes or investments.
Real estate purchases will slow
down when investors become
nervous regarding the economy, or if their portfolio becomes
lighter. The 2nd quarter showed
improvement with total sales off
14 percent and pending sales
down 11 percent. Condo sales
were down 19 percent from the
2nd quarter of 2015, while condo
inventory was up 48 percent.
Total listings were up 35 percent. As of July, total inventory
was at 4,800 homes compared to
a record low the previous July
(2015) of 3,518 homes. 627
homes sold in July—about 100
fewer than last year. Pending sales

Luxury Market Sales
Sales Over $1,000,000

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Once again The Grant Group was named the #1 Coldwell Banker Team in
Southwest Florida (also Ranked Top 100 Teams Nationwide.)

Phone: 239-948-4450
4450 Bonita Beach Rd, Suite 3,
Bonita Springs, FL 34134

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