By Robert Nardi, Broker/Owner
The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market
Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September’s data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable September.
If you are comparing sales, etc., from September 2021 to September 2022, the following statistics are:
• Total showings (month/month) 28,452 to 19,034, -33% change
• Total closed sales (month/month) 931 to 523, -43.8% change
• Total pending sales (homes under contract) (month/month) 1,085 to 619, -42.9% change
• Median closed price (month/month) $455,500 to $555,000, +21.8% change
• New listings (month/month) 985 to 694, -29.5% change
• Total active listings (inventory) 1,387 to 2,146, +54.7% change
• Average days on the market 24 to 40, +66.7% change
• Single-family closed sales (month/month) 454 to 258, -43.2% change
• Single-family median closed price (month/month) $615,000 to $682,500, +11.0% change
• Single-family inventory 883 and 1,379, +56.2% change
• Condominium closed sales (month/month) 477 to 265, -44.4% change
• Condominium median closed price (month/month) $355,000 to $446,520, +25.8% change
• Condominium inventory 504 to 767, +52.2% change
I published all these statistics because they give you an excellent insight into our current market if you wish to see the full market report, please contact me directly.
What does it all mean?
The statistics above show the market is shifting from a “Sellers’ Market” to an “Even Market.”
Unfortunately, when Hurricane Ian made its crashing entrance, the national news showed all the devastation that occurred in Southwest Florida. I had friends and family that thought Naples was underwater.
My company received numerous calls from around the world from owners and renters to find out the status of the livability of the Naples area. The bad news was that if you were West of 41, near the coast or on the beach, you most likely experienced flooding. There was very little damage if you lived or owned East of 41. Hurricane Ian was not a wind event but a storm surge event for Naples. Fort Myers Beach, Sanibel, Captiva, and Cape Coral not only received storm surges but also high winds as Hurricane Ian pushed its way farther North and East when it made its landfall, making them the hardest hit areas.
The one bright spot is that the clean-up and rebuilding are the fastest I have ever seen. 85% of restaurants, golf courses, etc., are open for business. If you drive East of 41, you would be hard-pressed to conceive there was a hurricane here. The devastation was all storm surge related on or near the coast.
Unfortunately, many people were displaced if they lived along the coast. Some stay with friends and family, while others seek short-term or annual rentals. For example, rebuilding a home in the hardest-hit areas will take at least a year or more.
Therefore, rents are at a premium. For those owners that did not have damage, this may be an opportunity to rent their properties. Not only will they be able to help someone in need but receive a rental income.
Who’s buying now?
Naples continues to grow. People are coming here for their jobs and are seeking to purchase. It’s a bit harder because the interest rates continue to climb, but there is still demand.
Another demand is owners with large homes damaged on the coast. They still want to live in Naples, so some displaced people are purchasing properties to live in during the repair/rebuild process. They figured once they moved back into their original home, they could either sell their temporary property or use it as an investment property.
Investors are swooping in as well. Some people had extensive damage and did not want to go through the rebuilding/repairing process. Therefore, they are lowering their prices and putting their properties on the market significantly lower than fair market value knowing the amount of money needed to bring it back to where it was before Hurricane Ian.
Best advice
For those people who were affected by the storm, work closely with your insurance company. Document what you need to document and understand what your policy covers. Insurance companies can reimburse you for your temporary housing, community assessments levied for clean-up, failed equipment, and other damages. Make sure you know what you are entitled to and put in a claim.
If you have questions concerning buying, selling, or renting, don’t hesitate to contact me at 239-293-3592 or via e-mail at
Robert@NardiRealty.com.
In addition, you can always perform your searches at www.NardiRealty.com.
Nardi Realty
3400 TAMIAMI TRAIL N. STE 103, NAPLES, FL 34103
239-293-3592 | www.NardiRealty.com