The new year rebounded with a strong gust of activity in the Collier County real estate market. Increases in overall pending sales (homes under contract), overall closed sales and overall inventory indicate a strong season ahead. Broker analysts who reviewed the January 2017 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island) using the Southwest Florida MLS, are confident that market indicators are favorable to support momentum through season.
“We are definitely in a buyer’s market now, and home sales were strong in January,” said Phil Wood, President & CEO of John R. Wood Properties, who pointed out that the 6 percent increase in overall closed sales for January was driven by an impressive 14 percent increase in closed sales of condominiums. He remarked, “Properties that are selling rapidly are those that are priced at true market value.”
According to the January Market Report, overall pending sales increased 9 percent to 924 pending sales in January 2017 from 847 pending sales in January 2016. Broker analysts said they are most encouraged by pending sales activity in the middle range of the market; namely, homes between $300,000 and $2 million, which all experienced double digit increases in January.
Overall closed sales increased 6 percent to 603 closed sales in January 2017 from 571 closed sales in January 2016.
The report also showed that overall inventory for all price segments increased by double digits in January too. Comparatively, condominium inventory in the $2 million and above category had the highest gain with a 44 percent increase to 135 condominiums in January 2017 from 94 condominiums in January 2016.
“We are in a different market than we were a year ago,” said Jeff Jones. “The stock market is now performing very well, home sales are now very strong in northern states, and winter came early up north so people fled to Florida’s warm weather early too.”