July 2021 Naples Real Estate Newsletter

I hope everyone is enjoying the summer and staying cool! It sure is hot here in FL but with smaller crowds, coastal breezes and afternoon storms to cool things off a bit, many are finding SWFL enjoyable to visit even in the warmer months. We are seeing a record # of summer visitors.

Inventory! It’s just keeps shrinking and there are quite simply not enough properties available for sale to keep up with the high demand across all price points and housing types making it a challenge for buyers to find the right fit for their tastes and requirements:

• Overall, the Naples area market has 0.9 months of inventory, down from a 7.3 month supply of homes a year ago moving from 6,003 properties for sale to only 1,271!
• The volume of new listings has actually increased 10% from last year over the 1^st half of 2021 but still hasn’t been able to curb the shrinking supply.
• The lack of supply has started to constrain the volume of sales as pending sales have decreased 14.5% from the surge of activity experienced last June.
• Examples: Currently, there are only 3 properties on the market in Grey Oaks (out of 900) , 11 in Mediterra (out of 900+), 8 in Port Royal (out of 600+), 19 in Bonita Bay (out of 3300) and only 35 in Pelican Bay (out of 6000+ residences).
• Across Naples & Bonita Springs, sales prices have increased on average 23% from $655k to $807k over the last 12 months.
• In the luxury market West of US41, average single family sales prices increased 12% to $4.09M and condominium pricing remained relatively the even at $2.11M compared to one year ago.

Naples Neighborhood Spotlight: Pelican Bay

What Makes Pelican Bay Stand Out

• A true community with over 6,500 residences in 95 associations.
• A diverse range of homes covering everything from condos of all kinds to magnificent private homes in neighborhoods or gated communities.
• The fabulous private beach club with tram service through Clam’s Pass for easy access, fitness classes, beachside dining at 2 restaurants, and 3 miles of North and South Beach paradise (the tram cars/system makes 900,000 trips annually for residents and visitors).  The clubs are well maintained, attended with lounge chairs and umbrella service, making it easy to relax.
• A golfing haven – Club Pelican Bay is home to 27 championship holes and is one of the top private golf communities in Naples.
• A vibrant tennis community with tennis leagues, round-robins, professional instruction, or special events, there is something for every ability level across 18 courts.
• High-quality community amenities – Owners in Pelican Bay also enjoy a beautiful community center, fitness center, and wellness studio.

Pelican Bay Real Estate Highlights

The Pelican Bay neighborhood is approximately 3 miles North to South along the Gulf of Mexico and 1 mile from East to West from US 41 to the waterfront.

• Pelican Bay currently consists of over 700 single family houses and 5,550 condominiums covering 3.25 square miles with 88 acres of parks and recreation green space.
• 72 single family homes sold over the first 7 months of 2021 within Pelican Bay at an average sale price of $3.74M ($844/SF) and an average home size of 4,029 SF.  Average sales prices are up 42% from $2.66M and up 24% per square foot to $679/SF.
• 336 condominiums sold YTD 2021, a volume already exceeding the sales for all of 2020, 319 units.  Average sales prices were $1.38M ($588/SF) and an average of 2088 SF of living space.  Average prices are up 10% and up 9% per square foot to $588/SF.