Naples and Bonita Springs have received glowing reviews from various publications in recent months including the best place to live in the country, the best beach town, and the safest city to live in the country. These articles coming in the wake of Hurricane Ian shows both the resilience and allure of Southwest Florida while the area returns to normal. Included in this return to normal is the local real estate market. As of the end of August, there was a six-month supply of homes and condos on the market in the Naples/Bonita Springs area. This represents a balanced market, not a seller's market nor a buyers' market. As we approach year end, sales activity has picked up and bolstered our optimism for a very strong sales season. Some conditions fueling our confidence:
- Hurricane Ian is two years removed and neighborhoods have recovered despite recent hurricane activity.
- As market values have flattened out, so have property taxes. On average this year, taxes rose 1.6% in Collier County and 1.55% in Bonita Springs-- much better than the 41% jump in 2022 and 18.5% in 2023.
- Both Bonita Beach ($14 Million) and Fort Myers Beach ($22 Million) will begin shoreline renourishment projects after turtle nesting season.
- We feel the recent significant rate drop by the Fed will be followed by another drop before year’s end, fueling real estate activity.
- The election will be over, along with uncertainty. (Hoo-Ray!)
Here at the Grant Group, sales are up 20% through 10 months, and we anticipate that percentage to grow in the 4th quarter. Let’s have a great season!
