Posted in Naples - Ft. Myers Market, Naples Condo Market | Posted on 08-13-2015 | Written by Metrostudy News
- New Home Starts in 2Q15 were up 9% over 1Q15, and up 11% over 2Q14
- The annual starts pace is up 22% from 2Q14; this is the 16th consecutive quarter of increase in the annual starts rate.
- We are seeing the strongest growth in Collier County, where starts are up 30% over 1Q15. Lee County actually saw quarterly starts decline 7% in the same period.
AUGUST 2015 – Metrostudy’s 2Q15 survey of the Naples/Ft. Myers market shows that the quarterly starts rate in Naples/Ft. Myers increased by 9% to 1,172 over 1Q15, and was up 11% when compared to 2Q14. The annual starts pace increased 3% over the previous quarter to 4,391, which is up 22% from the second quarter of 2014. The annual starts pace has increased for sixteen consecutive quarters in Naples/Ft. Myers.
Metrostudy’s Naples/Ft. Myers market data cover all of the new housing activity in Lee and Collier Counties, excluding scattered lot subdivisions such as Cape Coral, Lehigh Acres, and Golden Gate. Included in these data are single family detached and single family attached homes.
The annual closing rate was up 14% from a year ago and 1% from the previous quarter, which extends this upward trend to thirteen consecutive quarters. Lee’s F/V rate remains low at 1.6 months of supply (MOS) while Collier’s F/V increased again to 3.4 MOS. The previous quarter’s F/V MOS was 1.2 for Lee and 2.7 for Collier.
“Vacant, developed lot (VDL) inventory increased 9% over the previous quarter, to 12,633 lots,” said David Cobb, Metrostudy’s Regional Director in South Florida. “Lot deliveries for the quarter stood at 2,206, an 88% improvement over the second quarter of 2015. For the past twelve months, lot deliveries totaled 5,358, more than enough to replenish the starts.”
2Q15 by County
Lee County: Quarterly starts were down 7% and quarterly closings down 31% from 1Q15. However, the annual starts rate is up 21% and the annual closings rate is up 14% from one year ago.
Quarter Starts Closings Inventory
3Q14 671 376 1205
4Q14 455 591 1069
1Q15 598 638 1029
2Q15 555 438 1146
Annual 2279 2043 N/A
Housing Inventory remains below equilibrium in Lee County at 6.7 MOS. The supply of VDL inventory increased 3% quarter-over-quarter to 7,063, remaining nearly equal to the previous three quarters at 37 months of supply. Lee County is comprised of the Ft. Myers-Cape Coral MSA. Active master-planned subdivisions in Cape Coral and Lehigh Acres are included in our research, but scattered lot activity is not.
Collier County: Quarterly starts rose by 30%, while quarterly closings decreased 17% from the previous quarter. The annual starts rate is up 22%, and annual closings are up 15% from 2Q14’s annual pace. The annual starts rate has risen for twenty-four consecutive quarters, from a low of 399 in early 2009, to 2,112 in the current quarter.
Quarter Starts Closings Inventory
3Q14 563 299 1434
4Q14 456 462 1428
1Q15 476 432 1472
2Q15 617 358 1731
Annual 2112 1551 N/A
Housing Inventory continues to be elevated at 13 MOS. Labor constraints and the above average size of these homes are partially responsible for the higher than normal inventory level. VDL inventory rose 19% quarter-over-quarter to 5,494, a 31 month’s supply. Lot deliveries jumped 165% over the previous quarter, to 1,482. Future lot inventory decreased 3% this quarter, to 32,631. Collier County is comprised of the Naples – Marco Island MSA. Active master-planned subdivisions in Collier County are included in this research, but the scattered lot activity, primarily in Golden Gate and Golden Gate Estates, is not.
Listed below are the top 10 single family communities in the Naples/Ft. Myers market, ranked by annual starts through the second quarter of 2015:
Rank Community Starts Move-Ins
1 Ave Maria Collier 265 209
2 Riverstone Collier 223 168
3 Plantation Lee 146 158
4 Village Walk Lee 132 107
5 Bonita Lakes Lee 125 70
6 Isles of Collier Preserve Collier 118 72
7 Pelican Preserve Lee 113 126
8 Quail West Collier 111 90
9 Corkscrew Shores Lee 105 49
10 Lely Resort Collier 105 70
Ave Maria remains at the top spot for the second consecutive quarter. Riverstone by GL Homes, Plantation by Pulte, Village Walk by DiVosta, and Toll Brother’s Bonita Lakes round out the top five. Corkscrew Shores makes the top ten list for the first time.
For information contact
Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com
About Hanley Wood
Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; high-profile executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.