NAPLES / FT MYERS HOUSING 2Q18: New Home Starts Continue Growth Trend
- 2Q18 Quarterly New Home Starts Up 20% YoY & Annual Starts Up 8% YoY
- Quarterly Closings Up 8% YoY & Annual Closings Down 2.5% YoY
- Lot deliveries increased 95% QoQ
Metrostudy’s 2Q18 survey of the Naples/Ft. Myers new home market – including Lee and Collier counties – shows that the quarterly starts rate increased 19% to 1,419 from the previous quarter, and increased 20% when compared to the second quarter of 2017. The annual starts pace increased 5% over the previous quarter to 4,919, and increased 8% from the second quarter of 2017. Quarterly closings increased 5% from 1Q18 and increased 6% YoY. The annual closing pace increased 1.5% from the previous quarter, but fell 2.5% from 2Q17.
In 2Q18, Lee’s finished, vacant home (F/V) rate decreased to 1.3 months of supply (MOS) while Collier’s F/V declined to 1.4 MOS. The previous quarter’s F/V MOS was 1.7 for Lee and 1.5 for Collier. Vacant, developed lot (VDL) inventory totaled 10,799 lots, down 2% from the previous quarter and down 3% YoY. Lot deliveries for the quarter increased 95% to 1,188 when compared to the previous quarter. Future lots totaled 67,637, up 3% from the previous quarter, and down 0.4% YoY.
The chart below shows annual new home starts by price range from 2Q16 to 2Q18:
A county-by-county breakdown of starts and closings is below:
- Lee County: Lee County is comprised of the Ft. Myers-Cape Coral MSA. Quarterly starts increased 19%, and quarterly closings increased 25% from the previous quarter. The annual starts rate increased 19% and the annual closings rate increased 7% from the second quarter of 2017.
- Collier County: Collier County is comprised of the Naples – Marco Island – Immokalee MSA. Quarterly starts increased by 19%, while quarterly closings decreased by 16% from the previous quarter. The annual starts rate decreased 6%, while the annual closings rate decreased 12% from the second quarter of 2017.
The Top 10 single family communities in the Naples/Ft. Myers market, ranked by the past 12 months starts through the second quarter of 2018:
“Ave Maria remains at the top spot once again and has been the starts leader for fourteen consecutive quarters,” said David Cobb, Metrostudy’s Regional Director, South Florida. “Naples Reserve holds on to second place, while Valencia Bonita moves up to third. Plantation and The Place at Corkscrew round out the top five communities. Marina Bay, StoneCreek, Lindsford, Entrada, and Bonita National round out the Top 10 Communities list.”
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