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:Screen Shot 2018-08-21 at 10.26.48 AM

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:

Screen Shot 2018-08-21 at 10.38.43 AM

“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.”

For information contact

David Cobb
Tel: 239-220-7023
dcobb@metrostudy.com

About Metrostudy: Metrostudy is the leading provider of primary and secondary market information to the housing and residential construction industry. Metrostudy’s actionable business intelligence informs investment decisions that mitigate risk and grow revenue for builders, developers, lenders, suppliers, retailers and manufacturers. It’s the construction industry’s only integrated data intelligence solution supported by the most extensive U.S. geographic coverage. Learn more at Metrostudy.com

About Hanley Wood: Hanley Wood is the premier company serving the information, media, and marketing needs of the residential, commercial design and construction industry. Utilizing the largest analytics and editorially driven Construction Industry Database, the company provides business intelligence and data-driven services. The company produces award-winning media, high-profile executive events, and strategic marketing solutions. To learn more, visit hanleywood.com.