A June NABOR report states the housing market in Southwest Florida continues to grow. Four big indicators cited for the optimistic outlook is that pending sales are up, closed sales are up, median closed priced are up, and finally, days on the market have decreased. Overall inventory is down a bit, due in large part to the lack of condominiums on the market. But inventory of single family homes has actually increased 5% from the previous year. The pace of new home construction is increasing almost daily, and this will help relieve the pressure on inventory. The reduced number of distressed properties for sale, less than 10%, also is encouraging news for the real estate market. Other positive factors influencing the market are continued gains in the stock market, and low interest rates helping to boost consumer confidence. A good local real estate agent knows these trends, and we have them at the Southwest Florida REGroup. So please give us a call at (239) 289-1849 for any and all of your real estate needs.
Naples Real Estate News
The NABOR® April 2014 Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® April 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall closed sales increased 4 percent from 9,385 sales in the 12-months ending April 2013 to 9,763 sales in the 12-months ending 2014.
- Closed sales for single-family homes in the $2 million and above market increased 56 percent from 25 in April 2013 to 39 in April 2014.
- The overall median closed price increased 14 percent from $219,000 in the 12-months ending April 2013 to $250,000 in the 12-months ending April 2014.
- The overall median closed price of homes $300,000 and under increased 13 percent from $149,000 in the 12-months ending April 2013 to $168,000 in the 12-months ending April 2014.
- The median closed price for condominiums in the $2 million and above market increased 8 percent from $2,700,000 in the 12-months ending April 2013 to $2,922,000 in the 12-months ending April 2014.
- The overall average days on market are at 93 for April 2014.
- Overall pending sales increased 3 percent from 10,678 in the 12-months ending April 2013 to 10,987 in the 12-months ending April 2014.
- Overall pending sales increased 13 percent for homes $2 million and above from 48 contracts in April 2013 to 54 contracts in April of 2014.
- Overall pending sales decreased 12 percent in the $300,000 and under segment from 762 in April 2013 to 672 in April 2014.
- Inventory of condominiums decreased 24 percent from 2,553 units in April of 2013 to 1,951 units in April of 2014.
- Inventory of condominiums in the $2 million and above market decreased 47 percent from 64 in April 2013 to 34 in April 2014.
- Inventory of single-family homes increased 2 percent from 2,167 units in April of 2013 to 2,206 units in April of 2014.
We have been lucky the last few years in Southwest Florida as far as damage due to tropical storms is concerned. There haven’t really even been any close calls to speak of. That can change at any time though with dire consequences if you are not prepared. Are you fully insured for an incidental or catastrophic loss due to a tropical storm or hurricane? The official hurricane season is just around the corner beginning on June 1. It’s not too late to protect your home or property, but many policies can take as long as a month to be fully active. And many companies will not write policies while there are active tropical storms in the vicinity of the U.S. So don’t waste any more time, be sure to make sure your policies are current and up to date. Another good practice is to keep your insurance paperwork in a safe, secure place along with itemized lists of the expensive items and contents of your home. It’s even a good idea to make video records of your possessions, so you have the proper documentation should you need to make a claim with your insurance provider. Don’t be caught unprepared for the upcoming 2014 tropical season.
The closed sales for Collier County Florida showed an astonishing increase as reported by NABOR. Leading the charge was the sale of luxury condos over $2 million, which in turn significantly reduced the inventory of those properties. Single family homes had more modest increases in closed sales, but still saw enough activity to raise median prices and also reduce the available inventory. Also good news for the local market is a dramatic reduction in the sale of distressed properties, either short sales or foreclosures. Licensed real estate agent Scott Riddle is very much aware of all these trends and will be more than pleased to help you navigate the Collier County market, as well as the Lee County market, in your search to buy or sell property in Southwest Florida. Feel free to call him at (239) 289-1849 any time. For immediate access to his full service website please visit http://www.esteronapleshomesearch.com/.
NABOR 2013 Market Report. A service from the Naples Area Board of REALTORS®
Paradise in Demand: 2013 Solid Year for Real Estate
NAPLES, FL - All signs point to stabilization for the local housing market as evidenced in the 2013 Annual Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall pending and closed sales for homes over $300,000 increased by double digits in 2013.
"The first sign of stabilization can be seen in the increase of traditional closed sales for 2013," said Pat Pitocchi, NABOR® President and Corporate Trainer at Downing-Frye Realty. "At the beginning of the year, 74 percent of sales were traditional, while 26 percent were non-traditional [short sale and foreclosed properties]; but by December, traditional sales rose to 83 percent of all sales leaving 17 percent as non-traditional."
"This report indicates a tremendous market shift from home sales in the under $300,000 category to home sales in the over $300,000 categories," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "Sales over $300,000 now drive the market. Closed sales of homes in the over $300,000 price categories increased by 22.5 percent in 2013."
According to the report, the overall housing market inched ahead of activity reported in 2012, which was considered a recovery year by market expert Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. Overall median prices for properties between $300,000 - $2 million leveled off in 2013 with little or no change. However, median prices in the lower-end (under $300,000) and higher-end ($2 million+) increased 16 and 5 percent, respectively.
"The report shows a clear and steady demand for housing in Naples," said Glenn Ginsburg, Broker/Owner of A Delta Realty of Naples, Inc. "The condo market was especially hot in 2013 with the most impressive activity in the $2 million and above category, which realized a 62 percent increase in closed sales from 60 units sold in 2012 to 97 units sold in 2013."
The NABOR® 2013 Annual Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® Annual 2013 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
• Overall closed sales in both the $300,000 - $500,000 and $2 million and above segments increased 27 percent from 1,366 in 2012 to 1,730 in 2013 and 234 in 2012 to 298 in 2013, respectively.
• Median prices for single family homes in the $300,000 and below category increased by 17 percent from $150,000 in 2012 to $175,000 in 2013.
• Overall inventory decreased by 18 percent from 6,557 properties in 2012 to 5,403 properties in 2013.
• Inventory in the condo market decreased by 23 percent.
• Closed sales in the single-family market rose 1 percent, while closed sales in the multi-family or condo market rose 8 percent.
"The report indicates the housing market is behaving in a normal manner," said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. "The solid incremental growth we experienced in 2013, especially in the middle priced markets, is a good sign our housing market has recovered. Homeowners that want to sell but are sitting on the fence need to understand that the lax lending environment, which created the last spike in prices, no longer exists. Demand for existing homes has increased in all price segments and in all neighborhoods. This may change when new home construction catches up, so now is a good time to call a REALTOR®."
Happy New Year from Scott Riddle and the Naples Real Estate Team! Our January 2014 Southwest Florida events newsletter is out and available at this link. We are looking forward to helping you with all of your real estate needs into 2014 so be sure to call licensed agent Scott Riddle at (239) 289-1849 if you have any questions. Thanks!
Getting this out just in time if you are looking for ways to help celebrate the new year. Please visit esteronapleshomesearch.com/Newsletter for a full list of great events scheduled for the month from Fort Myers to Naples and Marco Island. And be sure to contact licensed real estate agent Scott Riddle at (239) 289-1849 for any and all of your real estate needs.
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