ROBUST
SALES CONTINUE THROUGH SECOND QUARTER
Naples, Fla. (July 19, 2013) - The
Naples area real estate market continues to improve in all sectors as shown by
key indicators: an increase in pending sales, closed sales, and median closed
prices. According to a report released by the Naples Area Board of REALTORS®
(NABOR®), which tracks home listings and sales within Collier County (excluding
Marco Island), the Naples area housing market's second quarter 2013 surged
ahead of the second quarter 2012 in pending sales by 11 percent and in closed
sales by 6 percent.
During the second quarter of 2013,
the Naples area experienced a robust 13 percent increase in the overall median
closed home price, which rose from $220,000 in the second quarter of 2012 to
$249,000 in the current reported second quarter.
"Buyer demand is definitely
increasing," stated Steve Barker, Advising Broker for Equity Realty, who
also pointed out that inventory continues to be constrained in all price
segments as evidenced in the SunshineMLS statistics, which showed a 16 percent
reduction in inventory overall from 6,310 in the second quarter 2012 down to
5,282 properties in the second quarter 2013, the lowest it has been since
NABOR® began tracking in January 2007 when inventory was 10,864.
Gerald Murphy, District Manager and
Managing Broker of Coldwell Banker, added, "Normally there are more homes
available for sale than there are closed sales each month, but right now the
available properties are being gobbled up as fast as new listings are being
added to the market. SunshineMLS statistics demonstrate that for every closed
home sale, one new listing becomes available. This ratio underlines the low
inventory and is producing a sense of urgency in buyers, as options are
becoming scarce."
Home prices in the Naples area
continue to show promise, as the median closed price of the single-family home
increased 26 percent from $252,000 in the second quarter 2012 to $318,000 in
the second quarter 2013. In addition, the condo median closed price increased 8
percent from $191,000 in the second quarter 2012 up to $207,000 in the second
quarter 2013.
Brenda Fioretti, Managing Broker at
Prudential Florida Realty pointed out that "the distressed market
[foreclosures and short sales] is becoming a negligible factor in home sales.
SunshineMLS statistics show a decrease in distressed sales from 56 percent of
the total closed sales in August 2010 to only 15 percent of total closed sales
in June of 2013."
The NABOR® 2013 Second Quarter
Report provides comparisons of single-family home and condominium sales (via
the SunshineMLS), price ranges, and geographic segmentation and includes an
overall market summary. The NABOR® second quarter sales statistics are
presented in chart format, including these overall (single-family and
condominium units) findings:
- Overall closed sales increased 6 percent, from 2,911
units in second quarter 2012 to 3,073 units in second quarter 2013.
Overall closed sales increased 33 percent in the $300,000-$500,000
category, from 445 units to 593 units, and increased 22 percent in the $1
million-$2 million category, from 170 units to 207 units, from second
quarter 2012 to second quarter 2013, respectively.
- The median closed price increased 13 percent overall,
from $220,000 in second quarter 2012 to $249,000 in second quarter 2013.
In the $300,000 and under category the median closed price increased 10
percent from $145,000 in second quarter 2012 to $160,000 in second quarter
2013.
- Overall pending sales increased 11 percent, from 2,877
pending sales in second quarter 2012 to 3,197 pending sales in second
quarter 2013. The $2 million+ segment experienced the largest growth this
quarter with a 38 percent increase.
- The average DOM (Days on the Market) decreased 13
percent overall from 184 days in second quarter 2012 to 161 days in second
quarter 2013. The $2 million+ segment saw a dramatic 31 percent decrease
in this area.
NABOR® also released its June
monthly report which provides annual comparisons of single-family home and
condominium sales (via the SunshineMLS), price ranges, and geographic
segmentation. It also includes an overall market summary. Statistics of consequence
in this report include:
- The overall median closed price increased 18 percent
from $190,000 to $225,000 for the 12-month period ending June 2013.
- Overall pending sales increased 7 percent from 10,184
units to 10,908 units for the 12-month period ending June 2013. Overall
pending sales increased 30 percent in the $300,000 to $500,000 category
from 1,440 units to 1,872 units; 19 percent in the $500,000 to $1 million
category, from 1,057 units to 1,263 units; increased 26 percent in the $1
million to $2 million category, from 455 units to 572 units; and increased
25 percent in the $2 million plus category, from 271 units to 338 units,
respectively for the 12-month period ending June 2013.
- The average DOM (Days on the Market) decreased 8
percent overall from 177 days in June 2012 to 163 days in June 2013.
- Inventory decreased 16 percent from 6,310 units in June
2012 to 5,282 units in June 2013.
- Overall pending sales in the Naples coastal area
increased 14 percent from 1,919 units to 2,193 units, and closed sales
increased 11 percent, from 1,753 units to 1,948 units, for the 12-month
period ending June 2013.
Phil Wood, President & CEO of
John R. Wood Realtors, remarked, "June's pending condo sales were very
strong in the over $1M market. Pending condo sales in the $1M-$2M segment
increased 53 percent, and 36 percent in the $2M+ segment for the 12-months
ending June 2013 compared to pending sales during the 12-months ending June
2012."