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A Hot Real Estate Market in Naples Florida

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This week, Downing-Frye will have closed over 2000 transactions for the year. Putting this in perspective, in 2007 and 2008, we did not close 2000 transactions for the entire year. Now we are closing 2000 transactions in just over six months. Things have definitely picked up. The declining NABOR (Naples Area Board of Realtors)  inventory is further proof that our market has improved. In March of 2007, NABOR reported an inventory of 12,440 units. The June 2011 NABOR report showed an inventory of roughly 7200 units. That's quite a drop in inventory.  If you’re interested in Naples area real estate, you might not want to wait much longer. The better properties naturally are the first to go.  Give me a call or send me an email to discuss your wants and needs. 

Check out this beautiful cabana home in Wilshire Lakes. Over $140k in upgrades, now listed at $417,900.     Three bedrooms including the separate cabana, three baths. Private courtyard pool.  

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Report Shows Increase in Naples Florida Home Sales

 INVENTORY DECLINES 18.5 PERCENT

NAPLES, Fla.-July 15, 2011- The housing supply in the Naples area has had a sharp decline during the past 12 months, 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).

“Although the inventory has been consistently decreasing since November of 2008, the percentage decline of 18.5% during the past year is indicative of the rapidly escalating market,” said Brenda Fioretti, NABOR President and Managing Broker of Prudential Florida Realty.

Overall home sales continue a steady increase, resulting in the continuing reduction of available inventory. Overall pending sales increased three percent in the second quarter of 2011 with 2,879 contracts compared to 2,807 contracts in the second quarter of 2011. The Naples Beach geographic area saw the most activity, where pending sales increased 23 percent with the posting of 537 contracts in the second quarter of 2011 compared to 435 contracts in the second quarter of 2010.

“The largest increase in pending sales for the second quarter of 2011 is in the Naples Beach area. This area continues to improve and as the volume of inventory declines it’s creating urgency for the serious buyer to purchase now, before the best properties disappear,” said Steve Barker, Supporting Broker with Amerivest Realty.

According to Phil Wood, President of John R. Wood REALTORS®, “Tear down sales should begin increasing because of the new construction shortage and the volume of sales activity in the Naples Beach area.”

Available properties declined to 7,208 at the end of the second quarter of 2011, an 18.5 percent drop from the 8,845 available at the end of the second quarter of 2010.

“The reduction in inventory and available properties that we are seeing in the resale market will encourage Builders to step up their new production to meet this demand,” said Kathy Zorn, Broker/Owner of Florida Home Realty.

The second quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

- Overall pending sales for the 12 months ending in the second quarter of 2011 increased 6 percent with 9,950 contracts compared to 9,364 contracts in the second quarter of 2010.

- Single-family home sales for the 12 months ending in the second quarter of 2011 increased 5 percent with 5,127 sales compared to 4,881 sales in the second quarter of 2010.

- Single-family home sales in the $2 million and above category increased 56 percent with 64 sales in the second quarter of 2011 compared to 41 sales in the second quarter of 2010.

- Condo pending sales increased 6 percent with 1,383 contracts in the second quarter of 2011 compared to 1,308 contracts in the second quarter of 2010.

The June report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

- Overall home sales in the $1 million to $2 million price category increased 21 percent with 41 sales in June 2011 compared to 34 sales in June 2010.

- Single-family pending sales in the $2 million and above price category increased 100 percent in June 2011 with 22 contracts compared to 11 contracts in June 2010.

- Condo sales saw a 7 percent increase with 381 sales in June 2011 compared to 3256 sales in June 2010.

"The high end of the market continues to strengthen as pending and closed sales increase

in the $1 million and above price categories,” said Wes Kunkle, Broker/Owner of Kunkle Realty.

Naples Real Estate Market Outperforming Rest of the Country

SINGLE FAMILY HOME MEDIAN CLOSED PRICE JUMPS SIX PERCENT

Report Shows Overall Inventory Declines 14 percent


NAPLES, Fla.-June 17 2011- Momentum is picking up and summer is emerging as a season of strong sales 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 overall available inventory decreased to 7,705 properties in May 2011 down from 9,006 properties in May 2010. “The decrease in inventory is having a positive effect on overall prices and is driving the median closed price up,” said Steve Barker, REALTOR® with Amerivest Realty.
The median closed price for single-family homes for the 12 months ending May 2011 increased 6 percent to $210,000 compared to $199,000 for the 12 months ending May 2010. The overall median closed price for single-family homes increased 15 percent to $242,000 in May 2011 compared to $210,000 in May 2010.
“With its strong market and rising prices, Naples is the exception to the two-thirds of the country experiencing real estate challenges, just as predicted by Dr. Lawrence Yun, Chief Economist of the National Association of REALTORS®,” said Phil Wood, President of John R. Wood REALTORS.
The May report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
 Overall pending sales increased 8 percent in May 2011 with 955 contracts compared to 887 contracts in May 2010.
 Overall closed sales increased 4 percent in May 2011 with 838 sales compared to 803 sales in May 2010.
 Single-family home pending sales increased 8 percent in May 2011 with 515 contracts compared to 477 contracts in May 2010.
 Condo sales increased 9 percent with 450 sales in May 2011 compared to 412 sales in May 2010.
According to Brenda Fioretti, NABOR President, and Managing Broker of Prudential Florida Realty, “The increase in sales is found in the traditional market, not short sales or foreclosures which now make up less than 30 percent of the properties sold.”
“For the 12 months ending May 2011, condo sales increased 19 percent and the $1 million to $2 million category had an astounding increase of 164 percent, with 18 more units sold for the 12 months ending May 2011 than in the 12 months ending May 2010,” said John Steinwand, President of Naples Realty Services.