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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.
http://MarkSimoff.housingtrendsenewsletter.com
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WASHINGTON – Jan. 27, 2011 – Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors® (NAR).The Pending Home Sales Index (PHSI), a forward-looking indicator, increased 2 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.“Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions,” says Lawrence Yun, NAR chief economist. “Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit.“In the past two years, homebuyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest, the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago.Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West, the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.© 2011 Florida Realtors®
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Report Shows Median Closed Price Stabilizing
NAPLES, Fla.-October 15, 2010- The Naples area housing market shows stability despite the ending of the homebuyer tax credit, financing challenges and the news of the oil spill in North Florida, 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).
"Our inventory is at a historical low as we enter season despite the news of the oil spill in the media and the financing and appraisal challenges right now," stated Michele Harrison, REALTOR® with John R. Wood REALTORS®. The available inventory decreased four percent to 8,800 properties in the third quarter of 2010 compared to 9,209 properties in the third quarter of 2009.
According to Steve Barker, Managing Broker of Amerivest Realty, "The fact that pending sales decreased in the third quarter but increased 20 percent for the 12 months ending September 2010 indicates that buyers may have brought forward their purchases to get the homebuyer tax credit. This resulted in the number of pending sales decreasing for the quarter."
"While overall pending sales decreased slightly this quarter, this is only the second time in five years that we have seen over 2,000 contracts go pending in the third quarter," stated Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty.
The third 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 saw a 2 percent decrease, with 2,090 contracts in the third quarter of 2010 compared to 2,129 contracts in the third quarter of 2009. Overall pending sales for the 12 months ending September 2010 increased 20 percent with 9,419 sales compared to 7,881 sales for the 12 months ending September 2009.
Single-family overall closed sales decreased 13 percent with 891 sales in the third quarter of 2010 compared to 1,030 sales in the third quarter of 2009. Single-family overall closed sales for the 12 months ending September increased 19 percent with 4,137 sales in the third quarter of 2010 compared to 3,483 sales in the third quarter of 2009.
Condo sales showed no change in pending sales in the third quarter of 2010. For the 12 months ending September 2010, overall condo closed sales increased 45 percent to 3,996 sales compared to 2,749 sales for the 12 months ending September 2009.
The overall median closed price decreased 3 percent in the third quarter of 2010, to $170,000, down $6,000 from the $176,000 registered in the third quarter of 2009. The drop was confined to the $300,000 and under price segment. Excluding properties in that segment, the third quarter 2010 data reveals an across the board jump in each of the other price segments. The end of third quarter 2010 shows an overall price increase of $48,000 for properties closed from $300,000 to 2 million, to $567,000 versus $519,000 one year ago.
The September 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 11 percent to 764 contracts in September 2010 compared to 688 in September 2009.
Single-family pending sales increased 5 percent with 426 contracts compared to 407 contracts in September 2009. For the 12 months ending September 2010 single-family closed sales increased 14 percent with 4,084 sales compared to 3,579 sales for the same 12 months last year.
Condo pending sales increased 20 percent with 338 contracts in September 2010 compared to 281 contracts in September 2009.
"I believe trends are better measured by 12 month comparisons. The data as of September 2010 places the overall median closed price at $182,000, up 1 percent from September 2009. Exclusion of the $300,000 and under segment reveals a 2 percent increase over September 2009 to $540,000. These numbers are significant, considering the major problems faced by our marketplace during the past 12 months, said John Steinwand, President of Naples Realty Services.
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