Downing-Frye Realty is on pace to exceed $1 billion in closed sales volume.

Downing Frye Realty, Naples, Florida
Downing Frye Realty, Naples, Florida

Mike Hughes, Vice- President of Downing-Frye Realty, Inc. has released the company newsletter for November. I’d like to share this update with you below.

WEATHERING THE STORM ON A SEA OF UNCERTAINTY:
The housing market is in the early stages of recovery, according to Lawrence Yun, chief economist for the National Association of Realtors® (America’s largest trade association with 1.1 million members). “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.

NATIONWIDE:
Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply at the current sales pace, down from a 12.0-month supply in August. Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.

“Vacant homes and homes where mortgages have not been paid for an extended number of months need to be cleared from the market as quickly as possible, with a new set of buyers helping the recovery along a healthy path,” Yun said. “Inventory remains elevated and continues to favor buyers over sellers.

NAPLES:
For properties priced under $300,000, the median closed sales price decreased by 3 percent in the third quarter 2010 compared to the previous year. Closed sales from $300,000 to $2 Million increased by an average of $48,000 each.
For the twelve months ending September 2010, overall closed sales of single family homes increased by 19 percent and condos by 45 percent compared to the previous twelve months.
The inventory of available homes and condos in September 2010 was 8,794 units compared to 9,209 units in September 2009, a decrease of five percent

BONITA SPRINGS:
Continuing the trend from the previous month, the under $300,000 market captured 75 percent of the closed sales during September 2010. The Bonita Springs–Estero Association of Realtors® reported 121 overall closed sales and only 30 of those were $300,000 or over. There continues to be a steady number of luxury properties ($1 million+) sold with the top five sales reported in The Brooks, Bonita Bay, Grandezza and Pelican Landing.
The number of single-family homes and condos coming on the market in September 2010 increased by 14 percent from the previous month, while closed sales of condos decreased by eight percent and single family closed sales decreased by 16 percent.

INTEREST RATES REMAIN LOW
In September, the interest rate for a 30-year fixed-rate mortgage averaged 4.35 percent, significantly lower than the 5.06 percent average during the same month a year earlier, according to Freddie Mac.

DOWNING-FRYE REALTY, INC. ON TRACK
Closings were down this September compared to the same time last year,” said Mike Hughes, Vice- President of Downing-Frye Realty, Inc. “Keep in mind that last year in the second half of the year, we saw our closings go up quite a bit. Part of this was due to the first time home buyer credit. Anyway, we are still on pace to exceed $1 billion in closed sales volume for 2010.”

For further information or any questions on Naples real estate please contact Ruth Bethem at Ruth@RuthBethem.com or direct at 239-777-7007 or toll free 877-777-7545.

Pending Real Estate Sales up 13 Percent in Naples

The monthly newsletter for Downing-Frye Realty has been released. Here is the report from our General Manager and Vice-President Mike Hughes:

In comparing July 2010 with July 2009, pending sales in the Naples beach area increased by 13 percent while the available inventory decreased by 7 percent. At the same time, the Naples beach area median closed sales price for single-family homes increased to $1,117,000 as compared to a median of $500,000 in July 2009. All statistics point to a steady recovery of the Naples real estate market.

The overall median closed price for properties over $300,000 increased in July 2010 compared to the same month last year.

According to Mike Hughes, General Manager and Vice-President of Downing-Frye Realty, Inc., “The overall medium sales price of properties priced over $300,000 has been steadily increasing for several months. In December 2009 the median was $505,000, in March 2010 it was $549,000 and in May 2010 it was $585,000. In July of 2010 it went up to $592,000.”

Pending sales in the $1 million to $2 million property market increased by 82 percent during July 2010 compared to July 2009, and overall pending sales increased by 15 percent.

“As of mid-August, Downing-Frye Realty, Inc. has closed over 2,000 transactional sides for the year. That’s incredible,” said Hughes. “In a tough economy, we continue to see promising results.”

If you need more information on the real estate market here in Naples, Florida, please don’t hesitate to call me directly toll-free at 877-777-7545 or search for properties for sale in Naples on my website www.RuthBethem.com.

Naples home sales surged in the first quarter of 2010

The May 2010 Downing-Frye newsletter has been released. There’s alot of good information in here that shows positive signs in the Naples real estate market.

May 2010 – There are no signs of a seasonal slowdown in the Naples area, as home sales surged in the first quarter of 2010 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).
In the $1 million to $2 million price segment, the number of pending sales doubled with 146 contracts in the first quarter of 2010 compared to 73 contracts in the same quarter a year ago. The average days a property was on the market decreased 10 percent in this price segment in the first quarter of 2010. Condominiums are leading the market improvement as overall pending sales increased 75 percent in the first quarter of 2010 to 1,679 contracts compared to 957 contracts in the first quarter of 2009. Condo closed sales in the $500,000 to $1 million price range increased to 96 closed sales in the first quarter of 2010 compared to 48 closed sales in the first quarter of 2009.
Overall pending sales saw a 55 percent increase, with 3,346 contracts in the first quarter of 2010 compared to 2,160 contracts in the first quarter of 2009. Overall closed home sales under $300,000 increased 40 percent with 1,393 sales in the first quarter of 2010 compared to 992 closed sales in the first quarter of 2009. Single-family pending sales increased 39 percent with 1,667 contracts in the first quarter of 2010 compared to 1,203 contracts in the first quarter of 2009.
The available inventory decreased 15 percent to 9,557 properties in the first quarter of 2010 compared to 11, 211 properties in the same quarter a year ago.
According to Mike Hughes, Vice-President of Downing-Frye Realty, Inc., “Our transactions for April 2010 were up 70% over last April. We’ve already closed over 1,000 transactions this year. Buyers have recognized the values and are jumping on board. If there was ever a time to secure a great location at a great price, this is it, and apparently the word is out.”

Source: Naples Area Board of REALTORS®

If need more information on the Naples real estate market, please don’t hesitate to contact Ruth Bethem, Broker-Associate toll-free at 877-777-7545 or email her directly at ruth@ruthbethem.com.

Naples buyers are moving into the higher priced real estate categories.

Our Downing-Frye broker, Mike Hughes, has released the most recent newsletter and has an optimistic outlook for the real estate market moving forward. He refers to a report that shows inventory has declined 14 percent which is a really positive indicator.

SOUTHWEST FLORIDA

January 2010 – Buyers are purchasing higher priced property in the Naples area as consumer confidence continues, 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).

Overall pending sales for properties in the $300,000 to $500,000 category increased 230 percent with 155 contracts in November 2009 compared to 47 contracts in November 2008. A pending sales increase in the $300,000 to $500,000 price segment was seen in both the single-family home market, which was up 200 percent, and the condo market, where pending sales increased 282 percent in November 2009 compared to November 2008.

The 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 118 percent with 880 contracts in November 2009 compared to 403 contracts in November 2008. Overall pending sales under $300,000 increased 108 percent with 593 contracts in November 2009 compared to 285 contracts in November 2008.

Single-family home pending sales increased 83 percent with 449 contracts in November 2009 compared to 245 contracts in November 2008.

Overall closed condo sales increased 136 percent with 248 sales in November 2009 compared to 105 in November 2008.

The overall median closed price decreased 11 percent to $173,000 in November 2009 from $195,000 in November 2008.

For the 12 months ending November 2009, the overall median closed price decreased 37 percent to $179,000 from $285,000 for the 12 months ending November 2008. Excluding the $300,000 and under segment, comprising a majority of foreclosure-related property sales, the overall median price for the market dropped by only 7 percent in a comparison of the 12 months ending November 2008 and the 12 months ending November 2009.

The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold.

The available inventory decreased 14 percent to 9,469 in November 2009 compared to 11,116 in November 2008.

“As season approaches, December marks the time of year that most sellers list their property. However, we are not seeing a large increase in the available inventory due to yearend sales remaining strong,” stated Mike Hughes, Vice-President of Downing-Frye Realty.

As the market continues to trend upward, buyer’s renewed confidence aids in the overall development of the area.

Source: Naples Area Board of REALTORS©

The market is looking much more favorable for 2010. If you have any questions or simply need some information on the Naples real estate market, please give me a call at Ruth Bethem, Broker-Associate, Downing-Frye Realty, Inc., Naples, Florida. My toll-free number is 877-777-7545 or you can reach me by email at ruth@ruthbethem.com.

October 2009 Real Estate Sales report from Downing Frye Realty in Naples, Florida

Downing-Frye Newsletter for December 2009 – Overall pending home sales increased at least 100 percent in October 2009 compared to October 2008 in each price category under 2 million, 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 number of contracts written in October 2009 (904 contracts) was more than twice the number of contracts written in October 2008 (409 contracts). The volume of activity is significant at what is usually a slow time of year,” acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.

The properties in the under $300,000 market have led the way in sales for the past few months. However, the market recovery is now working its way up to the higher priced properties.

Pending sales in the $300,000 to $500,000 price segment have increased 150 percent from 48 contracts in October 2008 to 120 contracts in October 2009.

The available inventory has declined 14 percent to 9,347 in October 2009 from 10,815 in October 2008.

The October 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 under $300,000 saw a 56 percent increase with 385 closed sales in October 2009 compared to 247 closed sales in October 2008.

Single-family pending sales increased 73 percent with 475 contracts in October 2009 compared to 274 contracts in October 2008.

Condo sales increased 49 percent with 254 closed sales in October 2009 compared to 170 closed sales in October 2008.

The overall median closed price decreased 14 percent to $190,000 in October 2009 from $221,000 in October 2008.

The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.

Source: Naples Area Board of REALTORS©

For professional advice on all aspects of buying or selling in the Naples Florida real estate market contact Ruth Bethem, Broker-Associate, ABR,CRS,GRI at 239-777-7007, or toll-free at 877-777-7545. Ruth can also be contacted by email if you prefer. Email her directly at Ruth@RuthBethem.com. Ruth is a Top Producer with Downing-Frye Realty,Inc. in Naples, Florida.