Summer real estate sales were up 96 per cent in Naples
Our broker and Vice-President, Mike Hughes, at Downing-Frye Realty has released the November issue of our company newsletter. There is some very positive information that should be encouraging to everyone. This is a great snapshot of the current market.
Collier County property inventory has declined by 14 percent
SOUTHWEST FLORIDA –
November 2009 – The Summer was an unusually strong selling period, 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 continues to show steady increases in both pending and closed sales in the third quarter of 2009. Pending sales increased to 2,570 contracts in the third quarter of 2009 compared to 1,314 contracts in the third quarter of 2008. “In the third quarter of 2009, the Naples area is seeing an overall increase of pending sales in all geographic areas. Showings continue to remain strong, as buyers take advantage of the unique opportunities in today’s market,” acknowledged Mike Hughes, Vice-President of Downing-Frye Realty.
The available inventory decreased 14 percent in the third quarter of 2009 to 9,209 compared to 10,658 in the third quarter of 2008.
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 under $300,000 saw a 126 percent increase with 1,917 contracts in the third quarter of 2009 compared to 849 contracts in the third quarter of 2008.
Single-family homes sales increased 87 percent with 1,488 sales in the third quarter of 2009 compared to 795 sales in the third quarter of 2008.
The overall median closed price decreased 30 percent to $176,000 in the third quarter of 2009 from $250,000 in the third quarter of 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.
In the September report, compiled by NABOR, overall condo pending and closed sales increased in all geographic areas.
The median closed price for properties excluding the under $300,000 section of the market decreased only 6 percent to $525,000
in September 2009 from $557,000 in September 2008.
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 home sales saw a 107 percent increase with 848 contracts in September 2009 compared to 410 contracts in September 2008. Properties under $300,000 saw a 142 percent increase in pending sales with 645 contracts in September 2009 compared to 266 contracts in September 2008.
Members of the REALTOR® Association of Greater Fort Myers and the Beach, Inc. sold 1,185 single family homes in September, which is 56.7 percent more homes than were sold in September of the prior year – contributing to the area’s year-to-date sales increase of 118.7 percent.
Of these September single family home sales, 48.7 percent of the properties were bank-owned, 20.6 percent were short sales and the remaining “conventional” sales made up 30.6 percent.
Pending home sales are still above last year by 23.2 percent, with 1,779 sales pending in September of this year versus 1,444 last September. The median sales price of all existing homes sold in September rose modestly to $85,500, an increase of 3.9% above the prior month. The median price is still 32.3 percent below September 2008; when the median price was $126,250, as foreclosures and short sales continue to put downward pressure on prices.
There are currently 6,809 single-family homes listed in the MLS. This number has decreased by 5,805 homes from September 2008, resulting in an inventory supply of less than 4 months (3.8) for single-family properties in our area.
“They’re back! Well at least some of our seasonal friends from up North are returning early to Southwest Florida,” says Jerry Bodart, Manager of the Downing-Frye Realty Bonita Springs Office. “The increase in road traffic, the longer lines in the grocery stores, and the number of car carriers unloading vehicles in parking lots are all signs that many visitors have begun their journey south. We have noticed a significant increase in buyers scheduling showings to look at properties, and open house activity is also much more active. These are all good signs pointing to a busy season.”
Source: Naples Area Board of REALTORS© and the REALTOR® Association of Greater Fort Myers and the Beach, Inc.
If you need more information on the Naples real estate market, don’t hestitate to call Ruth Bethem toll-free at 877-777-7545 or email her at ruth@ruthbethem.com
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