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Business Naples numbers show stronger homes market

The Naples real estate market is strong as the overall inventory continues to decrease and median closed prices stabilize, ac­cording to a report released Friday by the Naples Area Board of Realtors tracking home listings and sales. The overall inven­tory is at its lowest level since NABOR started tracking inventory in January 2007, said Brenda Fioretti, NABOR president and managing broker of Prudential Florida Realty. “It’s good for the market because it is going to help property values increase,” Fioretti said.

 

Naples numbers show stronger homes market

By Tracy X. Miguel

tmiguel@naplesnews.com

The Naples real estate market is strong as the overall inventory continues to decrease and median closed prices stabilize, accord­ing to a report released Friday by the Naples Area Board of Realtors tracking home listings and sales.

The overall inventory is at its lowest level since NABOR started tracking inventory in January 2007, said Brenda Fioretti, NABOR president and managing broker of Prudential Florida Realty.

“It’s good for the market because it is going to help property values increase and stop the decline of property values,” Fioretti said.

The available inventory in August is 6,930 properties, a 21 percent decrease compared with 8,745 properties in August 2010.

The decrease in inventory seems to be equal in both single-family homes and condos, which local Realtors view as another positive sign. The single-family home inventory decreased 22 percent and condo inventory decreased 20 percent in August, compared to the same month the previous year.

Judy Green, president and CEO of Premier Sotheby’s International Realty, echoed Fio­retti.

This summer has been the Naples real estate market’s strongest since 2007, Green said.

“We are gearing up for what we believe will be a very strong season,” Green said.

Premier Sotheby’s International Realty home sales have increased 19 percent year-to-date, Green said. Premier Sotheby’s International Realty average sale price is $1.1 million.

In August, every median closed price for properties was positive except for proper­ties under $300,000, according to a NABOR report.

Fioretti attributes that to distressed prop­erties, which include foreclosures and short sales.

The total median closed price for single family homes and condos was $177,000 for the 12 months ending in August. That was a 4 percent decrease from $185,000 during the same period last year, according to the NABOR report. The median is the price at which half the homes sell for more and half for less.

However, the number of foreclosure sales decreased almost 50 percent from 179 sales in August 2010 to 88 sales in August of this year, which means foreclosures are moving off the market, Fioretti said.

While there has been a temporary drop in foreclosure sales, Jack Mc-Cabe, a Deerfield Beach-based real estate analyst and CEO of McCabe Research & Consulting LLC, said he expects that foreclosure and short sales will pick up and be a large percentage of the market and that will basically inhibit any increase in property values.

“The foreclosures and short sales in Naples will increase in the fall, and distressed properties will continue to be a significant percentage of the total market,” said McCabe, adding that it’s happening all over the state and the entire nation.

Several analysts have predicted that sale prices will continue to drop in Naples in the future, Mc-Cabe said. McCabe thinks the sale prices will drop 5 percent, especially on properties east of Interstate 75, he said.

The median closed price for properties over $300,000 grew 2 percent to $550,000 for the 12 months ending in August, compared with $540,000 during the same period last year, according to the NABOR report.

The total median closed price increased 9 percent. It was $170,000 in August, up from $156,000 in August 2010.

In the 12 months ending August, overall pending sales grew 5 percent with 10,107 contracts, compared with 9,607 during the same period last year.

NABOR’s report tracks sales made through the Naples association’s multiple listing service, or MLS, in Collier County, excluding Marco Island.

In the 12 months ending in August, there were 4,880 pending condo sales. That was up 12 percent from 4,371 condo sales in the previous year, which local Realtors view as another positive sign.

Single-family home pending sales increased 5 percent to 457 contracts in August, up from 436 contracts in the same month the previous year.

Yet, single-family closed homes sales saw a slight decline with 314 in August, down from 323 in August 2010.

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Information about Naples.
History of Naples, about Pelican Bay, golf, tennis, fishing, fish and bait, boating, sailing,
weather and the Green Flash, Naples beaches and parks, schools, the arts,
Important phone numbers for new residents, color and design
Helping people sell their homes, SW Florida Market Trends newsletter

Beach Condo Inventory Dropping in Naples, Florida

Condo pending sales in the Naples Beach area are leading the way 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 condo pending sales are up 6 percent. The Naples Beach area contributed significantly to the increase with a 43 percent rise in that area of condo pending sales from April 2010 to April 2011.

There are 156 contracts in the Naples Beach area in April 2011 compared to 109 contracts in April 2010. Naples Beach was recently recognized by national media as one of the top five most relaxing beaches in the world. It was the only beach in Florida listed on the "Most Relaxing Beaches" list.

Overall pending and closed sales in the $2 million and above price range are increasing. Astute buyers recognize that this is a good time to buy in the luxury market. Pending sales in the $2 million and above price range increased 9 percent and closed sales increased 35 percent from April 2010 to April 2011.

Traditional sales, those that are not short sales or foreclosures, continue to climb. They now make up 71 percent of the market, the largest percentage of traditional sales we have seen in two years.

According to Mike Hughes, vice president of Downing-Frye Realty, "This is the first time in four years we have seen the overall inventory decrease to the 8,2000 range. This is encouraging".

NABOR: Home prices on the rise
Single-family home sales also saw an increase, group says
By Johanna Somers
jsomers@naplesnews.com

Single-family homes are selling locally and their median price is rising.

The median closed price in­creased 6 percent, to $210,000 from $199,000, over the year end­ing May 2011, according to the Naples Area Board of Realtors. In 2011, there are 7,705 unsold prop­erties on the market compared with 9,006 last year.

“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.

Over the past year, overall pend­ing sales increased by 8 percent and overall closed sales increased by 4 percent, according to a NA­BOR press release. Single-family home pending sales increased by 8 percent while condo sales increased by 9 percent.

“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,” president of Naples Area Board of Realtors Brenda Fiorette said.

Figures come from reports, which can be found at www.NaplesArea.com. Price ranges and geographic segmentation were found by using Naples Area Board of Realtors’ multiple listing service, according to the press release.

Information about Naples.
History of Naples, about Pelican Bay, golf, tennis, fishing, fish and bait, boating, sailing,
weather and the Green Flash, Naples beaches and parks, schools, the arts,
Important phone numbers for new residents, color and design
Helping people sell their homes, SW Florida Market Trends newsletter

You'll find information about services in the Naples area at NaplesVendorsList and JeanMblog.
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