Naples, FL (May 25, 2012) -
Prices and optimism in the Naples Area housing market continue to climb. For
the fifth consecutive month, the overall median prices have increased. We are
seeing several signs of improvement for the Naples real estate market, 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 median closed price increased 22 percent overall in April 2012 compared to
April 2011. This coupled with the fact that inventory continues to decline
reflects the strength of the Naples market.
"Further highlighting the
positive statistics is the fact that a remarkable 78 percent of closed sales
were in the traditional transactions category," said Steve Barker,
Supporting Broker with Amerivest Realty. "Traditional sales are at the
highest level since we started tracking them in 2009."
Mike Hughes, Vice President and
General Manager of Downing-Frye Realty, Inc., agreed by stating, "The
majority of business is traditional. In addition, inventory in all the
geographic areas we track is down an average of 13 percent in April 2012
compared to April 2011."
Dr. Shelton Weeks, Director of
the Lucas Institute for Real Estate Development & Finance at Florida Gulf
Coast University remarked, "The biggest thing about these statistics is
the increase in traditional sales which has reached the high 70th percentile
for April 2012. This is really big, possibly more important than price increase
and stability in the market. It shows the market is clearing and healing
itself."
The April report provides annual
comparisons of single-family home and condominium sales (via the SunshineMLS),
price ranges, geographic segmentation and includes an overall market summary.
The April sales statistics are
presented in chart format, together with these Overall (single-family and
condominium units) specifics:
- The overall median closed price
increased 22 percent from $185,000 in April 2011 to $226,000 in April
2012.
- Overall pending sales increased
20 percent in the $500,000 to $1 million category from 895 pending sales
to 1,070 pending sales for the 12-month period ending April 2012.
- Overall inventory dropped by 13
percent from 8,214 in April 2011 compared to 7,130 in April 2012.
- Overall closed sales increased 14
percent in the $500,000 to $ 1 million category from 760 units to 869, and
rose 13 percent in the $1 million to $2 million category from 343 units to
389 for the 12-month period ending April 2012.
- The average DOM (Days on the
Market) decreased 30 percent in the $1 million to $2 million category from
345 days on the market in April 2011 compared to 241 in April 2012.
- Overall pending sales in the
Naples Beach area increased 14 percent from 1,675 to 1,913 and closed
sales increased 17 percent from 1,437 to 1,678 for the 12-month period
ending April 2012.
Jo Carter, President of Jo Carter
& Associates, Inc. said, "The upper-end condos are selling, and
selling faster. Closed sales of condos in the $1 million to $2 million category
increased 28 percent and those in the $2 million plus category increased 20
percent for the 12 month ending April 2012 compared to April 2011. The average
days on the market for both categories decreased 24 percent and 30 percent,
respectively, for the 12-month ending April 2012 compared to April 2011."
Ernesto Velasquez of United Real
Estate remarked, "The majority of homes in foreclosure are being bought by
investors at the under $300,000 range. Therefore, approximately three out of
every four sales are traditional with only one being distressed."
Cindy Carroll, of Carroll &
Carroll stated, "Inventory in the $300,000 category and below is
disappearing because rising value is pushing it up into higher price
ranges."
To view the entire report, visit http://www.NaplesArea.com
The Naples Area Board of
REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose
members have a positive and progressive impact on the Naples Community. NABOR®
is a local board of REALTORS® and real estate professionals with a legacy of
nearly 60 years serving 4,000 plus members. NABOR® is a member of the Florida
Realtors and the National Association of REALTORS®, which is the largest
association in the United States with more than 1.3 million members and over
1,400 local board of REALTORS® nationwide. NABOR® is structured to provide
programs and services to its membership through various committees and the
NABOR® Board of Directors, all of whose members are non-paid volunteers.
The term REALTOR® is a registered
collective membership mark which identifies a real estate professional who is a
member of the National Association of REALTORS® and who subscribe to its strict
Code of Ethics.
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