Naples, FL (September 14, 2012) -
The Naples area real estate median closed price increased a remarkable 10
percent for the 12-month period ending August 2012, 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).
Brenda Fioretti, NABOR Media
Relations Chairman and Managing Broker of Prudential Florida Realty said,
"At the NABOR Economic Summit held this past April, Dr. Lawrence Yun,
chief economist of the National Association of REALTORS® predicted that he
'would not be surprised to see a 10 percent increase in home prices in
southwest Florida by December.' Well, the Naples area median home price just
reached a 10 percent increase in less than four short months, just as Dr. Yun
predicted."
Cindy Carroll, Vice President of
Carroll & Carroll Real Estate Appraisers & Consultants in Naples
stated, "We are beginning to see the results of the inventory decline
coupled with the increased median closed price. Looking at the inventory
statistics it is interesting to note that in less than eight months, we reached
an overall inventory of 6,043 in August 2012 from 7,860 in January 2012. The
last time we saw the inventory this low was in 2005."
The NABOR® August report provides
annual comparisons of single-family home and condominium sales (via the
SunshineMLS), price ranges, and geographic segmentation and includes an overall
market summary.
The August sales statistics are
presented in chart format, with these overall (single-family and condominium
units) specifics:
- The overall median closed price
increased 10 percent, from $176,000 to $194,000, for the 12-month period
ending August 2012.
- Overall pending sales increased
16 percent in the $500,000 to $1 million category, from 939 units to 1,091
units, for the 12-month period ending August 2012. Overall pending sales
increased 10 percent in the $1 million to $2 million category, from 424
units to 466 units, for the 12-month period ending August 2012.
- Overall inventory decreased by 13
percent, from 6,930 in August 2011 compared to 6,043 in August 2012.
Pending sales with contingent contracts are included in the overall
inventory number.
- The average DOM (Days on the
Market) decreased by six percent, from 178 days on the market in August
2011 to 167 days on the market in August 2012.
- Overall pending sales in the
Naples coastal area increased 10 percent from 1,779 units to 1,950 units,
and closed sales increased 9 percent, from 1,586 units to 1,732 units, for
the 12-month period ending August 2012.
"The strong numbers clearly
reflect the economic model of Supply and Demand. As inventory decreases and
demand for homes remains high, we are observing an increase in prices. The
statistics from the last three months have capped off a strong summer. The
Naples area is no longer as seasonal as it used to be," said Mike Hughes,
Vice President and General Manager of Downing-Frye Realty.
"It is important to remember
that the increase in prices can vary from zip code to zip code and neighborhood
to neighborhood, so it very beneficial for people to consult a REALTOR®,"
said Coco Waldenmayer, Managing Broker of Engel & Völkers.
"The market is shifting to
higher priced properties," commented Ernesto Velasquez of United Real
Estate. "The number of sales under $300,000 decreased which indicates
increased values of real estate and market advancement."
To view the entire report, visit
http://www.NaplesArea.com Market Statistics Report of Naples
