Fla. (October 18, 2013) - The Naples area real estate market is
outperforming last year's third quarter activity as shown by three key real
estate market indicators: sales, median closed price and inventory.The key
indicators signal that the uptrend in the real estate market continues and
it's still a great time to get in.
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's third quarter 2013 Southwest
Florida MLS statistics demonstrate: 1) a 22 percent increase in
overall sales from 1,882 units in the third quarter of 2012 to 2,290 units
in the third quarter of 2013; 2) a 24 percent increase in overall median
home prices, from $190,000 in the third quarter of 2012 to $235,000 in the
current reported third quarter; and 3) a 20 percent decrease in overall
inventory from 6,195 units in the third quarter 2012 to 4,964 units in the
third quarter 2013.
closed sales for the third quarter of 2013 increased 48 percent in the
$500-$1 million segment, from 196 properties sold in the third quarter of
2012 to 290 properties sold in the third quarter of 2013; and increased 128
percent in the $2 million and above segment, from 36 properties sold in the
third quarter of 2012 to 82 properties sold in the third quarter of 2013.
President and Commercial Broker at Kunkle Realty, LLC,Wes Kunkle stated
that the Naples housing market is a prime example of Economics 101.
the law of supply and demand," said Kunkle. "Home inventory
[supply] is decreasing, home sales [demand] are increasing, and we continue
to see an increase in the median closed price of homes. The decline in
inventory is a good sign-people are buying homes."
Carroll, SRA, with the real estate appraisal and consultancy firm Carroll
& Carroll, Inc., said, "These factors contribute to increasing
values in many market sectors and necessitate the use of time adjustments
in appraisals to accurately measure current market value. Leading the
pack are property values in the $0 to $300,000 range where median price has
increased 14 percent in the prior 12 months."
NABOR® 2013 Third Quarter Report provides comparisons of single-family home
and condominium sales (via the Southwest Florida MLS), price ranges, and
geographic segmentation and includes an overall market summary. The NABOR®
second quarter sales statistics are presented in chart format, including
these overall (single-family and condominium) findings:
The overall average
Days on the Market (DOM) decreased 18 percent from 174 days in the
third quarter 2012 to 143 days in the third quarter 2013.
sales increased 8 percent from 2,362 in the third quarter 2012 to
2,548 in the third quarter 2013.
sales increased 31 percent from 869 in the third quarter 2012 to 1,142
in the third quarter 2013.
Naples coastal area
overall pending sales increased 14 percent reflecting 439 pending
sales in the third quarter 2013 compared to 388 pending sales in the
third quarter 2012.
NABOR® September 2013 Report reflects sales statistics presented in chart
format, with these overall single-family and condominium statistics:
Overall closed sales
increased 45 percent in the $2M+ category from 213 closed sales
12-month ending September 2012 to 303 closed sales 12-month
ending September 2013.
decreased by 20 percent from 6,195 properties in September 2012
compared to 4,964 properties in September 2013. Pending sales
with contingent contracts are included in the overall inventory
sales in the Naples coastal area increased 14 percent from 1,985
pending sales to 2,255 pending sales, and closed sales increased
17 percent from 1,759 closed sales to 2,066 closed sales for the
12-month period ending September 2013.
sales increased 102 percent from 49 sales to 100 sales 12-month
ending September 2013.
for homes in the coastal area is driving activity in other segments due to
reduced inventory," said Kathy Zorn, Broker at Florida Home Realty,
Inc. "Your average days on market [DOM] for single family homes in
this coastal area went from 215 days in the third quarter of 2012 to 131
days in the current third quarter. That's a 39 percent decrease of days on
the market, and the DOM decreased a whopping 62 percent from 249 days in
September 2012 to only 95 days on the market in September 2013.
is also aggressive in the condominium market regardless of location,"
said Kunkle. "The third quarter report shows a 31 percent increase in
condominium sales overall with a 26 percent decrease in condominium
inventory from 3,263 properties available in the third quarter of 2012 to
2,418 properties available in the third quarter of 2013."
that point, Brenda Fioretti, Managing Broker at Berkshire Hathaway
HomeServices Florida Realty added, "As we prepare to move into season,
right now is the prime time for sellers and buyers to take action. Interest
rates are still very low and the days on market are projected to keep