NAPLES, FL (November
15, 2013) - Overall closed sales for homes over $300,000 continued to climb
with double digit activity in October, while overall days on the market
decreased 37 percent, 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's October
2013 Southwest Florida MLS statistics also show an 18 percent decrease in
inventory overall, with a 25% decrease in inventory in the $300,000 and below
price category.
"The overall median closed
price has neutralized in the $300,000 and above price category, which
demonstrates stability in the middle of the market," said John Steinwand,
Broker and Principal at Naples Realty Services, Inc. "For instance, in the
$300,000 - $500,000 category, the overall median closed price has increased
only one percent from $375,000 for the 12-months ending October 2012 to
$377,000 for the 12-months ending 2013. In addition, the overall median closed
price has seen no change in the $500,000 - $1million price category which is
holding at $655,000 for the period of 12-months ending 2013 and statistics
indicate only a slight two percent increase in the $1-$2 million price category
from $1,350,000 to $1,375,000 in the 12-months ending from October 2012 to
2013."
The only segment of the market
that has seen a marked increase in its overall median closed price is the
$300,000 and below price segment, which increased 14 percent from $140,000 for
the 12-months ending October 2012 to $160,000 for the 12-months ending 2013.
Median closed prices in both the single family and condo market in the $300,000
and below price category have contributed equally to this dramatic increase in
overall median closed price. The median closed price for single family homes
under $300,000 increased 18 percent from $147,000 for the 12-months ending
October 2012 to $173,000 for the 12-months ending October 2013. The median
closed price for condominiums in this price category increased 13 percent from
$135,000 for the 12-months ending October 2012 to $152,000 for the 12-months
ending October 2013.
"The ingredients are in
place to drive prices up this season," said Mike Hughes, Vice President
and General Manager of Downing-Frye Realty. "Whether that happens, remains
to be seen. But savvy sellers are in a good position to benefit from the
reduced inventory and increased demand. For the last four years, I've noticed
the inventory goes up a little between September and October and this year is
no different. I think sellers are preparing for a good season. And according to
what the statistics show, they have every right to be."
The NABOR® 2013 October 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® October 2013 sales statistics are
presented in chart format, including these overall (single-family and
condominium) findings:
- The overall
average Days on the Market (DOM) decreased 37 percent from 172 days in
October 2012 to 109 days in October 2013.
- Overall closed
sales in the $2 million and above segment increased 46 percent from 213 in
the 12-months ending October 2012 to 311 in the 12-months ending October
2013.
- Condominium
closed sales increased 14 percent from 4,489 closed sales in the 12-months
ending October 2012 to 5,129 closed sales in the 12-months ending October
2013.
- The North Naples
(34109, 34110, 34119) area's overall pending sales increased 7 percent
reflecting 2,954 pending sales in the 12-months ending October 2013
compared to 2,768 pending sales in the 12-months ending October 2012.
- Overall
inventory decreased by 18 percent from 6,409 properties in October 2012 to
5,256 properties in October 2013. Pending sales with contingent contracts
are included in the overall inventory number.
Only single family homes in the
$300,000 and below price segment experienced a decrease (15 percent) in pending
sales from 3,356 pending sales in the 12-months ending October 2012 to 2,869
pending sales in the 12-months ending October 2013. According to Brett Brown,
Director of Sales and Managing Broker for Fiddler's Creek Realty,
Inc., the decrease in pending sales in the $300,000 and below price
category can be attributed to the fact that there's been a significant decrease
in the number of distressed properties on the market in 2013.
Added Hughes, "I've noticed
that the second half of the year has been filled with a multiple offer environment
as both inventory and days on market continue to decrease. My advice to buyers
is to move quickly if you find something you like or you may lose it. And to
potential sellers, if you've been sitting on the fence waiting to list your
home, demand is only going to increase this season, so you'd be well served to
put your home on the market to take advantage of the strong demand from a large
pool of motivated buyers."
View October 2013 Market Statistics
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