ScottSorensonRealEstate.Com
NAPLES, FL - All
signs point to stabilization for the local housing market as evidenced in the
2013 Annual Market Report released by the Naples Area Board of REALTORS®
(NABOR®), which tracks home listings and sales within Collier County (excluding
Marco Island). Overall pending and closed sales for homes over $300,000
increased by double digits in 2013.
"The first sign of
stabilization can be seen in the increase of traditional closed sales for
2013," said Pat Pitocchi, NABOR® President and Corporate Trainer at
Downing-Frye Realty. "At the beginning of the year, 74 percent of sales
were traditional, while 26 percent were non-traditional [short sale and
foreclosed properties]; but by December, traditional sales rose to 83 percent
of all sales leaving 17 percent as non-traditional."
"This report indicates a
tremendous market shift from home sales in the under $300,000 category to home
sales in the over $300,000 categories," said Bill Coffey, Broker Manager
of Amerivest Realty Naples. "Sales over $300,000 now drive the market.
Closed sales of homes in the over $300,000 price categories increased by 22.5
percent in 2013."
According to the report, the
overall housing market inched ahead of activity reported in 2012, which was
considered a recovery year by market expert Cindy Carroll, SRA, with the real
estate appraisal and consultancy firm Carroll & Carroll, Inc. Overall
median prices for properties between $300,000 - $2 million leveled off in 2013
with little or no change. However, median prices in the lower-end (under
$300,000) and higher-end ($2 million+) increased 16 and 5 percent,
respectively.
"The report shows a clear
and steady demand for housing in Naples," said Glenn Ginsburg,
Broker/Owner of A Delta Realty of Naples, Inc. "The condo market was
especially hot in 2013 with the most impressive activity in the $2 million and
above category, which realized a 62 percent increase in closed sales from 60
units sold in 2012 to 97 units sold in 2013."
The NABOR® 2013 Annual 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® Annual 2013 sales statistics are
presented in chart format, including these overall (single-family and
condominium) findings:
- Overall closed sales in both the $300,000 - $500,000 and $2 million and above segments increased 27 percent from 1,366 in 2012 to 1,730 in 2013 and 234 in 2012 to 298 in 2013, respectively.
- Median prices for single family homes in the $300,000 and below category increased by 17 percent from $150,000 in 2012 to $175,000 in 2013.
- Overall inventory decreased by 18 percent from 6,557 properties in 2012 to 5,403 properties in 2013.
- Inventory in the condo market decreased by 23 percent.
- Closed sales in the single-family market rose 1 percent, while closed sales in the multi-family or condo market rose 8 percent.
"The report indicates the
housing market is behaving in a normal manner," said Mike Hughes, Vice
President and General Manager of Downing-Frye Realty. "The solid
incremental growth we experienced in 2013, especially in the middle priced
markets, is a good sign our housing market has recovered. Homeowners that want
to sell but are sitting on the fence need to understand that the lax lending
environment, which created the last spike in prices, no longer exists. Demand
for existing homes has increased in all price segments and in all
neighborhoods. This may change when new home construction catches up, so now is
a good time to call a REALTOR®.".
