TIGHT INVENTORY ALLOWS HOMEOWNERS TO SELL

ScottSorensonRealEstate.Com

Naples, FL (December 14, 2012) - Inventory levels continue to decline while the overall median closed price rose 14 percent, and the overall closed sales increased 6 percent for the 12-months ending November 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, Managing Broker at Prudential Florida Realty stated, "For property owners who wanted to sell but did not think the market was conducive to that outcome, the current trends and tight real estate inventory allow for the possibility that scenarios may have changed in their favor either through increased equity, improving Florida economic conditions, property values trending up, or historically low interest rates."

The NABOR® November 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 NABOR® November sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics: 

 - The overall median closed price increased 14 percent from $175,000 at the end of November 2011 to $200,000 for the 12-month period ending November 2012.

- Overall pending sales increased 6 percent from 10,057 units to 10,667 units for the 12-month period ending November 2012. Overall pending sales increased 20 percent in the $500,000 to $1 million category, from 960 units to 1,153 units, and increased 11 percent in the $1 million to $2 million category, from 429 units to 478 units, for the 12-month period ending November 2012.

- Pending sales increased 100 percent in the $2 million plus category from 16 units in November 2011 to 32 units in November 2012.

- Overall inventory decreased by 15 percent, from 7,625 listed properties in November 2011 to 6,518 in November 2012. Pending sales with contingent contracts are included in the overall inventory number.

-The average DOM (Days on the Market) increased overall from 168 days in November 2011 to 181 days in November 2012. 

 

- Overall pending sales in the Naples coastal area increased 14 percent from 1,801 units to 2,045 units, and closed sales increased 10 percent, from 1,640 units to 1,804 units, for the 12-month period ending November 2012.  

"We have been in a relatively stable market year-round," said Wes Kunkle, Managing Broker of Weichert, Realtors on the Gulf. "Many buyers are coming down earlier than in past years and we are finding that they often prefer to go to contract before they return north for the holidays. In the past, they would leave and make a purchase decision after they went back up north. The tight inventory has resulted in a greater sense of urgency. This, plus the market remaining strong is positive news for the real estate industry."  

To view the entire report, visit 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.  

 

 View the November 2012 Statistics 

 

Fla.’s housing market continues positive trends in Oct. 2012

ScottSorensonRealEstate.Com 

ORLANDO, Fla. – Nov. 19, 2012 – Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®.

“With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”

Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9 percent from a year ago.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4 percent compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2 percent over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.

The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.

“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.38 percent in October 2012, down from the 4.07 percent averaged during the same month a year earlier, according to Freddie Mac.

To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the October report. Or go to Florida Realtors Media Center and download the October 2012 data report PDF under Market Data.

© 2012 Florida Realtors®

SINGLE FAMILY HOME MEDIAN CLOSED PRICE

SINGLE FAMILY HOME MEDIAN CLOSED PRICE 

RISES IN ALL ZIP CODES  

Condo Market Remains Strong 

 ScottSorensonRealEstate.Com

Naples, FL (November 16, 2012) - The single family home median closed price rose 10 percent overall with increases in all zip codes for the 12-months ending October 2012. In addition, the condominium median closed price increased 4 percent in all zip codes for the same time period, 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, Managing Broker at Prudential Florida Realty stated, "The overall Median Closed price of $197,000 is the highest we have seen since July 2009 and in combination with our low inventory, has continued a trend in the Naples area with the move away from a 'buyers' market to a solid 'buyers and sellers' market."

Kathy Zorn, Broker/Owner of Florida Home Realty added, "We continue to see the overall median price trend upward slowly and steadily."

The NABOR® October 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 NABOR® October sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:   

- The overall median closed price increased 11 percent from $177,000 at the end of October 2011 to $197,000 for the 12-month period ending October 2012.

- Overall pending sales increased 21 percent in the $500,000 to $1 million category, from 947 units to 1,149 units, for the 12-month period ending October 2012. Overall pending sales increased 17 percent in the $1 million to $2 million category, from 418 units to 490 units, for the 12-month period ending October 2012.

- Overall inventory decreased by 13 percent, from 7,325 listed properties in October 2011 to 6,409 in October 2012. Pending sales with contingent contracts are included in the overall inventory number. 

- The average DOM (Days on the Market) fell in all price segments except in the $0 - $300,000 price zone, resulting in a one percent increase from 169 days on the market in October 2011 to 170 days on the market in October 2012.

- Overall pending sales in the Naples coastal area increased 14 percent from 1,783 units to 2,037 units, and closed sales increased 10 percent, from 1,615 units to 1,776 units, for the 12-month period ending October 2012.

The result of the inventory decline from 12,157 in February 2007 to 6,409 in October 2012 is that buyers, in many cases, are desperate for inventory," said Jo Carter, President of Jo Carter & Associates. Plus, homes are selling more quickly, as shown by the average Days on the Market decreasing in every price category above the $300,000 range. Therefore pricing remains crucial."

To view the entire report, visit 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.  

View the October 2012 Statistics 

PENDING HOME SALES INCREASE 12 PERCENT

PENDING HOME SALES INCREASE   12 PERCENT THIRD QUARTER ScottSorensonRealEstate.Com      Contacts:             Brenda Fioretti, NABOR Media Relations Committee Chairman, (239) 595-6219                             Marcia Albert, NABOR Director of Marketing, (239) 597-1666    Naples, FL (October 19, 2012) - A 12 percent jump in overall pending sales marked the third quarter of Naples Area real estate, as compared to the third quarter 2011. In addition, overall pending sales for September 2012 increased 22 percent compared to September 2011, 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 has just moved from a buyers' market to a buyers' and sellers' market with tremendous opportunities for both," stated Brenda Fioretti, NABOR Media Relations Chairman and Managing Broker of Prudential Florida Realty.   Cindy Carroll, Vice President of Carroll & Carroll Real Estate Appraisers & Consultants stated, "More inventory would be helpful to the market. Resale inventory continues to decline despite the fact that new home building has returned."  John Steinwand, President of Naples Realty Services commented, "The single family home market is very hot. Pending sales of single family homes in the $500,000 to $ 1million category had a rousing increase of 15 percent from third quarter 2011 to third quarter 2012, and closed sales were up 4 percent for the same time period. The strong activity contributes to the inventory levels falling below 3,000 for single family homes."  The third quarter report provides quarterly comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. An overall summary combines the statistics for both single family and condominium properties.  The statistics are presented in chart format, along with the following statistics for third quarter 2012 compared to third quarter 2011: Overall inventory decreased 12 percent from 7,069 for the third quarter 2011 compared to 6,195 in the third quarter 2012. The overall average DOM (Days on the Market) increased 1 percent from 171 days in the third quarter 2011 to 173 days in the third quarter 2012. Overall pending sales increased 12 percent from 2,103 pending sales in the third quarter 2011 to 2,362 pending sales in the third quarter 2012. The median closed price increased 10 percent from $175,000 in the third quarter 2011 to $192,000 in the third quarter 2012. Naples coastal area overall pending sales increased 17 percent reflecting 388 pending sales in the third quarter 2012 compared to 331 pending sales in the third quarter 2011.   The NABOR® September sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:   Overall pending sales increased 96 percent in the $300,000 to $500,000 category from 67 pending sales in September 2011 to 131 pending sales in September 2012. Overall inventory decreased by 12 percent from 7,069 in September 2011 compared to 6,195 in September 2012. Pending sales with contingent contracts are included in the overall inventory number. Overall pending sales in the Naples coastal area increased 12 percent from 1,776 pending sales to 1,985 pending sales, and closed sales increased 9 percent from 1,601 closed sales to 1,748 closed sales for the 12-month period ending September 2012. "In the $500,000 to $2 million price categories for the third quarter, there was an increase in pending and closed sales. The robust third quarter in these price categories is very encouraging," said Steve Barker, Advising Broker for Naples Realty LLC.   As Brenda Fioretti stated, "Now is the time for sellers and buyers to take action. With interest rates at an all time low and with Naples values increasing, it is a perfect opportunity for sellers and buyers to achieve their real estate goals. Whether you are a seller, first-time homebuyer, investor, second or vacation homebuyer, move-up buyer or someone who has decided that it is time to downsize, it is the time to take advantage of current market conditions and the American Dream of Homeownership."    To view the entire report, visit 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.        View the 3rd Quarter 2012 Statistics    View the September 2012 Statistics

 

 

DWINDLING INVENTORY DRIVES HOME PRICES UP

ScottSorensonRealEstate.Com

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

 

      

Housing Studies at Harvard University

ScottSorensonRealEstate.Com

The Joint Center for Housing Studies at Harvard University in their annual State of the Nation’s Housing Report summarized the current market in these terms:

“Housing markets are showing signs of reviving. While still in the early innings of a housing recovery, rental markets have turned the corner, home sales are strengthening, and a floor is beginning to form under home prices. With new home inventories at record lows, unless the broader economy goes into a tailspin, stronger sales should further stabilize prices and pave the way for a pickup in single-family housing construction over the course of 2012…”
What’s even more striking is that its managing director stated in the report that inventories of new, single-family homes in March were at their lowest point in nearly a half century. This means that it would take less than six months to sell all of it. A five-to-six-month period is considered a balanced market.

Fla.’s housing market continues positive track in July 2012

ScottSorensonRealEstate.Com

ORLANDO, Fla. – Aug. 22, 2012 – Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in July, according to the latest housing data released by Florida Realtors®.

“Florida’s real estate recovery is on solid ground,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Since May 2011, pending sales have increased every month for both existing single-family homes and for townhome-condo properties. In July, pending sales were up more than 42 percent for existing single-family homes and 26 percent for townhouse-condo units, compared to a year ago. Home prices are on the rise in many markets, while the inventory of homes for sale is down. Florida’s housing market is growing stronger and stronger.”

Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

Statewide closed sales of existing single-family homes totaled 17,420 in July, up 9.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median sales price for single-family existing homes last month was $148,000, up 7.8 percent from July 2011.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in June 2012 was $190,100, up 8 percent from the previous year. In California, the statewide median sales price for single-family existing homes in June was $320,540; in Massachusetts, it was $325,000; in Maryland, it was $268,910; and in New York, it was $220,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 7,779 units sold statewide last month, up 2.8 percent from those sold in July 2011. The statewide median for townhome-condo properties was $102,000, up 10.9 percent over the previous year. NAR reported the national median existing condo price in June 2012 was $183,200.

Last month, the inventory for single-family homes stood at a 5.3-months’ supply; inventory for townhome-condo properties was at a 5.4-months’ supply, according to Florida Realtors. Industry analysts note that 5.5-months’ supply symbolizes a market balanced between buyers and sellers.

“We really need to recognize that over the past year, we have seen a market reversal, from a clear buyers’ market to a neutral market to one that is verging on a sellers’ market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This is a precursor to price growth. Our MLS (Multiple Listing Service) numbers confirm this in that both median and average prices have been trending up. Florida Realtors’ soon-to-be-launched price index, based on all sales, is showing the same sort of behavior in that price drops ended in 2009 and are now showing signs of moving up.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.55 percent in July 2012 – significantly lower than the 4.55 percent average during the same month a year earlier, according to Freddie Mac.

To see the full statewide housing activity report, go to Florida Realtors website at www.floridarealtors.org, and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the July report. Or go to Florida Realtors Media Center at http://media.floridarealtors.org/ and download the July 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data.