ScottSorensonRealEstate.Com
NEW YORK – May 6, 2013 – Home prices in 10 percent of the nation’s top 200 housing markets have recently hit new peaks or are only a hair away, new data show.
Another 24 of the top markets are within 5 percent of their peaks, according to data provided to USA TODAY by real estate tracker Lender Processing Services. Many of those cities are likely to hit new peaks this year, economists say, given projections for continued price increases.
The data show how far prices in many cities have rebounded since the historic housing bust after mid-2006 – and how far they still have to go in most cities. It also underscores the uneven impact of the housing bubble, and the bust, in different regions.
Dozens of markets where prices peaked by 2006 are still 25 percent to 58 percent below those highs, LPS says.
Many cities now at or close to previous highs never saw the price run-ups leading up to the bust that others did. Afterward, they didn’t drop as far, so they have less of a climb back.
Of the cities within 5 percent of their previous peaks, none saw more than an 11 percent decline in home values from mid-2006 to the market’s bottom in early 2012, LPS data show. Nationally, prices fell almost 28 percent during that time.
“We didn’t get invited to the party, so we never had the hangover,” says Ron Croushore, CEO of Prudential Preferred Realty in Pittsburgh.
Denver, which was up almost 1 percent in February from its 2006 peak, suffered almost a 10 percent decline during the national housing bust. Honolulu, which was 2 percent from its 2007 peak in February, had been hit with an 11 percent decline.
Job growth is another factor in recovered markets.
Austin, Denver, Baton Rouge, Houston, Oklahoma City and Knoxville, Tenn., are at previous highs or within 5 percent, LPS’ data show. In March, all posted stronger annual job growth than the national average of 1.4 percent, based on Bureau of Labor Statistics data. Austin’s job growth was 4 percent year-over-year. Home prices there are up 9.7 percent from mid-2006, LPS says.
The strong job market “has helped our housing market recover rather quickly,” says Angelos Angelou of the Austin-based Angelou Economics.
In the past year, U.S. home prices rose faster than many expected. LPS shows a 7.3 percent gain in February year over year.
Some cities have done better. Home prices in Phoenix and San Francisco were up 19 percent.
Even so, Phoenix is 36 percent off its 2006 peak. San Francisco is almost 25 percent off its peak, LPS says.
Copyright © USA TODAY 2013
Monday, May 6, 2013
Wednesday, May 1, 2013
Is the quick house flip making a comeback?
ScottSorensonRealEstate.Com
NEW YORK – May 1, 2013 – More Americans are again on the hunt to snag a home at a bargain price, fix it up, and then try to resell it for a quick profit. These home flippers mostly vanished during the housing downturn, but flipping is starting to return thanks to slowly rising home values.
RealtyTrac says flipping increased for the second year in row, rising a slight 0.33 percent in 2012 from 12 percent in 2011. The company defines flipping as buying and selling a property within six months.
According to RealtyTrac, the average gross profit in a flip was $37,375 in 2012; and some of the best places to flip homes in 2012 were Orlando, Fla.; Richmond, Va.; Tucson, Ariz.; and Charlotte, N.C.
For example, Orlando home flips were purchased for $100,397, on average, and then sold for $174,895 – earning a gross profit, on average, of nearly $75,000.
Flippers are more cautious this time around, however. They tend to come in with an all-cash deal, and many also hold onto properties longer than they once did. On average, the flipping time from purchase to resale stands at about 106 days today, according to RealtyTrac.
“That seems to be the sweet spot for a profitable deal,” says Daren Blomquist, vice president at RealtyTrac. “Back in the housing bubble, many flippers were solely relying on price appreciation, sitting back and selling for big profits within a month or two.”
Source: “The New Rules of House Flipping,” Reuters (April 18, 2013)
NEW YORK – May 1, 2013 – More Americans are again on the hunt to snag a home at a bargain price, fix it up, and then try to resell it for a quick profit. These home flippers mostly vanished during the housing downturn, but flipping is starting to return thanks to slowly rising home values.
RealtyTrac says flipping increased for the second year in row, rising a slight 0.33 percent in 2012 from 12 percent in 2011. The company defines flipping as buying and selling a property within six months.
According to RealtyTrac, the average gross profit in a flip was $37,375 in 2012; and some of the best places to flip homes in 2012 were Orlando, Fla.; Richmond, Va.; Tucson, Ariz.; and Charlotte, N.C.
For example, Orlando home flips were purchased for $100,397, on average, and then sold for $174,895 – earning a gross profit, on average, of nearly $75,000.
Flippers are more cautious this time around, however. They tend to come in with an all-cash deal, and many also hold onto properties longer than they once did. On average, the flipping time from purchase to resale stands at about 106 days today, according to RealtyTrac.
“That seems to be the sweet spot for a profitable deal,” says Daren Blomquist, vice president at RealtyTrac. “Back in the housing bubble, many flippers were solely relying on price appreciation, sitting back and selling for big profits within a month or two.”
Source: “The New Rules of House Flipping,” Reuters (April 18, 2013)
Monday, April 29, 2013
NAR: Pending sales rise modestly as inventory tightens
ScottSorensonRealEstate.Com
WASHINGTON – April 29, 2013 – Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors® (NAR).
NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7 percent above March 2012 when it was 98.8.
Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” says Lawrence Yun, NAR chief economist. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. Job additions and rising household wealth will continue to support housing demand.”
The pending index in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest, the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago.
Pending home sales in the South rose 2.7 percent to an index of 120 in March and are 10.4 percent higher than March 2012. In the West, the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.
NAR predicts that total existing-home sales in 2013 will increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.
WASHINGTON – April 29, 2013 – Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of Realtors® (NAR).
NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent to 105.7 in March from a downwardly revised 104.1 in February, and is 7 percent above March 2012 when it was 98.8.
Pending sales have been above year-ago levels for the past 23 months; the data reflect contracts but not closings.
“Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply,” says Lawrence Yun, NAR chief economist. “Little movement is expected in near-term sales closings, but they should edge up modestly as the year progresses. Job additions and rising household wealth will continue to support housing demand.”
The pending index in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest, the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago.
Pending home sales in the South rose 2.7 percent to an index of 120 in March and are 10.4 percent higher than March 2012. In the West, the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.
NAR predicts that total existing-home sales in 2013 will increase 6.5 to 7 percent over 2012 to nearly 5 million sales this year, while the national median existing-home price is forecast to rise about 7.5 percent.
While Wronged Homeowners Got $300 Apiece in Foreclosure Settlement, Consultants Who Helped Protect Banks Got $2 Billion
ScottSorensonRealEstate/.Com
The obscene greed-and-arrogance stories emanating from Wall Street are piling up so fast, it's getting hard to keep up. This one is from last week, but I missed it – it's about the foreclosure/robo-signing settlement that was concluded earlier this year.
The upshot of this story is that in advance of that notorious settlement, the government ordered banks to hire "independent" consultants to examine their loan files to see just exactly how corrupt they were.
Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.
In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.
Secrets and Lies of the Bailout
To recap: in the foreclosure deal, 13 banks agreed to pay a total of $9.3 billion to settle their liability in a number of areas, including robo-signing, which is just a euphemism for mass-perjury – robo-signing is the practice of having low-level bank employees sign documents attesting to full knowledge of case files in court foreclosure actions, when in fact they were signing hundreds of files per day, often having no idea whether the paperwork was correct or not.
It was done across the industry and turned housing cases across America into nightmares of jumbled and/or forged paperwork, in which even people who did not deserve to be thrown out of their homes were uprooted thanks to systematic errors by faceless bureaucrats who cut legal corners purely to save money.
All the major banks were guilty on a mass scale, but they worked with federal regulators like the Fed and the Office of the Comptroller of the Currency to secure this wide-ranging, industry-saving settlement, which not only covered the robosigning epidemic but a host of other bad or illegal practices, like the wrongful denial of modifications and the improper levying of (often hidden) fees.
Minus this crucial settlement, banks would have faced enormous uncertainty about their legal liability going forward, and getting a deal that not only gave these companies some legal closure but allowed them to pay pennies on the dollar for their illegal activity was a massive coup for the whole finance sector.
Only $3.6 billion was earmarked for cash payments to the nearly 4 million homeowners covered in the settlement. Most of the remainder of the deal was in other forms of non-cash relief, i.e. modifications or principal reductions.
Now, at the time of the deal, press releases by the Fed and the OCC stated that part of the reason they'd fixed on that particular settlement amount was that regulators had uncovered that banks had made errors or committed illegal acts in about 6.5 percent of the mortgage files reviewed. In other words, the error rate was an important component of this calculation.
But it turned out that this error rate had been calculated with the help of several consultant firms regulators had ordered the banks to hire. Regulators had mandated the hiring of these "independent" consultants back in 2011, and the list of companies included Promontory Financial Group, PricewaterhouseCoopers, Ernst & Young, and Deloitte & Touche. These private firms were hired to review the banks' loan files in search of errors, and collectively were paid by the banks over $2 billion, a staggering sum which ultimately worked out to over $20,000 per file.
Read more: http://www.rollingstone.com/politics/blogs/taibblog/while-wronged-homeowners-got-300-apiece-in-foreclosure-settlement-consultants-who-helped-protect-banks-got-2-billion-20130426#ixzz2RsO90Esi
Follow us: @rollingstone on Twitter | RollingStone on Facebook
The obscene greed-and-arrogance stories emanating from Wall Street are piling up so fast, it's getting hard to keep up. This one is from last week, but I missed it – it's about the foreclosure/robo-signing settlement that was concluded earlier this year.
The upshot of this story is that in advance of that notorious settlement, the government ordered banks to hire "independent" consultants to examine their loan files to see just exactly how corrupt they were.
Now it comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.
In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.
Secrets and Lies of the Bailout
To recap: in the foreclosure deal, 13 banks agreed to pay a total of $9.3 billion to settle their liability in a number of areas, including robo-signing, which is just a euphemism for mass-perjury – robo-signing is the practice of having low-level bank employees sign documents attesting to full knowledge of case files in court foreclosure actions, when in fact they were signing hundreds of files per day, often having no idea whether the paperwork was correct or not.
It was done across the industry and turned housing cases across America into nightmares of jumbled and/or forged paperwork, in which even people who did not deserve to be thrown out of their homes were uprooted thanks to systematic errors by faceless bureaucrats who cut legal corners purely to save money.
All the major banks were guilty on a mass scale, but they worked with federal regulators like the Fed and the Office of the Comptroller of the Currency to secure this wide-ranging, industry-saving settlement, which not only covered the robosigning epidemic but a host of other bad or illegal practices, like the wrongful denial of modifications and the improper levying of (often hidden) fees.
Minus this crucial settlement, banks would have faced enormous uncertainty about their legal liability going forward, and getting a deal that not only gave these companies some legal closure but allowed them to pay pennies on the dollar for their illegal activity was a massive coup for the whole finance sector.
Only $3.6 billion was earmarked for cash payments to the nearly 4 million homeowners covered in the settlement. Most of the remainder of the deal was in other forms of non-cash relief, i.e. modifications or principal reductions.
Now, at the time of the deal, press releases by the Fed and the OCC stated that part of the reason they'd fixed on that particular settlement amount was that regulators had uncovered that banks had made errors or committed illegal acts in about 6.5 percent of the mortgage files reviewed. In other words, the error rate was an important component of this calculation.
But it turned out that this error rate had been calculated with the help of several consultant firms regulators had ordered the banks to hire. Regulators had mandated the hiring of these "independent" consultants back in 2011, and the list of companies included Promontory Financial Group, PricewaterhouseCoopers, Ernst & Young, and Deloitte & Touche. These private firms were hired to review the banks' loan files in search of errors, and collectively were paid by the banks over $2 billion, a staggering sum which ultimately worked out to over $20,000 per file.
Read more: http://www.rollingstone.com/politics/blogs/taibblog/while-wronged-homeowners-got-300-apiece-in-foreclosure-settlement-consultants-who-helped-protect-banks-got-2-billion-20130426#ixzz2RsO90Esi
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Monday, April 22, 2013
Florida’s housing market on upswing in March
ScottSorensonRealEstate.ComORLANDO, Fla. – April 22, 2013 – In March, Florida’s housing market reported increased closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.
“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.
“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”
Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; 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 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 townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.
The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.
“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.
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 March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.
“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.
“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”
Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; 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 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 townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.
The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.
“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.
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 March reports. Or go to Florida Realtors Media Center and download the March 2013 data report PDFs under Market Data.
Saturday, April 13, 2013
Naples Median home price increased 17% last year
ScottSorensonRealEstate.com
NAPLES — The median home price in the Naples area increased 17 percent from March 2012 to last month, the Naples Area Board of Realtors announced Friday..
“It has been four years since we’ve seen the median closed price at this level,” said Mike Hughes, vice president and general manager of Downing-Frye Realty, in a statement. “So we continue to remain positive about the real estate market and its support of the local economy.”.
The median price increased from $184,000 in March 2012 to $215,000 for the 12-month period ending last month, according to a prepared statement from NABOR..
The median is the price at which half the homes sell for more and half for less..
Overall, the total number of closed sales dropped in March compared to a year ago. However, overall pending sales increased 4 percent from 10,204 units to 10,633 units for the 12-month period ending in March 2013. Overall pending sales rose in all price categories in March compared to the 12-month period ending in March 2012, except in the under $300,000 category..
The Realtors’ report said the average number of days on the market decreased by 8 percent, from 171 days on the market in March 2012 to 157 days on the market last month. Overall inventory dropped by 14 percent, from 7,599 in March 2012 to 6,565 last month, according to the NABOR statement..
NABOR also released its first quarter 2013 report on Friday..
The quarterly report said the overall median closed price increased 24 percent, from $190,000 in the first quarter of 2012 to $235,000 in the first quarter of 2013. In the $300,000 and under category, the median closed price increased 18 percent, from $135,000 in the first quarter of 2012 to $159,000 in the first quarter of 2013. .
Overall closed sales decreased 2 percent, from 2,220 residences in the first quarter of 2012 to 2,167 in the first quarter of 2013. Overall closed sales increased 13 percent in the $300,000 to $500,000 category, from 309 residences to 350, and increased 15 percent in the $1 million to $2 million category, from 99 residences in the first quarter of 2012 to 114 in the first quarter of 2013, according to the report..
The Realtors’ report said the average number of days on the market decreased 4 percent overall, from 169 days in the first quarter of 2012 to 162 days in the first quarter of 2013..
The monthly and quarterly reports track Realtor sales made through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island..
View the March 2013 Market Statistics View the First Quarter 2013 Market Statistics.
NABOR REPORT
“It has been four years since we’ve seen the median closed price at this level,” said Mike Hughes, vice president and general manager of Downing-Frye Realty, in a statement. “So we continue to remain positive about the real estate market and its support of the local economy.”.
The median price increased from $184,000 in March 2012 to $215,000 for the 12-month period ending last month, according to a prepared statement from NABOR..
The median is the price at which half the homes sell for more and half for less..
Overall, the total number of closed sales dropped in March compared to a year ago. However, overall pending sales increased 4 percent from 10,204 units to 10,633 units for the 12-month period ending in March 2013. Overall pending sales rose in all price categories in March compared to the 12-month period ending in March 2012, except in the under $300,000 category..
The Realtors’ report said the average number of days on the market decreased by 8 percent, from 171 days on the market in March 2012 to 157 days on the market last month. Overall inventory dropped by 14 percent, from 7,599 in March 2012 to 6,565 last month, according to the NABOR statement..
NABOR also released its first quarter 2013 report on Friday..
The quarterly report said the overall median closed price increased 24 percent, from $190,000 in the first quarter of 2012 to $235,000 in the first quarter of 2013. In the $300,000 and under category, the median closed price increased 18 percent, from $135,000 in the first quarter of 2012 to $159,000 in the first quarter of 2013. .
Overall closed sales decreased 2 percent, from 2,220 residences in the first quarter of 2012 to 2,167 in the first quarter of 2013. Overall closed sales increased 13 percent in the $300,000 to $500,000 category, from 309 residences to 350, and increased 15 percent in the $1 million to $2 million category, from 99 residences in the first quarter of 2012 to 114 in the first quarter of 2013, according to the report..
The Realtors’ report said the average number of days on the market decreased 4 percent overall, from 169 days in the first quarter of 2012 to 162 days in the first quarter of 2013..
The monthly and quarterly reports track Realtor sales made through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island..
View the March 2013 Market Statistics View the First Quarter 2013 Market Statistics.
NABOR REPORT
Sunday, March 17, 2013
LOWER INVENTORY MAY IMPACT HOUSING MARKET
www.ScottSorensonRealEstate.com
Contacts: Wes Kunkle, NABOR President & Media Relations Committee Chairman, (239) 216-2839
Marcia Albert, NABOR Director of Marketing, (239) 597-1666.
Naples, FL (March 15, 2013) - The Naples Area housing market remains strong with increases in overall pending sales, overall closed sales, and overall median closed price for the 12-months ending February 2013. In addition, inventory decreased by 13 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). .
Local real estate experts note that sales may slow due to the low level of inventory. .
"Changes in inventory at some point may become an issue," stated Dr. Shelton Weeks, Department Chair of Economics & Finance at FGCU. "Continued declines in inventory will produce some upward pressure on prices. However, as prices rise we should expect builders to bring more new units to the market which may slow the advance in prices.".
"The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory," stated Phil Wood, President & CEO of John R. Wood Realtors. .
Mike Hughes, Vice President and General Manager of Downing-Frye Realty remarked, "Buyers right now should feel a sense of urgency. If a buyer finds a property that they like, they should not hesitate in their decision as reasonably priced properties are moving fast." .
The NABOR® February 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® February sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:.
- The overall median closed price increased 17 percent from $180,000 at the end of February 2012 to $211,000 for the 12-month period ending February 2013..
- Overall pending sales increased 5 percent from 10,160 units to 10,629 units for the 12-month period ending February 2013. Overall pending sales increased 20 percent in the $300,000 to $500,000 category from 1,397 units to 1,677 units; 17 percent in the $500,000 to $1 million category, from 1,023 units to 1,193 units; increased 26 percent in the $1 million to $2 million category, from 422 units to 532 units; and increased 23 percent in the $2 million plus category, from 257 units to 315 units, respectively for the 12-month period ending February 2013..
- The average DOM (Days on the Market) increased overall from 162 days in February 2012 to 168 days in February 2013. .
- Inventory decreased 13 percent from 7,888 units in February 2012 to 6,843 units in February 2013. .
- Overall pending sales in the Naples coastal area increased 15 percent from 1,839 units to 2,119 units, and closed sales increased 16 percent, from 1,650 units to 1,906 units, for the 12-month period ending February 2013. .
"Condos are another bright spot in the February real estate market," said John Steinwand, President of Naples Realty Services. "The statistics show that pending and closed condo sales are up with an increase in the median closed price. In fact, pending sales in the over $300,000 market have increased an average of 32 percent.".
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 February 2013 Market Statistics .
To view the entire report, visit www.NaplesArea.com
Naples, FL (March 15, 2013) - The Naples Area housing market remains strong with increases in overall pending sales, overall closed sales, and overall median closed price for the 12-months ending February 2013. In addition, inventory decreased by 13 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). .
Local real estate experts note that sales may slow due to the low level of inventory. .
"Changes in inventory at some point may become an issue," stated Dr. Shelton Weeks, Department Chair of Economics & Finance at FGCU. "Continued declines in inventory will produce some upward pressure on prices. However, as prices rise we should expect builders to bring more new units to the market which may slow the advance in prices.".
"The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory," stated Phil Wood, President & CEO of John R. Wood Realtors. .
Mike Hughes, Vice President and General Manager of Downing-Frye Realty remarked, "Buyers right now should feel a sense of urgency. If a buyer finds a property that they like, they should not hesitate in their decision as reasonably priced properties are moving fast." .
The NABOR® February 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® February sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:.
- The overall median closed price increased 17 percent from $180,000 at the end of February 2012 to $211,000 for the 12-month period ending February 2013..
- Overall pending sales increased 5 percent from 10,160 units to 10,629 units for the 12-month period ending February 2013. Overall pending sales increased 20 percent in the $300,000 to $500,000 category from 1,397 units to 1,677 units; 17 percent in the $500,000 to $1 million category, from 1,023 units to 1,193 units; increased 26 percent in the $1 million to $2 million category, from 422 units to 532 units; and increased 23 percent in the $2 million plus category, from 257 units to 315 units, respectively for the 12-month period ending February 2013..
- The average DOM (Days on the Market) increased overall from 162 days in February 2012 to 168 days in February 2013. .
- Inventory decreased 13 percent from 7,888 units in February 2012 to 6,843 units in February 2013. .
- Overall pending sales in the Naples coastal area increased 15 percent from 1,839 units to 2,119 units, and closed sales increased 16 percent, from 1,650 units to 1,906 units, for the 12-month period ending February 2013. .
"Condos are another bright spot in the February real estate market," said John Steinwand, President of Naples Realty Services. "The statistics show that pending and closed condo sales are up with an increase in the median closed price. In fact, pending sales in the over $300,000 market have increased an average of 32 percent.".
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 February 2013 Market Statistics .
To view the entire report, visit www.NaplesArea.com
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