ScottSorensonRealEstate.Com
NEW YORK – Dec. 21, 2012 – Shrinking inventories of homes for sale, which have helped drive prices higher this year, may reverse course next year, economists say.
Rising prices are likely to persuade more people to sell and builders to add more homes, which would expand supplies.
In recent years, with prices nationally down more than 30 percent from their 2006 peaks, the only people selling were people who had to sell, says economist Paul Diggle at Capital Economics. But prices have been rising, up 6.3 percent in October compared with a year earlier, CoreLogic says. More increases are likely next year.
Supplies of homes for sale are “close to a low point now,” Diggle says and will “probably turn around over the next year.”
That will help keep a check on prices. Still, Capital Economics predicts prices will rise 5 percent next year. Economists surveyed by market watcher Zillow foresee a 3.1 percent jump.
The housing market continued to show signs of strengthening in November, with existing home sales climbing to its highest level in three years, the National Association of Realtors reported Thursday.
Total sales of existing homes rose 5.9 percent in November to a seasonally adjusted annual rate of 5.04 million, up 14.5 percent from a year ago, NAR said.
Yet, the most important number in the monthly report dealt with the supply of homes for sale, says economist Patrick Newport of IHS Global Insight. Supplies have fallen to the lowest in more than seven years, based on the current pace of sales. NAR reported the supply fell to 4.8 months in November, down 38 percent from January 2011. Realtors consider a six-month supply to be a balanced market between buyers and sellers.
More people will likely step up to sell next year, assuming prices continue to rise, Newport says. “A lot of people have just been waiting.”
Phoenix, which leads the nation with a 25 percent rise in October prices year-over-year, saw its supply of active listings hit a low in June, then expand until December. That’s a normal seasonal pattern for Phoenix, but more ordinary sellers are also likely tapping into rising prices, says Mike Orr, real estate expert at Arizona State University.
A recent survey also points to more sellers. Fannie Mae’s November National Housing Survey showed the share of consumers who say now is a good time to sell a home jumped 5 percentage points in November to 23 percent. That’s the highest level since the survey began in June 2010.
Real estate website Trulia, with Harris Interactive, also recently surveyed homeowners and found that 22 percent of current homeowners said they’re at least somewhat likely to sell their homes next year.
Those most likely to sell are people who bought after 2009 and have seen prices rise, the survey showed. They will likely include “flippers” who buy distressed homes, fix them, then resell, says Trulia economist Jed Kolko.
Supplies of homes for sale have been tightening, given stronger sales and a reluctance among people to sell while prices were weak. Also, fewer distressed properties have been coming to market as the foreclosure crisis slowly abates.
© Copyright 2012 USA TODAY, a division of Gannett Co. Inc., Julie Schmit
Monday, December 24, 2012
Thursday, December 20, 2012
Fla.’s housing market continues upswing in November
ScottSorensonRealEstate.com
ORLANDO, Fla. – Dec. 20, 2012 – Closed sales, pending sales, median prices and average prices rose in Florida’s housing market in November, while the inventory of homes and condos for sale shrunk, according to the latest housing data released by Florida Realtors®.
“The sizzle is back,” said 2012 Florida Realtors President Summer Greene, describing the state of Florida’s real estate market. “With home sales strongly trending up and the supply of homes for sale drying up, the market is hot. And we expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.” Greene is regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale.
Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 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 but not yet completed or closed – for existing single-family homes last month rose 45.8 percent over the previous November. The statewide median sales price for single-family existing homes in November was $150,000, up 11.2 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in October 2012 was $178,700, up 10.9 percent from the previous year. In California, the statewide median sales price for single-family existing homes in October was $341,370; in Massachusetts, it was $287,000; in Maryland, it was $239,802; and in New York, it was $209,000.
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 townhome-condos, a total of 8,079 units sold statewide last month, up 18.3 percent compared to November 2011. Meanwhile, pending sales for townhome-condos in November increased 30 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $112,000, up 23.1 percent over the previous year. NAR reported that the national median existing condo price in October 2012 was $177,500.
The inventory for single-family homes stood at a 5.1-months’ supply in November; inventory for townhome-condo properties was at a 5.3 months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“Particularly striking in this market is the degree to which prices have risen,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This might be expected to be the case for median prices as investors absorb the inventory at the lower end of the market, but average prices are up dramatically as well – and that suggests we’re seeing real appreciation occur in the marketplace, another sign of how solid Florida’s real estate recovery has become.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in November 2012, down from the 3.99 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 November report. Or go to Florida Realtors Media Center (http://media.floridarealtors.org/ and download the November 2012 data report PDF under Market Data.
ORLANDO, Fla. – Dec. 20, 2012 – Closed sales, pending sales, median prices and average prices rose in Florida’s housing market in November, while the inventory of homes and condos for sale shrunk, according to the latest housing data released by Florida Realtors®.
“The sizzle is back,” said 2012 Florida Realtors President Summer Greene, describing the state of Florida’s real estate market. “With home sales strongly trending up and the supply of homes for sale drying up, the market is hot. And we expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.” Greene is regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale.
Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 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 but not yet completed or closed – for existing single-family homes last month rose 45.8 percent over the previous November. The statewide median sales price for single-family existing homes in November was $150,000, up 11.2 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in October 2012 was $178,700, up 10.9 percent from the previous year. In California, the statewide median sales price for single-family existing homes in October was $341,370; in Massachusetts, it was $287,000; in Maryland, it was $239,802; and in New York, it was $209,000.
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 townhome-condos, a total of 8,079 units sold statewide last month, up 18.3 percent compared to November 2011. Meanwhile, pending sales for townhome-condos in November increased 30 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $112,000, up 23.1 percent over the previous year. NAR reported that the national median existing condo price in October 2012 was $177,500.
The inventory for single-family homes stood at a 5.1-months’ supply in November; inventory for townhome-condo properties was at a 5.3 months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“Particularly striking in this market is the degree to which prices have risen,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This might be expected to be the case for median prices as investors absorb the inventory at the lower end of the market, but average prices are up dramatically as well – and that suggests we’re seeing real appreciation occur in the marketplace, another sign of how solid Florida’s real estate recovery has become.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in November 2012, down from the 3.99 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 November report. Or go to Florida Realtors Media Center (http://media.floridarealtors.org/ and download the November 2012 data report PDF under Market Data.
Friday, December 14, 2012
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.
Monday, November 19, 2012
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®
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®
Friday, November 16, 2012
SINGLE FAMILY HOME MEDIAN CLOSED PRICE
SINGLE FAMILY HOME MEDIAN CLOSED
PRICE
RISES IN ALL ZIP CODES
Condo Market Remains Strong
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
Sunday, October 21, 2012
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:
The NABOR® September sales
statistics are presented in chart format, with these overall (single-family
and condominium units) specifics:
"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.
|
Friday, September 14, 2012
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
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