American Sand Sculpting
photo: http://chamber.fortmyersbeach.org/
Don’t miss the fun on Fort Myers Beach. Sculptors come from around the world to create spectacular sand masterpieces.
Live music, great food, sculpting demonstrations and classes, and lots of activities for kids.
Collier, Lee are lacking homesJUNE FLETCHER | Naples Daily News
After analyzing employment and permits, the National Association of Realtors concluded that there’s a shortfall of 13,609 new single-family homes in Cape Coral-Fort Myers, and a shortfall of 3,020 homes in the Naples- Immokalee-Marco Island metro areas.
Yet that pales in comparison with Florida metro areas such as Miami-Fort Lauderdale-West Palm Beach, which the trade group said had a deficit of 118,937 homes to meet the needs of newly hired workers, or Tampa-St. Petersburg-Clearwater, which had a shortage of 39,034 homes.
Using government statistics, the Washington, D.C.-based Realtor trade group analyzed permits and job creation in 117 metro areas nationwide to determine which places had the greatest shortage of new single-family homes.
The metro areas around New York, Dallas, San Francisco, Miami and Chicago topped the list.
Lawrence Yun, NAR’s chief economist, explained that the recession hurt the housing market by accelerating price growth and making it very difficult for buyers to afford a home — especially young adults.
“Without the expected pick-up in
building as job gains rose in recent years, new and existing inventory has shrunk, prices have shot up and affordability has eroded despite mortgage rates at or near historic lows,” he said in the report.
While building has been on fire in Southwest Florida since the recession ended, the 7,315 single-family permits pulled from 2013-15 in Collier County and the 9,462 pulled in Lee County were inadequate to meet the need, the NAR concluded.
That’s because Lee added 36,683 jobs during the period, and Collier added 16,433.
The ratio of employment over total permits was 3.9 for Lee County and 2.2 for Collier.
Historically, a balanced market has a ratio of 1.6, NAR said.
But 80 percent of markets in the country had a ratio higher than that, indicating they were not building enough homes to meet job creation.
Nationally, the average ratio was 3.4, but some places were much higher than that.
Double-digit ratios were found in 10 metro markets: Trenton, N.J. (25.1), San Jose (21), San Francisco (18.2), San Diego (12.3), New York (12.1), Rockford, Ill. (12.1), Miami (11.4), Reading, Pa. (10.3), Springfield, Mass., (10.2) and Hartford, Conn. (10.1).
Meanwhile, 30 markets had ratios below 1.6, indicating they were overbuilt. But only two had negative double- digit ratios: Danville, Ill., (-12) and Binghamton, N.Y. (-15.3) For home builders, the need to construct more housing is welcome news, even as the industry faces slowing demand in a nervous election year.
A separate report released Monday by the National Association of Home Builders said its index of builder confidence jumped 6 points to 65 in September, the highest level it has been since October.
The index shows builders are optimistic about sales even though they continue to be constrained by shortage of labor and lots, the NAHB said.
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Living area of new construction Corsica Coach Home at Talis Park, Naples. photo: talispark.com
[houzz=http://www.houzz.com/ideabooks/70532974/list/a-designers-top-10-tips-for-increasing-home-value w=620]
Naples, Fla. (September 16, 2016) – The housing market’s momentum continues to remain strong heading into fall. Upon reviewing the August 2016 NABOR Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), NABOR® broker analysts cited several reasons why buyers and sellers can expect a promising winter season such as the inventory is continuing to increase and the median closed prices are remaining virtually unchanged.
Overall activity of properties in the $2 million and above price category failed to perform as well in August compared to other price categories. However, condominium inventory in this luxury segment of the market increased 84 percent to 81 condominiums in August 2016 from 44 condominiums in August 2015, while its overall median closed price fell 19 percent (year over year) to $2,537,000 in August 2016 from $3,132,000 in August 2015. This behavior of increased inventory and lower prices primes the luxury segment of the market for a season where the number of properties priced right can certainly meet demand.
NABOR® broker analysts suspect some potential buyers of high-end properties may be reluctant to make big financial decisions because of the uncertainty of the economy after the Presidential election. However, as the report indicated, activity in this segment of the market is historically lower than it is during seasonal months. Brokers were quick to point out that this tapering is anticipated during the summer and expect sales in this segment to rise as we move into the next season.
The median closed price for condominiums in this entry-level price category was $193,000. August also saw a 50 percent increase in inventory for condominiums in the $300,000 and below price category to 974 condominiums in August 2016 from 648 condominiums in August 2015.
Overall inventory increased 36 percent for the second month in a row to 4,787 homes in August 2016 from 3,525 homes in August 2015. In fact, while inventory rose in all price categories for both home types, the overall median closed price remained flat in August, with the exception of homes in the $300,000 and below price category, which increased 9 percent to $210,000 in August 2016 from $192,000 in August 2015.
The NABOR® August 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® August 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
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CATEGORIES
|
August 2016
|
August 2015
|
CHANGE
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| Total homes under contract (pending sales) |
734
|
811
|
-9%
|
| Total closed sales | 654 | 689 | -5% |
| Median closed price | $320,000 | $306,000 | 5% |
| Total active listings (inventory) | 4,787 | 3,525 | 36% |
| Average days on market | 88 | 75 | 13% |
| Single-family closed sales | 350 | 348 | 1% |
| Single-family median closed price | $384,000 | $388,000 | -1% |
| Single-family inventory | 2,554 | 2,025 | 26% |
| Condominium closed sales | 304 | 341 | -11% |
| Condominium median closed price | $232,000 | $235,000 | -1% |
| Condominium inventory | 2,233 | 1,500 | 49% |
Geographically, overall closed sales in East Naples increased 10 percent to 136 homes in August 2016 from 124 homes in August 2015. Also impressive was the 12 percent increase in single family closed sales in the East Naples area to 91 homes in August 2016 from 81 homes in August 2015, and a 72 percent increase in condominium inventory in North Naples to 639 condominiums in August 2016 from 371 condominiums in August 2015.
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 5,000 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.
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