Naples, Fla. (Apr. 12, 2013) – The Naples area overall median home price increased 17 percent for the 12 months that ended in March 2013, 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 NABOR® March 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® March 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 $184,000 at the end of March 2012 to $215,000 for the 12-month period ending March 2013.
– Overall pending sales increased 4 percent from 10,204 units to 10,633 units for the 12-month period ending March 2013. Overall pending sales increased 22 percent in the $300,000 to $500,000 category from 1,414 units to 1,729 units; 13 percent in the $500,000 to $1 million category, from 1,052 units to 1,190 units; increased 18 percent in the $1 million to $2 million category, from 452 units to 532 units; and increased 12 percent in the $2 million plus category, from 277 units to 310 units, respectively for the 12-month period ending March 2013.
– The average DOM (Days on the Market) decreased 8 percent overall from 171 days in March 2012 to 157 days in March 2013.
– Inventory decreased 14 percent from 7,599 units in March 2012 to 6,565 units in March 2013.
– Overall pending sales in the Naples coastal area increased 9 percent from 1,912 units to 2,091 units, and closed sales increased 15 percent, from 1,653 units to 1,897 units, for the 12-month period ending March 2013.
The NABOR® 2013 First Quarter Report provides comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® first quarter sales statistics are presented in chart format, including these overall (single-family and condominium units) findings:
– Overall closed sales decreased 2 percent, from 2,220 units in first quarter 2012 to 2,167 units in first quarter 2013. Overall closed sales increased 13 percent in the $300,000-$500,000 category, from 309 units to 350 units, and increased 15 percent in the $1 million-$2 million category, from 99 units to 114 units, from first quarter 2012 to first quarter 2013, respectively.
– The median closed price increased 24 percent overall, from $190,000 in first quarter 2012 to $235,000 in first quarter 2013. In the $300,000 and under category the median closed price increased 18 percent from $135,000 in first quarter 2012 to $159,000 in first quarter 2013.
– Overall pending sales decreased 2 percent, from 3,664 pending sales in first quarter 2012 to 3,598 pending sales in first quarter 2013.
– The average DOM (Days on the Market) decreased 4 percent overall from 169 days in first quarter 2012 to 162 days in first quarter 2013.
Dr. Gary L. Jackson, Director of the Regional Economic Research Institute at Florida Gulf Coast University stated, “Collier County and Southwest Florida are continuing to recover from the housing bubble and financial market crisis that began in 2006. This has been a very slow and somewhat “choppy” recovery but we are seeing improvements in our local economy. Collier County taxable sales were $651.3 million in December 2012, four-percent higher than December 2011 indicating improvement in consumer spending. Passenger traffic at Southwest Florida International airport in January 2013 was up seven percent from January 2012. Collier County’s tourism activity was strong with January 2013 tourism tax revenues increasing to $2,057,493, an eight-percent increase over January 2012. Collier County issued 110 single-family building permits in February 2013, up from 58 in February 2012. Collier County’s seasonally-adjusted unemployment rate decreased to 7.8 percent in January 2013 compared to 7.9 percent in December 2012 and 8.9 percent in January 2012, with an increase of 592 persons employed.”
RISMEDIA, Saturday, March 30, 2013— CoreLogic (CLGX), a leading residential property information, analytics and services provider, reported recently that the overall shadow inventory is down 28 percent from its peak in January 2010, when it reached 3 million homes. Current residential shadow inventory as of January 2013 was at 2.2 million units, representing a supply of nine months. This figure represents an 18-percent drop from January 2012, when shadow inventory stood at 2.6 million units. Read more…
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By LAURA LAYDEN | Naples News Online
NAPLES — For years, home buyers have been in the driver’s seat in the Naples market.
After the housing boom went bust in 2006, it became a buyers’ market, giving them the wheel in negotiating bargain prices.
But the pricing power might be shifting to sellers soon with a shrinking supply of homes and condominiums overall, especially in certain neighborhoods.
On Friday, NABOR released its monthly report, showing inventory falling more than 13 percent in February over the year, from 7,888 homes and condominiums to 6,843.
The overall median sales price in February was $220,000, up from $180,000 in the same month a year ago, according to the NABOR report. The median is the price at which half sell for more and half for less.
The report also showed resales in the Naples area dipped slightly in February — a trend that could continue because of a lack of choices for buyers.
There were a total of 687 sales made in the Naples area, down from 694 in the same month a year ago, according to the monthly report. The report tracks sales made by NABOR’s members in Collier County, excluding Marco Island.
Of the total, there were 304 single-family homes and 383 condominiums sold last month. The report reflects the sales of existing homes, not new home construction.
While condominium sales rose over the year, home sales declined from 347 in February of last year.
“Changes in inventory at some point may become an issue,” said Shelton Weeks, chairman of the economics and finance department at Florida Gulf Coast University in Estero, in a statement. “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.”
Some neighborhoods are doing better than others. Some of the more active ones are the Moorings and Park Shore, north of downtown Naples and west of U.S. 41 near the Gulf of Mexico, which have seen more interest from buyers during the past six months, Wood said.
“There have been a lot of sales in there and inventory has gone way down,” he said. “Once the demand is there, then gradually the prices start going up and we are seeing that now.”
With such high demand, some custom builders are putting up speculative, or spec, homes, which are homes without buyers, to try to keep up with the strong interest in some neighborhoods, including the Moorings, Park Shore, Port Royal, Old Naples and Coquina Sands.
Year-over-year, overall pending sales — or new contracts written — in the Naples coastal area rose 15 percent from 1,839 to 2,119 units, and closed sales increased 16 percent, from 1,650 to 1,906, in the 12 months ending in February 2013.
Meanwhile, overall pending sales increased 5 percent from 10,160 to 10,629 over the year.
The shortage of inventory and rising prices may prompt more owners to put up for-sale signs, but a big surge of listings isn’t expected. For those who want to sell, the busy winter season is usually the time they put their homes on the market, especially in January to March.
While new home communities are ramping up construction and sales, building won’t come fast enough to catch up with the rising demand that will push prices up, said Russ Weyer, an economist and senior associate with Hank Fishkind & Associates in Naples.
“They’re preparing themselves for next season already,” he said. “There’s not much left of the season.”
He expects to see a stable rise in home prices over the next six months.
© 2013 Scripps Newspaper Group — Online
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The median price of single-family homes in Lee County increased by nearly 22 percent in January.
The price was $140,000, an increase from the median price of $114,900 in January 2012. The median is the price at which half the homes sell for more and half for less.
Meanwhile, the rate of single-family home sales decreased by 12 percent, with 759 units sold in January compared with 864 a year earlier, the Realtor Association of Greater Fort Myers and the Beach recently reported.
Traditional sales — those that are neither bank-owned nor short sales — made up 66 percent of all transactions in January.
Presently, 57 is the average number of days a Lee single-family home is on the market and properties are selling at nearly 94 percent the asking price.
by Dave Osborn | naplesnews.com
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Naples, FL (February 15, 2013) – The housing market momentum established in 2012 is shown to be continuing in 2013 as home sales remain strong. The overall median closed price increased 16 percent, and the overall closed sales increased 10 percent for the 12-months ending January 2013, 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 NABOR® January 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® January sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:
– The overall median closed price increased 16 percent from $179,000 at the end of January 2012 to $207,000 for the 12-month period ending January 2013.
– Overall pending sales increased 13 percent from 9,456 units to 10,681 units for the 12-month period ending January 2013. Overall pending sales increased 35 percent in the $300,000 to $500,000 category from 1,225 units to 1,652 units and 35 percent in the $500,000 to $1 million category, from 892 units to 1,200 units, and increased 22 percent in the $1 million to $2 million category, from 408 units to 497 units, respectively for the 12-month period ending January 2013.
– The average DOM (Days on the Market) decreased overall from 173 days in January 2012 to 161 days in January 2013.
– Overall pending sales in the Naples coastal area increased 36 percent from 1,555 units to 2,112 units, and closed sales increased 16 percent, from 1,638 units to 1,893 units, for the 12-month period ending January 2013.
“The strong performance in the housing market is consistent with improvements we are seeing in other aspects of the economy, especially the stock market,” said Dr. Tim Allen, Professor and Alico Chair, FGCU. “The housing market is benefitting from the general economic improvement coupled with relatively low mortgage rates.”
View the January 2013 Market Statistics
By LAURA LAYDEN | Sunday, February 17, 2013
NAPLES — Builders in the Naples market are investing millions in houses with no buyers.With the housing market on the rebound, the speculative, or so called “spec” market has made a comeback, especially in areas near the water such as Port Royal, Aqualane Shores, Coquina Sands and Old Naples.In the past year, more high-end custom builders have been buying lots and putting multimillion-dollar houses on them, expecting buyers to come. And buyers have come, sometimes snatching up houses before they’re finished.Spec home building slowed to a virtual halt after the red-hot housing market went bust starting in 2006, but it’s back.
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41 West, a longtime luxury builder in Naples, decided to start building spec homes again last summer after a four-year pause.”Builders like myself are building homes on a speculative basis. Where everybody has been afraid of their own shadow for the last four years, people are stepping up. It’s a totally different market,” said William Bayes, 41 West’s vice president of operations.It’s a different market because the inventory of both new homes and resales has shrunk, which is slowly driving up prices.41 West’s decision to get back into speculative building came after Naples-area Realtors saw one of their busiest summers for sales in a decade, Bayes said.
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Other builders jumped back into the speculative market more quickly than 41 West, with construction picking up noticeably last year, such as in Old Naples.During the past two years, Waterside Builders built two quaint cottages off Third Street South that fetched some of the highest prices per square foot seen in Old Naples, said Mike Assaad, the company’s president.Buyers paid more than $1,000 per square foot for the living space under air and one of the homes was a spec that brought $2.6 million, he said.”There are a lot more buyers at $2.5 million than there are at $4 million or $5 million,” Assaad said.
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While much of the speculative building is near the water, it has picked up elsewhere in Collier County, including Mediterra, the luxury golf community straddling the Lee-Collier county line off Livingston Road.Most of the builder’s spec homes have been priced at $1 million to $3 million. They are three- and four-bedroom homes, ranging from 3,000 to 5,400 square feet.The builder will soon start similar spec homes in downtown Naples and Quail West, another golf community east of Interstate 75 between Bonita Beach and Immokalee roads.
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WCI Communities Inc., a Bonita Springs-based home builder, has spec homes in all five of its gated communities in Collier and Lee counties.WCI has two communities in Collier, including Tiburon in north Collier, where it’s building four spec homes with four and five bedrooms, priced at about $1 million. They’ll range from 3,800 to 4,500 square feet.There are another seven spec homes under construction at WCI’s Manchester Square community off Livingston Road, north of Pine Ridge Road.”We definitely have increased spec count,” Wolf said. “Last year, we were kind of following a sell one, replace one (strategy). This year, there has been enough demand that we are putting out two specs for every one that we sell.”
© 2013 Scripps Newspaper Group — Online
Naples, Fla. (Apr. 12, 2013) – The Naples area overall median home price increased 17 percent for the 12 months that ended in March 2013, 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).
