INCREASED HOME SALES REDUCE INVENTORY

Naples, Fla. –   Overall pending home sales and closed home sales have increased five percent each in the 12-months ending February 2012 , according to data from the Naples Area Board of REALTORS® (NABOR®) which tracks home listings and sales within Collier County (excluding Marco Island).

The rise in home sales is a positive sign and increased sales lead to less housing inventory in the Naples area. Overall inventory decreased 17 percent, from 9,213 in February 2011 to 7,888 in February 2012.

“Pricing is extremely important right now. The good news carries through for single family and condos, as less days on the market, coupled with the price increases is leading to less inventory,” said Gerald Murphy, Manager of Caldwell Banker.

“One of the biggest gains is a 55 percent increase in pending sales from February 2011 to February 2012 for Naples area homes priced from $500,000 to $1 million,” stated Phil Wood, President & CEO of John R. Wood Realtors. “In February, homes in that price range took off like rockets.”

The overall market experienced 8,349 closed sales for the 12 months ending February 2012, compared to 7,929 closed sales for the 12-month period ending February 2011, according to NABOR® data.

“Price increases in certain categories of the market and falling inventory sets the stage for increased valuation,” remarked Dr. Shelton Weeks, Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University.

NABOR® data shows:

• Overall pending sales increased 55 percent in the $500,000 to $ 1 million category February 2011 to February 2012
• Overall closed sales increased 70 percent in the $2 million plus category February 2011 to February 2012
• Median closed prices overall are up 5 percent from February 2011 to February 2012
• Overall inventory reduced 17 percent from February 2011 to February 2012
• Overall average DOM (Days on the Market) decreased 4 percent from February 2011 to February 2012
• Overall pending sales increased 11 percent in the $300,000 to $500,000 category and 17 percent in the $500,000 to $ 1 million category 12-month ending
• Closed sales increased 13 percent in the $ 1 million to $2 million category 12-month ending
• Naples Beach area pending sales increased 17 percent and closed sales increased 20 percent 12-month ending

“The pace of activity continues to rise as inventory lowers,” agreed Coco Waldenmayer, Managing Broker of Engel & Völkers. “Increased sales generally lead to shorter time on the market.”

Adds Steve Barker of Amerivest Realty: “With the reduction in inventory, properties are selling faster. There is a sense of urgency. Inventory is on the decline in the condo market, from 4,930 listings in February 2011 to 4,250 in February 2012.”

“The fact that 855 homes under $300,000 were pending for February 2012 is very promising,” said Ernesto Velasquez of Coldwell Banker.

“The market is on fire,” said Cindy Carroll, Principal of Carroll & Carroll, Inc. “Short sales and foreclosures are virtually disappearing.”

To view the entire report, visit www.NaplesArea.com

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 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 member-customers. NABOR is a member of the Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards 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.

View the February 2012 Statistics

Buyers hunting for homes in the Naples Real Estate Market this season won’t find as many choices.

The housing inventory has hit a five-year low, according a report released Friday by the Naples Area Board of Realtors. NABOR’s reports track inventory and Realtor-assisted sales made through its multiple listing service, or MLS, in Collier County, excluding Marco Island.

There are now 7,581 Naples Homes and Naples Condos on the market. That’s down by 1,564, or 17 percent, from a year ago, when there were 9,145.

Nationally, home sales in December reached their highest pace in nearly a year. The gain coincided with other signs that the troubled housing market improved at the end of last year.

Local Realtors thought they might see a jump in listings in December, ahead of the busiest months of season. But that didn’t happen.

One of the biggest surprises in 2011 was the jump in Million Dollar Home sales. In the over $2 million market, sales rose 12 percent over the previous year. There were 223 closed sales, up from 199 in 2010.

Meanwhile, the market saw 370 sales in the $1 million to $2 million market in 2011, up 9 percent from 338 in 2010. Sales in the market rose 38 percent in the fourth quarter of last year, traditionally a slower time for area Realtors. “That’s where the buyers are. These people are still out there looking and they have big checkbooks,” Barker said.

And They are buying in Moraya Bay!  Another Residence just went under Contract which would be 3 new sales in 2012 and it’s just January!

”Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

You just have to look at the numbers to see what the Naples market is doing.

• Closed sales between $2,000,000 and $5,000,000 are up 13% through November and show a 3.7% increase in median price.
• In the month of November, the number of pended sales above $500,000 posted a 21% increase over 2010. The price segments of $500,000 – $750,000
  and $1 – $2 million were the most improved, each with a 25% increase over November 2010.

Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

WE know they have! Moraya Bay had 2 more sales last month!

Moraya Bay sales jumped 80 percent over the time last year! When viewing properties on the beach in Naples buyers see Moraya Bay as the ultimate in direct beachfront living. Owners are provided with access to every conceivable resort living luxury. Whether it is the club on the beach or the state of the art fitness facility, when compared with other buildings Moraya Bay is an a category by itself. Congratulations to the sales team for a job well done. New models are on their way and should be ready for viewing in the next few weeks. Stop by for a personal tour.

HOME SALE PRICES UP 10%!

Report Shows Inventory Declines: 

NAPLES, Fla.-March 18, 2011- The median closed price for single-family homes continues to rise with February statistics showing a 10% year-over-year gain. 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), lower inventory is driving price increases and key indicators show the market firming up. 

Condo pending sales increased 17% with 635 contracts in February 2011 compared to 544 contracts in February 2010. 

 For the 12 months ending February 2011 overall closed sales in the $1 million to $2 million price category increased 29% with 338 sales compared to 262 sales for the 12 months ending in February 2010. 

Overall pending sales increased 9% with 1,223 contracts in February 2011 compared to 1,122 contracts in February 2010. 

Condo closed sales increased 10% with 3,885 sales for the 12 months ending February 2011 compared to 3,535 sales for the 12 months ending February 2010. 

Cnn Money-  Buying a second home

Wall Street Journal- Why 2011 may be the end of the housing crash!

Boston Globe-Prime time to buy property in Florida

Don’t you want to sit on the beach by now……. Moraya Bay

NAPLES, Fla.-January 14, 2011- The year 2010 has shown healthy housing market gains in the Naples area according to the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

The annual statistics compiled by NABOR show increases in overall pending and closed sales, inventory declining and an increase in the median closed price.

“2010 was a strong year despite the unprecedented challenges we faced. The news of the oil spill in the Gulf, the bank freeze on foreclosed homes and the end of the homebuyer tax credit left many sitting on the fence due to uncertainty. In the face of those challenges, the market showed great resilience,” said Mike Hughes, Vice-President of Downing-Frye Realty.

Overall closed sales increased 10 percent to 7,840 sales in 2010 compared to 7,126 sales in 2009. “Closed sales in 2010 showed double-digit increases over the 2009 figures in every price category above $300,000,” said Jo Carter, President of Jo Carter & Associates.

According to NABOR President and Managing Broker of Prudential Florida Realty, Brenda Fioretti, “The most improved segment of our market is the $1 million and above price category. In the $1 million to $2 million price segment, pending sales increased 29 percent and closed sales increased 33 percent.”

The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:

Overall pending sales increased 4 percent with 9,318 contracts in 2010 compared to 8,933 contracts in 2009.

Single-family home sales increased 3 percent to 3,959 sales in 2010 compared to 3,847 sales in 2009.

Condo sales increased 18 percent to 3,881 sales in 2010 compared to 3,270 sales in 2009.

Home sales grew steadily in 2010 resulting in a decline in the months of inventory. “The level of housing inventory has decreased for the fourth consecutive year. This is helping to bring the market back into balance,” said Steve Barker, Managing Broker of Amerivest Realty.

Nabor Press Release!