Low Inventory Impacts Market Contacts: Pat Pitocchi, NABOR President & Media Relations Committee Chairman, (239) 398-8650,         Marcia Albert, NABOR Director of Marketing, (239) 597-1666 Naples, Fla. (September 19, 2014) - "We can't sell what's not there," was a phrase repeated among several brokers as they analyzed a recent report tracking August home sales activity released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall inventory dropped 20 percent in the $300,000 and below price category in August 2014 compared to August 2013. The median price in this price category rose 13 percent as a result. The pending and closed sales dropped double digits in the same price segment August 2014 compared to August 2013, factors that illustrate the economic law of supply and demand. Low inventory was also a strong factor in the decrease of pending and closed sales activity in the Naples Beach area condominium market. This much-sought after location experienced a 28 percent decrease in available inventory from 571 condominiums to 409 condominiums in August 2014 compared to August 2013. The low inventory contributed to the 31 percent decrease in pending sales and 23 percent decrease in closed sales of condominiums in this area. And, the median closed price in this area increased 7 percent from $495,000 in the 12-months ending August 2013 to $530,000 in the 12-month ending August 2014. "I thought we had seen the top of this economic cycle a year ago," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., referring to unpredictable activity in certain areas within Collier County. "Our local market is extremely diverse. For example, in Pelican Bay there is a three month inventory of single family homes for sale, but if you are looking to buy a Crayton Road area condo in the $2 to $3 million price range, you'd better be ready with a checkbook because there are only two listings." Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, pointed out that the report also showed financed sales had increased 30 percent since NABOR® starting tracking overall cash versus conventional (financed) sales in January 2013. "We are starting to see an increase in the number of homes being financed by qualified buyers." The NABOR® August 2014 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 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: Overall pending sales decreased 11 percent from 890 homes in August 2013 to 795 homes in August 2014. Overall closed sales decreased 2 percent from 9,798 homes in the 12-months ending August 2013 to 9,613 homes in the 12-months ending August 2014. The overall median closed price increased 14 percent from $228,000 in 12-months ending August 2013 to $260,000 in the 12-months ending August 2014. Overall inventory decreased 8 percent from 3,875 in August 2013 to 3,579 in August 2014. Average days on market were 83 for August 2014. Inventory for single family homes increased 1 percent from 1,894 homes in August 2013 to 1,904 homes in August 2014. The largest increase was in the $300,000 - $500,000 price category, which saw a 12 percent increase. Closed sales for condominiums decreased 1 percent from 5,137 condominiums in August 2013 to 5,066 condominiums in August 2014. Several brokers agreed with Phil Wood, President & CEO of John R. Wood Realtors, who said, "We'll have to see if the low inventory will continue to be a trend in the coming months." The August report reflects inconsistent activity across all geographic areas making it difficult to predict whether the low inventory will continue to affect pending and closed sales moving forward. Additionally, another factor not tracked in the report but one that impacts pending homes sales is new construction, which continues to swell in the area. However, the rising inventory of newly constructed homes will not help those buyers looking for homes in the under $300,000 price category because there are few available. "This is a very diverse market with a diminishing inventory in the reasonably priced housing sector," said NABOR® President and Corporate Trainer at Downing-Frye Realty Pat Pitocchi. "The increase in median closed price continues to be driven by the under $300,000 market, which comprises nearly 65 percent of existing home inventory. In August, the under $300,000 price segment's overall median closed price increased 13 percent, while all other price categories moved slightly up or down. It's the only area of the market whose median closed price behavior is predictable."

Naples:

A study by Forbes Magazine using data from Moody's Analytics ranked the Naples area No. 1 out of 200 of the largest metros, with an expected job growth rate of 4.1% annually through 2016.

Pelican Bay:

As of 9/15 Pelican Bay had 86 listing for sale an inventory of 1.38% of total residences.  Pending Sales of 32 represented a still low 2.68 month ratio to listings. 

Kayaks and canoes, tennis and golf, these are some of the amenities that my fellow denizens at Pelican Bay know so well.  We know that Pelican Bay is a unique community however NABOR, (Naples Board of Realtors) lumps us in with other zip codes, this blog is created to inform current residents and prospective buyers with current and trending statistics in Pelican Bay.

Pelican Bay:

August statistics are in, we had a total of 23 sales in Pelican Bay with an average sales price of $762,903 down from 28 sales in July with an average price of $1,227,919. The median price in August was $562,000 and that was down from $982,500. August was skewed upward due to 6 homes sold for over 2 million and one at over 5 million.  The average days on the market (DOM) was 127 days in August versus a similar 121 days in July. The average sale to Listing Price was 95.51% , we had 2 sales that were at the Listing Price and one over 100%, lowest  was at 86%. 

Nationwide News:

NEW RESIDENTIAL SALES IN JULY 2014
Sales of new single-family houses in July 2014 were at a seasonally adjusted annual rate of 412,000, according to estimates 
released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.4 
percent (±11.9%)* below the revised June rate of 422,000, but is 12.3 percent (±17.1%)* above the July 2013 estimate of 
367,000.
The median sales price of new houses sold in July 2014 was $269,800; the average sales price was $339,100. The seasonally 
adjusted estimate of new houses for sale at the end of July was 205,000. This represents a supply of 6.0 months at the current 
sales rate.

New Residential Sales data for August 2014 will be released on Wednesday, September 24, 2014

Naples News A service from the Naples Area Board of REALTORS®

No Summer Vacation for REALTORS® Median Closed Price Increases $35,000 Contacts: Pat Pitocchi, NABOR President & Media Relations Committee Chairman, (239) 261-2214,         Marcia Albert, NABOR Director of Marketing, (239) 597-1666    Naples, Fla. (August 22, 2014) - "Stable" continues to be the adjective real estate experts use to describe the Naples area housing market after analyzing a recent report tracking July activity released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall pending and closed sales for July increased in all price categories except the $300,000 and under market. The overall median closed price in July increased 16 percent from $225,000 to $260,000; with a 12 percent increase in the $300,000 and under market, from $155,000 to $174,000,driving the overall price increase.  "Due to demand in the under $300,000 market, which resulted in a 25 percent decrease in that segment's inventory, the market's total inventory in July fell 13 percent," said Phil Wood, President & CEO of John R. Wood Realtors. "However, it's important to note that 15 percent of the total inventory available included 539 newly constructed homes. Our report tracks some new construction activity, typically 'spec' homes, however, it does not include new home inventory being added from the 30 new communities currently under development in the area." "The report shows us clear inventory decline in the $300,000 and below market," said Wes Kunkle, a commercial broker at Kunkle Realty. "The fact is: we're running out of homes to sell in this price category." Kunkle continued, the trend can be seen in the statistics, as pending sales for homes under $300,000 decreased at almost the same rate as its inventory. The report also shows new summer trends by neighborhood. In July 2014, the only increase in pending sales of single family homes was in the Naples Beach and South Naples areas. Interestingly, the only area to experience a positive increase in inventory was East Naples. "Appreciation is one key factor driving prices in the lower end of the market," said Dr. Shelton Weeks, Department Chair of Economics & Finance, Lucas Professor of Real Estate and director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University. "These homes are in demand and quick to sell." Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, noticed another interesting trend in the July report, "Overall pending sales in the $2 million and above price segment increased 47 percent from 19 homes pending in July 2013 to 28 homes pending in July 2014. For single family homes in this segment and timeframe, pending sales increased 100 percent from 11 to 22; yet pending sales for condominiums in this price segment decreased 25 percent from 8 to 6." The NABOR® July 2014 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® July 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: Overall pending sales decreased 13 percent from 975 homes in July 2013 to 845 homes in July 2014. Overall closed sales had no change from 12-months ending July 2013 to 12-months ending July 2014. The overall median closed price increased 16 percent from $225,000 in 12-months ending July 2013 to $260,000 in the 12-months ending July 2014. Overall inventory decreased 13 percent from 4,086 in July 2013 to 3,562 in July 2014. Average days on market were 77 for July 2014. Pending sales for single family homes decreased 10 percent from 505 in July 2013 to 453 in July 2014. In the $2 million and above category, pending sales increased 100 percent from 11 in July 2013 to 22 in July 2014. Closed sales for single family homes decreased 1 percent for 12-months ending July 2014. However, closed sales increased in all price categories except the under $300,000, which saw a 20 percent decrease. The median closed price for single family homes increased 25 percent for the 12-months ending July 2014. However, all price categories above $500,000 saw a decrease in median closed price. Inventory for single family homes increased 1 percent. The largest increase was in the $300,000 - $500,000 price category, which saw a 14 percent increase. Average days on market for a home in the $300,000 and under category was 50 days in July 2014. Pending sales for condominiums decreased 17 percent for 12-months ending July 2014. Closed sales for condominiums increased 1 percent for the 12-months ending July 2014. Activity in this area was most impressive in the $1-$2 million price category which had a 25 percent increase, and in the $2 million and above price category which had a 35 percent increase. The median closed price for condominiums increased 12 percent for the 12-months ending July 2014. Inventory for condominiums decreased 19 percent with all price categories experiencing a drop. Average days on market for a condominium in the $300,000 and under category was 56 days in July 2014. Average days on market for a condominium in the $2 million and above category was 95 days in July 2014.  "Traditional sales dominate the market. In July 2014, they increased 35% from 345 in July 2009 to 603 in July 2014," said Carmen Vasquez, owner/broker of US Prime Realty. "There were 330 non-traditional [short sale or foreclosed] home sales in July 2009. In July 2014 there were only 102, a significant reduction." There were also more closed sales recorded in the first seven months of 2014 (5,952) than there are available in our current inventory (3,563), which NABOR® experts believe is an encouraging message to consumers looking to sell or buy. 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 4,700 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 July 2014 Market Statistics    To view the entire report, visit www.NaplesArea.com

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(Reuters) - U.S. home resales rose to a 10-month high in July and the number of Americans filing new claims for unemployment benefits fell last week, signaling strength in the economy early in the third quarter.

The growth outlook was further buoyed by other reports on Thursday showing factory activity in the mid-Atlantic region hit its highest level since March 2011 in August while a gauge of future economic activity increased solidly last month.

The National Association of Realtors said existing home sales increased 2.4 percent to an annual rate of 5.15 million units. That was the highest reading since last September and confounded economists' expectations for a pullback.

Home resales have now increased for four straight months after the housing market recovery stalled in the second half of 2013 following a run-up in mortgage rates.

"It goes some way in allaying fears about a relapse in the housing sector recovery, which until recently appears to have stagnated," said Millan Mulraine, deputy chief economist at TD Securities in New York.

Kayaks and canoes, tennis and golf, these are some of the amenities that my fellow denizens at Pelican Bay know so well.  We know that Pelican Bay is a unique community however NABOR, (Naples Board of Realtors) lumps us in with other zip codes, this blog is created to inform current residents and prospective buyers with current and trending statistics

Florida: Total single family permits issued in Florida have risen four year in a row, but they're still well below their 20 year average-and their peak in 2005 before the housing bubble burst.  Year to date, Florida ranks second only to Texas for permits.

Pelican Bay:

Some fast statistics:  We have 38 pending contracts and 81 listings in inventory a low 2.13 month ratio.