thepelicanbayblog

Friday, April 17, 2015

Naples Area Statistics

Buyers Shift Focus to Condominium Market

Contacts: Pat Pitocchi, NABOR® Media Relations Committee Chairman, (239) 398-8650,

Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (April 17, 2015) - Overall activity in the Naples area real estate market across all price categories remains steady, according to the First Quarter 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Most notable in the report was the $300,000 - $500,000 price category for condominiums in which the overall closed and pending sales increased by double digits in the first quarter of 2015. Statistics show a recent shift in buyer focus from single-family homes to condominiums.

Broker analysts reviewing the First Quarter 2015 Market Report agree that a new trend may be emerging, as the report showed condominiums outperforming single-family home sales. As such, these analysts predict condominiums will see continued rise in activity moving into summer.

"Pending and closed sales in the mid-level price range [$300K - $500K] for both March and first quarter outperformed all other areas of the market," said Phil Wood, President & CEO of John R. Wood Properties. "Perhaps this is reflective of vacation home buyers who want a place to escape the winter weather. Condos are the easiest way for them to do so, since exterior maintenance issues are handled by the associations."

"The difference in performance between the single-family home market and condo market in the $300,000 -$500,000 price category for the first quarter is quite impressive," said Steve Barker, Advising Broker for Equity Realty. "Pending sales for condominiums in the $300,000 - $500,000 price category increased 53 percent. Yet, while the single family home market is very good, pending sales for single-family homes in this same price category increased only half that, at 26 percent."

Supporting analysis presented by Cindy Carroll SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., at NABOR®'s Economic Summit earlier this month, several brokers including Kathy Zorn, Bill Coffey and Mike Hughes pointed out that the First Quarter 2015 Market Report indicated location as a big factor in home sales activity.

Hughes remarked that, "the overall median closed price in all geo-specific areas of the county increased double digits compared to the same quarter last year." Zorn added, "in both the Central Naples and South Naples areas, the median closed price rose 17 percent compared to the first quarter of 2014."

Overall inventory for the $300,000 - $500,000 price category in the first quarter of 2015 increased 14 percent from 934 homes in the first quarter of 2014 to 1,061 homes in the first quarter of 2015. Only the inventory in the over $2 million price category had a larger increase - 18 percent - expanding from 400 homes in the first quarter of 2014 to 471 homes in the first quarter of 2015.

"The number of people paying cash for their homes remains strong," said Barker, who added, "a stunning 73 percent of all home sales in the first quarter of 2015 were cash-only purchases. Strict lending standards combined with low inventory continue to give the advantage to cash buyers in this housing market."

"We also see that in March, traditional sales dominated the market at 91 percent," said Bill Poteet, owner and broker at Poteet Properties. "There were 921 traditional sales and only 19 non-traditional [short sale and/or foreclosed] sales." He went on to note that March's market performance is typically a leading indicator of the trend we can expect going in to the summer.

The NABOR® 1Q 2015 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® 1Q 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

Overall pending sales increased 3 percent from 3,532 in 1Q 2014 to 3,628 in 1Q 2015.
Pending sales in the single-family home market increased 5 percent from 1,563 single-family homes in 1Q 2014 to 1,634 single-family homes in 1Q 2015.
Pending sales in the condominium market increase 1 percent from 1,969 condominiums in 1Q 2014 to 1,994 condominiums in 1Q 2015.
Overall closed sales decreased 4 percent from 2,409 in 1Q 2014 to 2,312 in 1Q 2015.
Closed sales for single-family homes decreased 13 percent in the $0 - $300,000 price category from 473 single-family homes in 1Q 2014 to 412 single-family homes in the 1Q 2015,
Closed sales for single-family homes increased 14 percent in the $300,000 - $500,000 price category from 264 single-family homes in 1Q 2014 to 300 single-family homes in 1Q 2015.
Overall median closed price increased 13 percent from $265,000 in 1Q 2014 to $300,000 in 1Q 2015.
Overall median closed price for homes over $2 million increased 11 percent from $2,877,000 in 1Q 2014 to $3,200,000 in 1Q 2015.
Median closed price for condominiums in the $2 million and above price category decreased 13 percent from $2,775,000 in 1Q 2014 to $2,405,000 in 1Q 2015.
Overall inventory decreased 3 percent from 4,405 homes in 1Q 2014 to 4,253 homes in 1Q 2015.
Inventory of single-family homes in the $0 - $300,000 price category decreased 28 percent from 537 single-family homes in 1Q 2014 to 385 single-family homes in 1Q 2015.
Inventory of single-family homes in the $500,000 - $1 million price category increased 21 percent from 529 in 1Q 2014 to 640 in 1Q 2015.
Inventory for condominiums in the $2 million and above price category increased 77 percent from 39 in 1Q 2014 to 69 in 1Q 2015.
Average days on market decreased 11 percent from 95 in 1Q 2014 to 85 in 1Q 2015.

The NABOR® March 2015 Market Report was also released and reflected these overall (single-family and condominium) findings:

Overall pending sales increased 9 percent from 1,399 homes in March 2014 to 1,520 homes in March 2015.
Overall closed sales increased 3 percent from 981 homes in March 2014 to 1,014 homes in March 2015.
Overall median closed price increased 12 percent from $248,000 in the 12-months ending March 2014 to $278,000 in the 12-months ending March 2015.
Overall median closed price in the $0-$300,000 category increased 9 percent from $165,000 in the 12-months ending March 2014 to $189,000 in the 12-months ending March 2015.
Overall inventory decreased 3 percent from 4,405 homes in March 2014 to 4,253 in March 2015.
Average days on market decreased 16 percent from 94 days in March 2014 to 80 days in March 2015.

"The statistics show that the lower the price category, the faster the home will sell and the higher the price category, the longer it takes to sell," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "For example, homes in the $0 - $300,000 price range sold in an average of 64 days in the first quarter of 2015, while homes in the over $2 million price category stayed on the market 152 days before they sold."

The First Quarter 2015 and March 2015 Market Reports reflect exactly what all three economic experts predicted at NABOR®'s 4^th annual Economic Summit: that the real estate industry in Florida is very good and will continue to stay very good through 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.

Thursday, April 16, 2015

1st Quarter 2015 results

Prices are continuing their upward trend. The first quarter results are in, average days of the market was 74(DOM), average sales price was $1,232,280 and the median sales price was $835,000. The most significant fact was the DOM last August it was 127 days, indicating that buyers are moving faster to gobble up listings that are fairly priced. We had 94 sales the first quarter with inventory today of 99 listings indicating tight market of only 3 months supply. Average sales price to listing was 95.5%

Thursday, March 26, 2015

March Area Stats

NABOR^® Report Indicates Healthy Market Trends Continue

Contacts: Pat Pitocchi, NABOR® Media Relations Committee Chairman, (239) 398-8650,

Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

(March 20, 2015) - An increase in the number of home sales in the over $300,000 price categories, overall rising median closed prices, and an increase in inventory in most price segments were just some of the trends included in NABOR's February 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). But the best news? These trends are expected to continue.

"We saw year-over-year growth in our overall median closed prices throughout 2014; and with February getting off to a similar start, we expect that trend will continue," Vice President and General Manager of Downing-Frye Realty and NABOR®'s 2015 President Mike Hughes said. "Our inventory remains low yet we ended February with 1,280 sales pending. This indicates a healthy market."

According to Kathy Zorn, broker/owner of Florida Home Realty, "February's activity revealed that sellers may not be sitting on the fence anymore. It's been 10 years of recovery and many homeowners who've weathered it may be at a place where they feel satisfied their property's value has recovered."

While overall closed sales activity for single-family homes remained even in February 2015 compared to a year ago, its inventory grew by 6 percent from 2,305 homes in February 2014 to 2,449 homes in February 2015. "I don't think the increase in inventory is necessarily all due to bracket creep," said Zorn. "Homeowners keep an eye on their property values. When they presume their home has rebuilt equity, many will contact a REALTOR® to confirm the increase in value. If the equity is confirmed, they're likely to put their home on the market."

Wes Kunkle, a commercial broker at Kunkle Realty, said the resale market's recovery will likely affect new home construction prices. "The report shows a trend of increased inventory in single-family homes that I believe will begin to put pressure on new home construction prices. We may see a pricing peak in the new home market sooner than later."

However, as indicated in the February report, the condominium market is not performing as well as the single-family home market. Closed sales for condominiums decreased 17 percent from 395 in February 2014 to 329 in February 2015. As expected, this decrease may be a result of a 16 percent decrease in condominium inventory, which fell from 2,328 units in February 2014 to 1,957 units in February 2015.

"Condos are not recovering as well as single-family homes because they are at the whim of certain financing obstacles," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. "Getting a bank to approve a loan on a condo is more difficult because they typically rely on extenuating factors such as the financial health of the homeowners' association, the age and structural state of the building, and a requirement to receive Fannie Mae approval."

Despite these obstacles, broker analysts think the condominium market's activity in the last year is an indication of its potential for an increase in value. For example, pending sales for condominiums in the $300,000 - $500,000 price category increased 87 percent from 79 units in February 2014 to 148 units in February 2015 and overall, the median closed price jumped 14 percent during that time period. "We've seen a recovery and stellar activity in the single-family home market. It wouldn't surprise me if condominiums became the new exchange," said Carroll. "And may experience the same type of recovery as the single family home market."

The NABOR® February 2015 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® February 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

Overall pending sales increased 3 percent from 1,244 in February 2014 to 1,280 in February 2015.
Overall closed sales decreased 1 percent from 9,808 in the 12-months ending February 2014 to 9,720 in the 12-months ending February 2015.
Closed sales for single-family homes decreased 1 percent from 4,682 homes in February 2014 to 4,612 homes in February 2015.
Closed sales for condominiums decreased less than a percent from 5,126 condominiums in February 2014 to 5,108 in February 2015.
Overall median closed price increased 12 percent from $245,000 in the 12-months ending February 2014 to $275,000 in the 12-months ending February 2015.
Overall inventory decreased 5 percent from 4,633 homes in February 2014 to 4,406 homes in February 2015.
Inventory for single-family homes increased 6 percent from 2,305 homes in February 2014 to 2,449 homes in February 2015.
Inventory for condominiums decreased 16 percent from 2,328 in February 2014 to 1,957 in February 2015.
Average days on market for February 2015 were 93.

There are 3,027 homes for sale in the Naples area that are priced above $300,000. This comprises about 66 percent of the market. If you are a homeowner that sat steady while the market recovered, find out whether your home has gained equity by contacting a REALTOR®. A REALTOR® has the experience and knowledge to do provide an accurate market comparison that will help you determine whether now is the right time to sell your home and ensure your next sale or purchase in the Naples area is a success. Contact a REALTOR® on NaplesArea.com®.

Tuesday, February 24, 2015

Naples January Statistics

REALTORS^® Complete 1,100 Written Contracts

and 600 Closed Sales in January

Contacts: Pat Pitocchi, NABOR® Media Relations Committee Chairman, (239) 398-8650,

Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (February 20, 2015) - The Naples area housing market is off to a solid start according to broker analysts who evaluated the January 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory declined a moderate 5 percent from 4,776 homes in January 2014 to 4,515 homes in January 2015, and overall closed sales in every price category above $300,000 increased by double digits in the 12-months ending January 2015. Overall median closed price increased 13 percent to $273,000 in the 12-months ending January 2015 from $242,000 in the 12-months ending January 2014.

"We're not seeing as dramatic a decrease in inventory this January as in last January," said Mike Hughes, NABOR® president and Vice President/General Manager of Downing-Frye Realty. Inventory decreased only 5 percent from January 2014 over January 2015, compared to a decrease in inventory of 15 percent from January 2013 over January 2014. Hughes believes this slowing of inventory decline may be a good sign and remarked that "we should expect another tremendous season for home sales."

As typically seen during the first three months of the year, cash sales are also on the rise. In January, the 394 cash sales reported accounted for 70 percent of home sales transactions in the Naples area. The report also showed sales of foreclosed homes in January were at their lowest - 64 - since NABOR® began reporting home sales activity in July 2009 when foreclosures numbered 240.

"Activity in the luxury home market continues to be the most impressive," said Coco Waldenmayer, a managing broker at John R. Wood Properties. According to the report, pending sales, based on signed real estate contracts, for single family homes in the $1 to $2 million category increased 53 percent from 36 pending sales in January 2014 to 55 in January 2015, while in the same price category in the condominium market, pending sales decreased 22 percent from 36 in January 2014 to 28 pending sales in January 2015. Not surprisingly, the inventory for condominiums in this $1 million to $2 million category had the largest decline too at 26 percent.

As pointed out by several broker analysts during NABOR®'s 2014 annual media conference on January 16^th, buyers looking for single family homes in 2015 will be pleased. In fact, according to Cindy Carroll, SRA, with the real estate appraisal and consultancy firm of Carroll & Carroll, Inc., affordable single-family homes are not appreciating out of control, as often speculated. "The median closed price for single-family homes in the $300,000 and below category increased 16 percent from January 2013 to January 2014. Yet the January report showed an increase of only 8 percent from $178,000 in January 2014 to $193,000 in January 2015."

"The key is to work with a REALTOR® that knows the Naples market," said Pat Pitocchi, NABOR® media relations chairperson and corporate trainer at Downing-Frye Realty. "Regardless of whether you are in the market to purchase a starter home or a seasonal residence, a REALTOR® can simplify the process and help you find exactly what you want."

The NABOR® January 2015 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® January 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

Overall pending sales decreased 1 percent from 1,117 in January 2014 to 1,103 in January 2015.
Pending sales for single-family homes increased 5 percent from 510 in January 2014 to 536 in January 2015.
Pending sales for condominiums in the $300,000 to $500,000 category increased 51 percent from 82 in January 2014 to 124 in January 2015.
Overall closed sales decreased 1 percent from 9,835 in the 12-months ending January 2014 to 9,759 in the 12-months ending January 2015.
Overall closed sales for single-family homes in the $2 million and above category increased 37 percent from 213 in the 12-months ending January 2014 to 292 in the 12-months ending January 2015.
Overall median closed price increased 13 percent from $242,000 in the 12-months ending January 2014 to $273,000 in the 12-months ending January 2015.
Overall inventory decreased 5 percent from 4,776 homes in January 2014 to 4,515 homes in January 2015.
Average days on market for January 2015 were 85.

According to the report, the inventory of homes for sale in the $300,000 and below category in January 2015 encompassed about 33 percent of the market at 1,479 units. And while overall inventory fell 5 percent from 4,776 in January 2014 to 4,515 in January 2015, the $300,000 and below category experienced the largest drop in inventory (-24%) from 1,938 in January 2014 to 1,479 in January 2015. Despite a sinking of inventory in the $300,000 and below price category, there were increases in inventory in three other price categories: $330,000 to $500,000 increased 15 percent; $500,000 to $1 million increased 8 percent; and $2 million and above increased 12 percent from January 2014 to January 2015.

The greater Naples area housing market has had dramatic changes in inventory, price, availability and demand over the past year; more so in some neighborhoods than in others. It is because of those changes and the increasingly complex documentation involved in buying and selling homes that buyers and sellers are working closely with a REALTOR®. When you work with a REALTOR® who understands the diverse tapestry of the Naples area real estate market, you are partnering with a professional who has the experience you need to buy or sell with confidence in either the new home or resale markets.

Friday, December 19, 2014

NOVEMBER NAPLES AREA STATS

Buyers Rush Luxury Market in November

Contacts: Pat Pitocchi, NABOR® Media Relations Committee Chairman, (239) 398-8650,

Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (December 19, 2014) - Sellers in the luxury market can expect a very good buyer turnout in the coming months according to a consensus among Naples' top brokers after they analyzed the November 2014 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Their prediction was based on several factors including overall pending sales activity, which rose 11 percent for homes priced over $1 million; overall closed sales activity, which increased 17 percent for homes priced over $1 million; and that the majority of homes sold in the $2 million and above category were cash sales.
"Pending and closed sales activity in all price categories above $300,000 was up over the past 12-month period ending in November," said Tom Bringardner, Jr., President/CEO of Premier Commercial.

"Activity in the high end market is remarkable coming into season," said Steve Barker, Advising Broker for Equity Realty. "The report indicated that a greater number of homes in the $2 million and above price category were sold [21] as compared to what sold in the same month last year [14]. This is a good sign for sellers in our market because people who have the resources to pay cash for million dollar homes are smart and careful investors. They are not going to make a poor investment decision, which speaks volumes for the value of our market."

The November 2014 report showed heightened activity in several areas of the luxury market including a 40 percent increase in overall closed sales for single family homes priced $2 million and above from 202 in the 12-months ending November 2013 to 282 in the 12-months ending November 2014; an 11 percent increase in closed sales for condominiums priced $1 million - $2 million from 234 in the 12-months ending November 2013 to 260 in the 12-months ending November 2014; and a 35 percent increase in single family median home prices in the Naples Beach area from $739,000 in the 12-months ending November 2013 to $1,000,000 in the 12-months ending November 2014.

"Median price in the Naples Beach area single family home market can not continue to increase at the current rate indefinitely," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm of Carroll & Carroll, Inc., who added that, despite aggressive activity in new construction, the report indicated that inventory in the resale market continued to decline.

The NABOR® November 2014 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® November 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

Overall pending sales decreased 2 percent from 840 in November 2013 to 825 in November 2014.
Pending sales for single family homes in the $300,000-$500,000 price category increased 32 percent from 99 in November 2013 to 131 in November 2014.
Pending sales for single family homes in the $2 million and above category increased 24 percent from 25 in November 2013 to 31 in November 2014.
Overall closed sales decreased 2 percent from 9,878 in the 12-months ending November 2013 to 9,635 in the 12-months ending November 2014.
Median closed price increased 12 percent from $236,000 in the 12-months ending November 2013 to $265,000 in the 12-months ending November 2014.
Median closed price for single family homes in the $2 million and above price category increased 50 percent month over month from $2,600,000 in November 2013 to $3,900,000 in November 2014.
Overall inventory decreased 10 percent from 4,584 homes in November 2013 compared to 4,136 homes in November 2014.
Average days on market for November is at 79.

According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, the market's median closed price has gone up 62 percent in the last four years from when it was $169,000 in November 2010 to $272,000 in November 2014. And inventory is down 63 percent from one of its highest points of 11,116 in November 2008 to 4,136 homes in November 2014.

"Traditionally, the soft part of the year for real estate is September, October and parts of November," said NABOR President Mike Hughes, Vice President and General Manager of Downing-Frye Realty. "But this year, the soft wasn't soft; it was strong."

Despite a double-digit drop in overall inventory, the Naples area real estate market continued to see positive growth in various price points, categories, home styles and neighborhoods for both pending and closed sales activity in November. With luxury homes at a premium, homeowners that decide to sell in Naples now may begin to encounter more cash offers. Navigating the complexity of these real estate transactions can be made easier with guidance from a Naples REALTOR®.

View November 2014 Market Statistics

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

EXPLORE OUR WEBSITES

www.NABOR.com

Monday, December 1, 2014

Naples Real Estates November

Condominiums an Affordable Option in Naples Market

Contacts: Pat Pitocchi, NABOR President & Media Relations Committee Chairman, (239) 398-8650,

Marcia Albert, NABOR Director of Marketing, (239) 597-1666

Naples, Fla. (November 21, 2014) - As buyers seek an opportunity to own a home in Naples, condominiums continue to be an affordable option. Condominium median closed prices increased only 9 percent from $198,000 to $215,000, which is below the overall median closed price of $265,000 in the 12-months ending October 2014. In comparison, single family homes experienced a 21 percent increase in the median closed price from $280,000 to $340,000 in the same time period according to an October 2014 report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Most of the sales activity in the Naples condominium market is in the $0-$300,000 category with 3,483 closed sales recorded in the 12-months ending October 2014. Compared to the sales activity for the single family home market, which had 1,986 closed sales recorded in the same $0-$300,000 category in the 12-months ending October 2014, condominium sales in Naples are stronger.

"In October 2013 the difference between the median closed price of condos and single family homes was $82,000 compared to October 2014 when the difference was $125,000," said Phil Wood, President & CEO of John R. Wood Properties.

Mr. Wood's comparison shows median closed prices for condominiums did not increase as fast as median closed prices for single family homes. Yet inventory for both types of homes in the $0-$300,000 category continued to deplete in October 2014 with a 22 percent decrease in single family homes and 27 percent decrease in condominiums compared to October 2013.

The report also indicated cash sales remained strong with cash sales growing to 67 percent of overall home sale transactions in October, as noted by Kathy Zorn, Broker/Owner, Florida Home Realty, who believes is due, in part, to the tightening of mortgage requirements. "Nationally, the cash sales rate is at about 33 percent", she said, "Cash offers in our area put buyers in a stronger position than buyers using conventional financing."

As for the short sale or foreclosure market, the October report showed only 18 short sale transactions and 73 foreclosed property sales taking place in October 2014.

"Traditional sales accounted for 87 percent of all reported transactions in October 2014, which is an indicator of a strong housing market in the Naples area," said Carmen Isbely Vasquez, Owner/Broker of US Prime Realty.

The NABOR® October 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® October 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

Overall median closed price increased 13 percent from $235,000 in the 12-months ending October 2013 to $265,000 in the 12-months ending October 2014.
Overall pending sales increased 9 percent from 839 in October 2013 compared to 911 in October 2014.
Pending sales for condominiums in the $1 million-$2 million category increased 211 percent from 9 in October 2013 compared to 28 in October 2014.
Overall closed sales decreased 2 percent from 9,912 in the 12-months ending 2013 to 9,667 in the 12-months ending 2014.
Closed sales for single family homes in the $2 million and above category increased 31 percent from 210 in the 12-months ending October 2013 to 275 in the 12-month ending 2014.
Median closed price increased 13 percent from $235,000 in the 12-months ending October 2013 to $265,000 in the 12-months ending October 2014.
Overall median closed price for homes in the $1 million-$2 million and $2 million and above categories both decreased 3 percent.
Overall inventory decreased 10 percent from 4,376 homes in October 2013 compared to 3,939 homes in October 2014.
Average days on market for October is at 73.

The October reports showed signs our winter residents and visitors returned early this year: Overall pending sales rose 10 percent from September 2014 (829) to October 2014 (911), and inventory also increased from 3,702 units available in September 2014 to 3,929 units available in October 2014. Pending sales are driving the market into what is anticipated to be a strong fourth quarter according to NABOR®.

"We're seeing the demand for homes in the Naples beach area start to rise again too," said Steve Barker, Advising Broker for Equity Realty, who added that the report showed pending sales for both condominiums and single family homes rose over 40% in this geographic area for October 2014 compared to October 2013.

Several broker analysts agreed with incoming NABOR® President Mike Hughes, Vice President and General Manager of Downing-Frye Realty, who remarked that Naples is now an exclusive luxury destination similar to Aspen and Hilton Head, and predicts the area is poised to see more price appreciation, especially in the luxury single family home market.

With the majority of inventory in the $0-$300,000 category located in the condominium market, buyers looking to own a piece of paradise are encouraged to seek guidance from a local REALTOR®, who can help them navigate through the 1,800 available condominiums for sale-of which half are priced under $300,000-and find a perfect fit.

View October 2014 Market Statistics

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

EXPLORE OUR WEBSITES

www.NABOR.com

www.NaplesArea.com

This email was sent to you by Naples Area Board of REALTORS^®.

Tuesday, November 25, 2014

Ben Franklin

BENJAMIN FRANKLIN INSPIRES BUYERS TO SUCCEED

Written by PJ Wade on Monday, 24 November 2014 1:48 pm

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thank you PJ

Everyone is in a hurry these days and real estate buyers are no exception. In their haste to get the deal done, they can undermine the success of their significant purchase and their long-term goals.

Benjamin Franklin's observation that "Haste makes waste" serves as an excellent summary for the tendency of many buyers to act too quickly and, therefore, not gain all the benefits available to them.

Haste to read listings and view properties can mean many buyers leap into the buying process before they are sure of what they want and need, and before they are aware of all their financial and real estate options;

Haste to squeeze a real estate purchase into already jam-packed schedules and smartphone-driven communication overload can add pressure that results in hastily-made, misguided and hard-to-live with decisions;

Haste to act in high-pressure and multiple-offer situations may lead buyers to jump at a property without a clear picture of what they are buying and what compromises they are making.

Slowing down the buying process once it gets started can be a challenge since real estate is all about acting on urgency. Once you view an acceptable property the question becomes, "Are you ready to make an offer or will you risk losing out?"

The key to success lies in developing "smarts" before you jump into the sales funnel and face the pressure of making an offer. Start by taking time to learn how to act in your own best interest beforeyou dig through listings, view properties, and make a choice then you'll benefit on many levels.