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Paradise in Demand: 2013
Solid Year for Real Estate
NAPLES, FL - All signs point to stabilization for the local housing
market as evidenced in the 2013 Annual Market Report 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 homes over $300,000 increased by double digits in 2013.
"The first sign of stabilization can be seen in the
increase of traditional closed sales for 2013," said Pat Pitocchi,
NABOR® President and Corporate Trainer at Downing-Frye Realty. "At
the beginning of the year, 74 percent of sales were traditional, while 26
percent were non-traditional [short sale and foreclosed properties]; but
by December, traditional sales rose to 83 percent of all sales leaving 17
percent as non-traditional."
"This report indicates a tremendous market shift from
home sales in the under $300,000 category to home sales in the over
$300,000 categories," said Bill Coffey, Broker Manager of Amerivest
Realty Naples. "Sales over $300,000 now drive the market. Closed
sales of homes in the over $300,000 price categories increased by 22.5
percent in 2013."
According to the report, the overall housing market inched
ahead of activity reported in 2012, which was considered a recovery year
by market expert Cindy Carroll, SRA, with the real estate appraisal and
consultancy firm Carroll & Carroll, Inc. Overall median prices for
properties between $300,000 - $2 million leveled off in 2013 with little
or no change. However, median prices in the lower-end (under $300,000)
and higher-end ($2 million+) increased 16 and 5 percent, respectively.
"The report shows a clear and steady demand for housing
in Naples," said Glenn Ginsburg, Broker/Owner of A Delta Realty of
Naples, Inc. "The condo market was especially hot in 2013 with the
most impressive activity in the $2 million and above category, which
realized a 62 percent increase in closed sales from 60 units sold in 2012
to 97 units sold in 2013."
The NABOR® 2013 Annual 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® Annual 2013 sales statistics are presented in chart
format, including these overall (single-family and condominium) findings:
- Overall
closed sales in both the $300,000 - $500,000 and $2 million and
above segments increased 27 percent from 1,366 in 2012 to 1,730 in
2013 and 234 in 2012 to 298 in 2013, respectively.
- Median
prices for single family homes in the $300,000 and below category
increased by 17 percent from $150,000 in 2012 to $175,000 in 2013.
- Overall
inventory decreased by 18 percent from 6,557 properties in 2012 to
5,403 properties in 2013.
- Inventory
in the condo market decreased by 23 percent.
- Closed
sales in the single-family market rose 1 percent, while closed sales
in the multi-family or condo market rose 8 percent.
"The report indicates the housing market is behaving in
a normal manner," said Mike Hughes, Vice President and General
Manager of Downing-Frye Realty. "The solid incremental growth we
experienced in 2013, especially in the middle priced markets, is a good
sign our housing market has recovered. Homeowners that want to sell but
are sitting on the fence need to understand that the lax lending
environment, which created the last spike in prices, no longer exists.
Demand for existing homes has increased in all price segments and in all
neighborhoods. This may change when new home construction catches up, so
now is a good time to call a REALTOR®."
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