Let's Talk... Hot Off The Press!!!

May Real Estate Market Stays a Steady Course...

 

Naples, Fla. (June 20, 2014) - The housing market momentum continues to remain strong heading into summer. NABOR® leaders cite four key indicators: 1) Pending sales are up; 2) Closed sales are up; 3) Median closed prices are up; and 4) Days on the market have decreased. Activity for the 12-months ending May 31st reflects consumer confidence in the Naples area real estate market.

In a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall pending sales increased 2 percent year-over-year from 10,723 to 10,905 pending sales in the 12-months ending May 2014, overall closed sales increased 3 percent year-over-year from 9,447 properties to 9,739 properties in the 12-months ending May 2014, and the overall median closed price rose a comfortable 15 percent overall year-over-year from $220,000 to $253,000 in the 12-months ending May 2014. This slow and steady growth trend contributes to the stability factor in our local real estate market.

"May is what Realtors consider a transitional month," said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. "Seasonal residents are leaving town and the international visitors haven't arrived yet. It's not surprising that overall pending and closed sales were down compared to last May due to restricted inventory this year. But over a thousand sales took place in May which is still quite significant."

"An inventory shortage usually drives down pending home sales," said Glenn Ginsberg, Broker/Owner of A Delta Realty of Naples, Inc. "For May, a 2 percent increase in overall pending sales is very good considering inventory decreased 8 percent."

According to the report, May's inventory was the lowest it's been since NABOR® started tracking activity in 2007. But the decrease is mainly in the condominium market where inventory decreased 19 percent from 2,294 units in May 2013 to 1,850 units in May 2014. Inventory in the single family home market actually increased 5 percent from 1,968 in May 2013 to 2,069 in May 2014. New home construction is helping to relieve the inventory pressure and moderate price gains, according to NABOR® analysts.

"Brokerages are seeing a significant increase in new construction," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "And Realtors are involved in new construction sales. Agents have access to all new properties and can present a comparative and objective view to homebuyers."

Another positive indicator that the Naples area real estate market is balanced was pointed out by Dr. Lawrence Yun, PhD, Chief Economist National Association of Realtors® (NAR®), at NABOR®'s annual Economic Summit in April 2014, where he stated that a market becomes stable when its non-traditional (short-sale or foreclosed homes) sales activity remains under 10 percent. For the second month in a row, non-traditional closed sales in the Naples area are 9 percent of the total closed sales.

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

• Closed sales for single-family homes in the $2 million and above market increased 73 percent from 22 in May 2013 to 38 in May 2014.
• Closed sales for condominiums in the $2 million and above market increased 123 percent from 13 in May 2013 to 29 in May 2014.
• The overall median closed price of homes $300,000 and under increased 13 percent from $150,000 in the 12-months ending May 2013 to $170,000 in the 12-months ending May 2014.
• The median closed price for condominiums in the $2 million and above market increased 5 percent from $2,770,000 in the 12-months ending May 2013 to $2,900,000 in the 12-months ending May 2014.
• The overall average days on market are at 96 for May 2014.
• Overall pending sales increased 34 percent for homes $2 million and above from 41 contracts in May 2013 to 55 contracts in May of 2014.
• Overall inventory decreased 8 percent from 4,262 units in May 2013 to 3,919 units in May 2014.
• Overall inventory for properties under $300,000 decreased 18 percent from 1,761 units in May 2013 to 1,448 units in May 2014.
• Inventory of single family homes in the $300,000 - $500,000 price segment increased 15 percent from 438 homes in May 2013 to 502 homes in May 2014.

Analysts at NABOR® explain that the ongoing activity in the high-end of the market every month is in part a result of continued stock market gains which, coupled with continued low mortgage interest rates, is boosting consumer confidence in investing in the housing marketing and allows a good climate for diversification in real estate investment.

According to Pat Pitocchi, NABOR® president and corporate trainer at Downing-Frye Realty, "This is a great time to buy or sell a home in Naples. The influx of new construction is finally helping the market fill a void where demand is outpacing inventory. But even with nearly 30 new communities being developed in our area, the average days on market in May was at 96 days. So homeowners looking to sell are still at an advantage."

"Real estate agents have access to all homes for sale," says Steve Barker, Advising Broker for Equity Realty. "In fact, a large percentage of the newly constructed homes in those 30 developments are being sold by independent Realtors."

Working with a REALTOR® can benefit both buyers and sellers. While anyone can search the local housing market online, only a REALTOR® has the experience to know whether a specific property is overpriced or underpriced. REALTORS® also provide objective insight into factors that affect the contractual process including things like repairs, appraisals, fees, negotiations, and financing.

As always if you have any questions please feel free to contact me by e-mail or by calling 239.404.7787.

I hope you have a fantastic weekend! Michelle

 

The Full Report... View May 2014 Market Statistics

Berkshire Hathaway HomeServices Florida Realty

Michelle@NaplesHomeSweetHome.com

Cellular Phone 239.404.7787

www.NaplesHomeSweetHome.com

Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number: 239.236.5550

Blog Page: http://michelledenomme.blogspot.com

Twitter Me: DeNommeRealtor

 

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.

Let's Talk... Hot Off the Press!!!       Naples, Fla. (May 23, 2014) - The Naples area real estate market continues to show signs of growth as summer approaches with noteworthy performance in April as reflected in a report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). April closed sales are the highest for any month year to date. Both pending and closed sales in April are over 1000 units each, showing good momentum going into summer. The closed sales activity in the $1 million and above category continues to remains strong with a 25 percent increase from 714 units in the 12-months ending April 2013 to 951 units for the 12-months ending April 2014.   According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, the increase in pre-summer sales activity is not solely a result of seasonal residents shopping during a winter visit. "The sales in April, and the pending activity we are seeing today, are from serious buyers, not shoppers. Homeowners that list now can expect fewer lookers and more offers over the summer."   Pat Pitocchi, NABOR® president and corporate trainer at Downing-Frye Realty, remarked that the April statistics show median closed prices in all neighborhoods have increased double digits. "Even as product from new construction enters the market, prices for existing homes in April shot up 14 percent overall. This is a good sign that homeowners contemplating selling don't have to wait until the winter season to put their home on the market to see a good return. Great sales activity in Collier County is no longer limited to just the winter months."   Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., agreed and said she anticipates strong sales activity through the summer and into fall. "Five key indicators signal that the uptrend in the market continues: 1) pending sales are up, 2) closed sales are up, 3) median closed prices continue to climb, 4) days on the market are decreasing, and 5) inventory is continuing to decrease. In addition, many people prepared to buy a home in Naples this past season were unable to because very harsh winter conditions affected their ability to sell a home up north and come down to look for a home here. As these northern homes sell, we'll start to see an increase in sales over the next six months."   "New construction is becoming an integral part of the Naples real estate market. Data compiled from the U.S. Bureau of the Census shows 4,290 single and multi-family housing units permitted in Collier County from 2012 to 2013," said Fioretti.   "Our agents are showing buyers new construction homes," said Phil Wood, President & CEO of John R. Wood Realtors. "There isn't enough existing home inventory to go around. But not even new construction can keep up with the current level of demand."   The NABOR® April 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® April 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: Overall closed sales increased 4 percent from 9,385 sales in the 12-months ending April 2013 to 9,763 sales in the 12-months ending 2014. Closed sales for single-family homes in the $2 million and above market increased 56 percent from 25 in April 2013 to 39 in April 2014. The overall median closed price increased 14 percent from $219,000 in the 12-months ending April 2013 to $250,000 in the 12-months ending April 2014. The overall median closed price of homes $300,000 and under increased 13 percent from $149,000 in the 12-months ending April 2013 to $168,000 in the 12-months ending April 2014. The median closed price for condominiums in the $2 million and above market increased 8 percent from $2,700,000 in the 12-months ending April 2013 to $2,922,000 in the 12-months ending April 2014. The overall average days on market are at 93 for April 2014. Overall pending sales increased 3 percent from 10,678 in the 12-months ending April 2013 to 10,987 in the 12-months ending April 2014. Overall pending sales increased 13 percent for homes $2 million and above from 48 contracts in April 2013 to 54 contracts in April of 2014. Overall pending sales decreased 12 percent in the $300,000 and under segment from 762 in April 2013 to 672 in April 2014. Inventory of condominiums decreased 24 percent from 2,553 units in April of 2013 to 1,951 units in April of 2014. Inventory of condominiums in the $2 million and above market decreased 47 percent from 64 in April 2013 to 34 in April 2014. Inventory of single-family homes increased 2 percent from 2,167 units in April of 2013 to 2,206 units in April of 2014.  "Many seasonal residents who wanted to buy this winter but didn't find anything during their visit have asked our residential agents to contact them when something new comes on the market," said Tom Bringardner, Jr., President & CEO of Premier Commercial. "With a ready and eager buyer base in place, and 71 percent of home sales still made in cash, homeowners that list with a professional REALTOR® should have little trouble finding a qualified buyer this summer."   As always feel free to contact me by calling 239.404.7787 or by e-mail with any questions you may have! Talk to you soon, Michelle   View April 2014 Market Statistics   To view the entire report, visit www.NaplesArea.com

 

Berkshire Hathaway HomeServices Florida Realty

Michelle@NaplesHomeSweetHome.com

Cellular Phone 239.404.7787

www.NaplesHomeSweetHome.com

Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                      

Blog Page:   http://michelledenomme.blogspot.com  

Twitter Me: DeNommeRealtor

 

 

Let's Talk... Did You Know!?

10 countries racing to buy American homes...

International homebuyers are attracted to the United States for a number of reasons. These include favorable housing prices, good weather, the country's relative economic stability and an attraction to America in general. As the housing market improved and home prices rebounded, the interest of foreign buyers in U.S. properties has soared.

 

Interest in U.S. property increased dramatically in a number of countries between 2009 and 2013. In all, interest in home buying, according to housing market firm RealtyTrac, increased by 95% or more in 10 countries, and at least doubled in nine of these nations. Interest in U.S. property by residents of the United Arab Emirates rose 352%, the most out of any country. Based on subscription data provided by RealtyTrac, these are the 10 countries where interest in buying American homes is on the rise.

 

Overseas buyers likely see value in the U.S. housing market. In an interview with 24/7 Wall St., Daren Blomquist, vice president of RealtyTrac, said, "The U.S. real estate market is coming off of a rough patch and entering recovery mode. And so international buyers see it as a great time to jump in and catch the U.S. market on the upswing." According to the Case-Shiller 20-City Composite Home Price Index, the U.S. housing market is just beginning to rebound from its lows set in March 2012.

 

While tepid growth may dissuade some potential homebuyers, these countries have many exceptionally wealthy residents. Three of these countries — Germany, the United Kingdom and China — each had more than 10,000 ultra high net worth residents last year and were in the top five countries globally in that measure. China's total number of ultra high net worth residents is even greater if the 3,180 ultra wealthy residents of Hong Kong are included.

 

Another key factor that drives many prospective homebuyers to consider the United States is common language. English-speaking countries accounted for 68% of international residents looking for homes in the U.S. Much of this interest came from U.S. neighbor Canada, which alone accounted for 45% of all international interest. The United Kingdom and Australia also each accounted for more than 10% of all interest, ranking second and third among all countries, respectively.

 

However, language does not explain the increased interest from countries such as the UAE and China, Blomquist noted. Additionally, much of the growth in foreign interest has come from European nations, including Switzerland and France. Six of the countries with the largest percentage increases in property seekers are located in Europe.

 

Another likely important factor in driving international interest in U.S. homeownership may be America's reputation as a relative safe haven for investors. For many buyers, Blomquist noted, the U.S. represents "the most stable country out there."

 

Concerns about the financial systems in Italy and China may contribute to demand for U.S. homes from those countries as well. Worries in China, Sweden, Canada, Switzerland and the U.K. about the local housing market may also be driving U.S. investment.

 

To determine the 10 countries where the interest in buying American homes is on the rise, 24/7 Wall St. reviewed subscriber data from RealtyTrac. We also reviewed figures on real (inflation-adjusted) GDP growth, population and other macroeconomic factors from the International Monetary Fund's (IMF) World Economic Outlook. Figures on the number of ultra high net worth individuals, defined as people worth $25 million or more, are from Wealth-X.

 

These are the countries racing to buy American homes.

 

10. Germany

 

> Growth in prospective homebuyers: 95.2%

> Share of int'l prospective buyers: 2.6% (7th highest)

> GDP per capita: $39,468 (18th highest)

> Ultra high net worth population: 17,820 (2nd highest)

 

Germans accounted for 2.6% of all of RealtyTrac's international homebuyers looking for U.S. property between 2009 and 2013. During that time, home searches rose by more than 95%. Contributing to Germans' ability to afford international property was the country's high number of ultra high net worth individuals last year of 17,820, second only to the United States. Despite the weakness of the eurozone economy and Germany's own slowing growth, no major eurozone country grew faster in 2013. However, interest in U.S. properties has tapered off recently, despite the euro's gains against the dollar. Between 2012 and 2013, the number of German prospective homebuyers to RealtyTrac rose by just 3.4%, less than most foreign nations during that time.

 

9. Sweden

 

> Growth in prospective homebuyers: 100.0%

> Share of int'l prospective buyers: 2.0% (9th highest)

> GDP per capita: $40,870 (14th highest)

> Ultra high net worth population: 1,070 (25th highest)

 

The number of Swedes interested in buying U.S. real estate doubled between 2009 and 2013. Much of this growth happened last year, when the number of Swedish home searches to RealtyTrac rose by 43%. Like many countries with many residents looking for homes in America, U.S. property may be considered an especially good investment, especially as their country's economy has been stagnant. Sweden's gross domestic product has grown less than 1% in each of the past two years. Additionally, many Swedes might find U.S. home prices more affordable. U.S. home prices remain below last decade's highs, while many market followers believe Swedish home prices are precariously high.

 

8. Canada

 

> Growth in prospective homebuyers: 107.7%

> Share of int'l prospective buyers: 45.0% (the highest)

> GDP per capita: $43,146 (9th highest)

> Ultra high net worth population: 4,980 (8th highest)

 

Canadians make up the largest share of international U.S. home-buying interest, accounting for 45% of total international RealtyTrac subscriptions between 2009 and 2013. The U.S. geographical proximity to Canada and the cultural similarities between the two nations may explain the interest of Canadian investors. The strength of the Canadian economy may have also given residents more opportunities to invest. Last year, the average Canadian household's net worth, the total value of all assets minus all debt, exceeded that of the average U.S. household. Residents may also find U.S. properties attractive because some consider Canada's housing market to be overvalued by some.

 

7. Australia

 

> Growth in prospective homebuyers: 121.9%

> Share of int'l prospective buyers: 11.0% (3rd highest)

> GDP per capita: $43,042 (10th highest)

> Ultra high net worth population: 3,405 (11th highest)

 

Australians accounted for 11% of all of RealtyTrac's international subscribers, third most after the United Kingdom and Canada. The country's strong economic growth — at least when compared to other major developed economies — likely contributed to the increased interest in buying U.S. property. Australia's economy grew by 3.7% in 2012 and an estimated 2.5% last year, according to the most recent IMF figures. By contrast, countries in the developed world grew by just 1.4% in 2012 and 1.3% in 2013. Despite recent declines, the Australian dollar has also gained considerably against the U.S. dollar in the past few years, also potentially contributing to the increased interest.

 

6. United Kingdom

 

> Growth in prospective homebuyers: 153.8%

> Share of int'l prospective buyers: 12.1% (2nd highest)

> GDP per capita: $37,299 (21st highest)

> Ultra high net worth population: 10,910 (4th highest)

 

U.K. interest in owning American property has jumped in recent years, including a 34.6% increase in the number of residents looking for property on RealtyTrac alone. Economic reasons could influence prospective homebuyers — residents may see U.S. homes as a safe or profitable investment. The U.K. government's Help to Buy program, which provides financial help to prospective homeowners in the U.K., has drawn controversy. Detractors of the program have expressed concerns that home prices in the U.K. could rise to unsustainable levels. According to a June 2013 study by the National Association of Realtors, U.K. residents primarily buy single-family homes in suburbs and resort towns in the United States.

 

5. Italy

 

> Growth in prospective homebuyers: 178.4%

> Share of int'l prospective buyers: 1.9% (10th highest)

> GDP per capita: $29,598 (34th highest)

> Ultra high net worth population: 2,075 (14th highest)

 

Italian interest in U.S. homes rose considerably in recent years. Residents looking for homes in the U.S. rose by 178% between 2009 and 2013, despite Italian GDP falling by 2.4% in 2012 and 1.8% last year. In fact, the faltering economy may encourage many Italians to consider U.S. property as a relatively good investment. Italy is also home to a number of extremely wealthy citizens with the resources to invest globally. As of last year, there were more than 2,000 ultra high net worth individuals in Italy — 14th most globally — despite the fact Italy's population totals an estimated 61 million, 24th most in the world.

 

4. France

 

> Growth in prospective homebuyers: 190.0%

> Share of int'l prospective buyers: 2.8% (6th highest)

> GDP per capita: $35,680 (24th highest)

> Ultra high net worth population: 4,490 (9th highest)

 

Interest in the United States from French residents has soared recently. Searches for homes on RealtyTrac from France nearly tripled from 2009 to 2013, and rose by nearly 60% last year alone. One reason for this may be that France had nearly 4,500 ultra high net worth residents as of last year, more than in all but eight other countries globally. However, France's economy has also flatlined in recent years, which can often prevent foreigners from buying U.S. property. Simultaneously, many observers and residents have criticized President Francois Hollande's socialist policy decisions and the resulting high taxes. A number of reports indicate that residents may be leaving the country due to high taxes and tough regulations.

 

3. Hong Kong and China

 

> Growth in prospective homebuyers: 254.2%

> Share of int'l prospective buyers: 4.1% (4th highest)

> GDP per capita: $52,687 (7th highest)

> Ultra high net worth population: 13,855 (4th highest)

 

China's residents are a major source of international interest in U.S. real estate. China and Hong Kong, collectively, accounted for 4.1% of all international searches on RealtyTrac, more than any other non-English speaking country. One factor that may contribute to this demand is the high number of ultra wealthy residents in mainland China and Hong Kong, where a total of 13,855 such individuals live — more than in all developed nations but the United States, Germany and Japan. In recent years, many wealthy Chinese citizens have considered, or expressed interest in, moving to the United States. Additionally, while China's economy remains one of the fastest growing in the world, concerns about slowing economic growth and rampant shadow banking activity in the country are considerable. A relatively wealthy population, and concerns about wealth protection, may encourage Chinese residents to consider U.S. property.

 

2. Switzerland

 

> Growth in prospective homebuyers: 269.7%

> Share of int'l prospective buyers: 2.1% (8th highest)

> GDP per capita: $45,999 (8th highest)

> Ultra high net worth population: 6,330 (7th highest)

 

The number of Swiss residents interested in U.S. property has risen dramatically in recent years. Only the United Arab Emirates had a larger increase in the number of prospective homebuyers than the small Alpine nation. Swiss residents accounted for 2% of all international searches despite a population of just roughly 8 million — smaller than New York City. Despite its size, Switzerland was also home to more than 6,300 ultra wealthy residents last year — more than all but a handful of countries. Also helping to make U.S. properties more appealing, or at least more affordable, is the considerable appreciation of the Swiss franc against the dollar over the past five years, up nearly 27% in that time.

 

1. United Arab Emirates

 

> Growth in prospective homebuyers: 352.2%

> Share of int'l prospective buyers: 1.1% (12th highest)

> GDP per capita: $29,877 (31st highest)

> Ultra high net worth population: 1,050 (26th highest)

While UAE residents accounted for just 1.1% of RealtyTrac's international searches, interest in U.S. property from the country has boomed. Between 2009 and 2013, the number of UAE subscribers rose by 352%, the largest percentage increase of any country. One reason may be the relatively high number of residents who can afford international property ownership. While the country has just 9 million residents, it had more than 1,000 ultra high net worth residents last year. Much of this wealth is likely connected to the country's oil industry. Roughly 40% of the emirates' GDP was tied to oil and natural gas output, according to OPEC, and oil prices have risen considerably in recent years.

Let's Talk!!!

Hot off the Press...

Naples Area Board of REALTORS® Economic Summit

Experts Predict Naples Area is Poised for Growth

   

Naples, Fla. (April 28, 2014) - More than 450 REALTORS® and real estate professionals interested in the economic health of Collier County took part in "View From the Top," the Naples Area Board of REALTORS® (NABOR®) annual Economic Summit on Monday, April 21, 2014 at the Waldorf Astoria Naples. Five guest speakers provided national, state and local analysis of recent growth and home sales activity as well as predictions of what to expect in the next 12 months.

 

Dr. Lawrence Yun, PhD, Chief Economist National Association of Realtors® (NAR®) surprised everyone when he asserted that Florida is headed to a "return to the old future."

 

"We are seeing a revival of migration to Florida," said Yun, who added that 8,000 Baby Boomers are turning 65 each day and many are making Florida their new home. Although Dr. Yun stated that people's incomes are not increasing as fast as home prices, he did agree that the Federal Reserve is doing a good job communicating the fact that interest rates will not fall again, making 2014 the year to purchase a home.

 

The Chief Economist of NAR® pointed out that nationally, mortgage lenders are beginning to ease restrictive lending and have started to accept lower credit scores for home loans. However, because Washington can now sue a bank if it defaults on a non-qualifying loan, he said we may see reluctance from them to lend if the purchaser does not meet all qualifying criteria. According to Yun, this factor contributes to an increase in cash purchases for real estate, which now comprise 74 percent of real estate sales in Collier County, as reported by NABOR® in its first quarter 2014 market report.

 

Russell Smith, the Vice President of Land Development Operations for Lennar Homes and the Economic Summit's second speaker shifted focus to new community developments in Collier County revealing a one-month inventory for vacant new homes. He praised state and local governments for extending new construction permits, which allowed local builders to make headway with existing developments after a long pause for recovery, and acknowledged high impact fees of up to $30,000 will continue to add over $100 a month to the cost of 30-year mortgages.

 

Jobs were the first focus of a presentation given by the Summit's third speaker Dr. John Tuccillo, Chief Economist, Florida Realtors® and head of Industry Data and Analysis Department.

 

"Jobs are key to where the market goes," said Tuccillo, who added, "Florida must do its part to attract people who create jobs and not just those willing to fill them."

 

Tuccillo also predicted that Florida may see a gradual increase in inventory in the next six months. Yet the big increase will probably not happen until 2017, when investors who swarmed in during 2009 will start to sell at a profit. Whether there will be enough demand to take out investors depends on the accessibility of mortgages, Tuccillo concluded.

 

Dr. Ron Coccari, Visiting Professor of Economics; Lutgert College of Business, Florida Gulf Coast University was the Summit's fourth speaker and pointed out that new home construction permits have risen 38 percent in the last year. Pointing to the influx of Baby Boomers to Florida, Dr. Coccari said Florida can expect a healthier, more moderate rate of growth for the future.

 

The final presenter was Cindy Carroll, a 29-year local appraisal veteran and Vice President, Manager of Residential Division for Carroll & Carroll Real Estate Appraisers and Consultants, who pointed out that there is no new construction being initiated in the under $300,000 market for Collier County. With 50 percent of existing homes for sale in that price category, Ms. Carroll predicted its 5.4 months of inventory will go fast in the next year.

 

During the Question and Answer segment of the Summit, the panel of speakers addressed several issues including a need to train Florida natives for trade jobs that were once performed by illegal immigrants. The panel also answered questions regarding affordable housing, agreeing it will likely become an area of focus again and can foresee the creation of another Affordable Housing Task Force.

 

Regarding the importance of consumers using a REALTOR® website like NaplesArea.com to search for a home for sale versus their use of an aggregate real estate website like Zillow, the presenters agreed that the difference lies in the formula used by most technology companies who are fixated on profits rather than REALTOR websites which are focused on accuracy and service. Dr. Yun spoke for all when he contested that at some point, the third-party electronic consumer sites like Zillow will have to change their interface to increase profits, and that means most likely charge a fee to use it.

As always if you have any questions please feel free to contact me by e-mail or by calling 239.404.7787.

I hope you have a wonderful evening,

Michelle

 

NABOR® would like to thank Jeff Lytle, Naples Daily News Editorial Page Editor, for moderating the event, and Twin Eagles, the event sponsor, as well as Quail Creek Country Club and DataQuick Title company, the reception sponsors.

 

NABOR® is located at 1455 Pine Ridge Road in Naples. For additional information on the Economic Summit, contact Marcia Albert at (239) 597-1666.

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 4,000 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.

Berkshire Hathaway HomeServices Florida Realty

Michelle@NaplesHomeSweetHome.com

Cellular Phone 239.404.7787

www.NaplesHomeSweetHome.com

Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                      

Blog Page:   http://michelledenomme.blogspot.com  

Twitter Me: DeNommeRealtor

 

Let's Talk Hot Off the Press...

NABOR First Quarter Report Indicates 2014 Off to a Strong Start  

 

     

Naples, Fla. (April 17, 2014) - Million dollar home sales in Naples continue to skyrocket with the $2 million and above single family home market increasing 83 percent from 48 sales in the first quarter of 2013 to 88 sales in the first quarter of 2014, according to the 2014 First Quarter Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall closed sales increased 5 percent from 2,237 in the first quarter of 2013 to 2,352 in the first quarter of 2014. However, closed sales in all price categories above $300,000 increased by double digits with the $2 million and above price category experiencing the highest increase of 80 percent from 61 sales in the first quarter of 2013 to 110 sales in the first quarter of 2014.

 

Overall, homes in the $300,000 and below price category realized the biggest median closed price adjustment from $159,000 in the first quarter of 2013 to $173,000 in the first quarter of 2014, which reflected a 9 percent increase.

 

"NABOR reports statistics based on activity in the Southwest Florida MLS [multiple listing system]," said Pat Pitocchi, NABOR® president and corporate trainer at Downing-Frye Realty. "However, the system does not compile all commercial real estate activity or new construction activity."

 

According to Wes Kunkle, a commercial broker at Kunkle Realty and NABOR® president in 2013, activity has increased in commercial real estate for the first quarter as well. Activity was also impressive in the new home construction market during the first quarter according to Brett Brown, Director of Sales and Managing Broker for Fiddler's Creek Realty, Inc.

 

In the first quarter of 2014, a total of 270 homes with a median closed price of $1 million and above exchanged hands in Collier County (excluding Marco Island), up 65 percent from 176 closed sales in that category during the first quarter of 2013, according to the report.

 

"The Naples area housing market does not appear to be slowing down," said Pitocchi. "REALTORS are busy; especially agents who are showing homes priced over $1 million. In addition, for the first quarter of 2014, cash sales are continuing to dominate the market as shown by sales of 74 percent versus financed sales of 26 percent."

 

Inventory in all price ranges has continued to decline. In the first quarter of 2014 there were 4,405 available properties, a 14 percent decrease from the 5,136 available during the same quarter last year.

 

As reflected in the statistics, the tight supply and high demand of homes is not triggering dramatic price increases. The median closed price in the price segments above $300,000 increased 9 percent from $540,000 in the first quarter of 2013 to $590,000 in the first quarter 2014.

 

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

• Overall closed sales increased 5 percent from 2,237 sales in the first quarter 2013 to 2,352 sales in the first quarter of 2014.
• The overall median closed price increased 15 percent from $230,000 in the first quarter 2013 to $265,000 in the first quarter 2014. The overall median closed price of homes $300,000 and under increased 9 percent from $159,000 in the first quarter 2013 to $173,000 in the first quarter 2014.
• The overall average days on market are at 95 for the first quarter of 2014.
• Overall pending sales increased 45 percent for homes $2 million and above from 120 contracts in the first quarter of 2013 to 174 contracts in the first quarter of 2014.
• Inventory for condominiums decreased 23 percent from 2,758 units in the first quarter of 2013 to 2,110 units in the first quarter of 2014, while inventory for single-family homes decreased only 3 percent from 2,378 units in the first quarter of 2013 to 2,295 units in the first quarter of 2014. 

The NABOR® March 2014 Report reflects sales statistics presented in chart format, with these overall single-family and condominium statistics:  

• Overall closed sales increased 42 percent in the $2 million and above price category from 245 sales in the 12-months ending March 2013 to 348 sales in the 12-months ending March 2014.
• Overall pending sales increased 4 percent from 10,633 contracts in the 12-months ending March 2013 to 11,083 contracts in the 12-months ending March 2014.
• Overall median closed price increased 15 percent from $215,000 in the 12-months ending March 2013 to $248,000 in the 12-months ending March 2014, with the under $300,000 price segment experiencing the largest increase of 11 percent from $148,000 in the 12-months ending March 2013 to $165,000 in the 12-months ending March 2014.
• Closed sales for condominiums increased 10 percent from 4,694 sales in the 12-months ending March 2013 to 5,140 sales in the 12-months ending March 2014.
• The median closed price of single-family homes increased 25 percent from $248,000 in the 12-months ending March 2013 to $310,000 in the 12-months ending March 2014.

"According to the report, distressed sales - foreclosures and short sales - now account for only one in ten transactions," said Steve Barker, Advising Broker for Equity Realty. "This represents an important milestone and indicates that Naples has returned to a stable real estate market."

 

"Despite a low inventory, sales are strong because the inventory is continually being sold and replenished. List your home with a REALTOR® who can help you price it correctly and it will likely sell quickly," said Pitocchi.

As always if you have any questions please feel free to contact me by calling 239.404.7787 or by e-mail at

Michelle@NaplesHomeSweetHome.com .

Let's Talk Today!!!

Michelle

View First Quarter 2014 Market Statistics

View March 2014 Market Statistics

 

Statistics

View March 2014 Market Statistics

 

Berkshire Hathaway HomeServices Florida Realty

Michelle@NaplesHomeSweetHome.com

Cellular Phone 239.404.7787

www.NaplesHomeSweetHome.com

Michelle J. DeNomme, REALTOR, GRI

Office: 239.659.2400

E-Fax Number:  239.236.5550                      

Blog Page:   http://michelledenomme.blogspot.com  

Twitter Me: DeNommeRealtor

 

*****Confidentiality Statement******

 

The information contained in this transmission may contain privileged and confidential information. It is intended only for the use of the person(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or duplication of this communication is strictly prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.

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 4,000 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. 

 

View First Quarter 2014 Market