As we continue to see positive news in the local and national media, we are aware that prices have dropped from their peak of the real estate market. However, the positive news coupled with historically low interest rates, and optimism in the market, is a reflection of the sentiment felt by our recent influx of buyers - "now is the time to buy real estate".
Nationally
According the National Association of Realtors, pending homes sales, a forward looking indicator of the real estate market, rose nationally for the 9th consecutive month in October 2009.
Naples
As reported by the Naples Daily News, home and condominium closed sales for October 2009 increased by more than 41 percent in the Naples area to 555, compared to only 392 sales in November 2008.
The lower end market paved the way for the strong surge in sales for most of the year. This growth is transitioning to other areas of the market. In October 2009, every price category under $2 million experienced an increase in pending sales, properties that are under contract for sale, for a net gain of 100 percent.
Marco Island
Marco Island has the highest number of closed sales reported for October and November 2009 in comparison to respective months for the last five years. Pending sales jumped by 115 percent in October 2009 which translated into an increase of 156 percent in closed sales for the month of November 2009.
- October 2009: Pending Sales soared by 111 percent, with only 27 closed sales in October 2008 and 57 in October 2009.
- October 2009: Closed Sales increased in October by 23 percent, with 48 closed sales in October 2008 and 59 in October 2009.
- November 2009: Pending Sales soared by 89 percent, increasing from only 27 pending sales in November 2008 and 51 in November 2009.
- November 2009: Closed Sales soared by 156 percent, with only 23 closed sales in November 2008 and a five year record sales number for November with 59.
The area of the single family home market showing the strongest number of pending and closed sales since July 1st, 2009, falls into the water indirect market with 81 sales, followed by water direct homes with 57 sales, and, lastly, inland homes with 56 sales.
The other aspect of the real estate market that is starting to show signs of growth is the condominium market. Since July 1, 2009, we have seen 185 condominiums sell, or they are currently under contract for sale.
For condominiums, the lower price points or list price under $500,000 is the strongest aspect of the market with 132 pending and closed sales (since 7/1/09). Activity in the beachfront condominiums is picking up steam with strong buyer interest in price points across the board.
The condominiums with the strongest pending and closed sales (since 1/1/09) activity are as follows:
|
Condominium
|
2009 Closed Sales
(1/1/09 to 12/01/09)
|
Pending Sales
(with & without contingencies)
|
|
Admiralty
|
9
|
5
|
|
San Marco Villas
|
9
|
3
|
|
Madeira
|
8
|
4
|
|
Riverside
|
8
|
2
|
|
Monterrey
Cape Marco
|
8
|
0
|
|
Anglers Cove
|
7
|
2
|
|
Tradewinds
|
7
|
2
|
|
Gulfview
|
6
|
6
|
|
South Seas Tower 3
|
6
|
2
|
|
Vintage Bay
|
6
|
1
|
|
Belize
Cape Marco
|
6
|
0
|
|
Royal Marco Point I
Hideaway Beach
|
5
|
3
|
|
Veracruz
Cape Marco
|
5
|
1
|
|
South Seas Tower 2
|
5
|
0
|
As Marco Island enjoys the positive gains, we look forward to continued growth in the local real estate market . As the best value and most desirable properties continue to sell, Buyers are going to find their selection limited for their "home in paradise".
Natalie Kirstein, is a Realtor with Premier Properties of Southwest Florida, Inc. REALTORS, phone 239-784-0491, e-mail NatalieK@PremierMail.net. For a comprehensive search of properties available for sale, go to www.MarcoIslandNaplesProperties.com. Natalie uses her 13 years of experience in real estate appraisal and sales to generate informative and timely market reports for the Marco Eagle and her customer base. Contact Natalie today for all of your real estate needs.
