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Naples Florida real estate is selling briskly. Our inventory is down from over 14,000 housing units in 2010 to 5998 today September 29,2011. With the inventory declining we are seeing prices hold steady or rise slightly. There is a lot of talk about shadow inventory that banks are supposedly holding back on. I am not seeing that here in the Naples market, it appears as though the banks are selling off their holdings after they get them back thru the foreclosure process
There is still time to take advantage of the extreamly low prices. Even with inventory low sellers are motivated to sell and make the deal.
Please comment on this blog and give your opinion on the housing market in your area. Thanks, Dominic Pallini
Check out this Today Show clip with Barbra Cochran about pricing your home to sell within 30 days.
REAL ESTATE MARKET KEEPS IMPROVING
Report Shows Downward Trend in Inventory Continues
NAPLES, Fla.-September 16, 2011- The Naples Area real estate market is strong as shown by inventory that continues to drop and the overall median closed price stabilizing, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
The number of available properties decreased 21 percent from 8,745 in August 2010 to 6,930 in August 2011. "The overall inventory continues to decrease and is currently at its lowest level since we started tracking inventory in January 2007,"
"The decrease in inventory covers all property types; single-family home inventory decreased 22 percent and condo inventory decreased 20 percent in August 2011," .
For the 12 months ending August 2011, the overall median closed price for properties over $300,000 increased two percent to $550,000 up from $540,000 for the 12 months ending August 2010.
"Single-family homes showed positive gains in the median closed price for the 12 months ending August 2011, with a four percent increase compared to the same 12 months in 2010,"
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
¨ Overall pending sales for the 12 months ending August 2011 increased 5 percent with 10,107 contracts compared to 9,607 contracts for the 12 months ending August 2010.
¨ Single-family home pending sales increased 5 percent in August 2011 with 457 contracts compared to 436 contracts in August 2010.
¨ Condo pending sales for the 12 months ending August 2011 increased 12 percent with 4,880 contracts compared to 4,371 contracts for the 12 months ending August 2010.
"The number of foreclosure sales decreased 50 percent from 179 sales in August 2010 compared to 88 sales in August 2011."
"As the number of foreclosed home sales declined to only 88 transactions, short sales jumped 40 percent from 99 closings in July to 140 in August,"
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 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 member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards 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
View August 2011 Market Statistics
A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, RealtyTrac Inc. reported Thursday.
The number of U.S. homes that receiving an initial default notice rose 33 percent in August from July. That increase represents the biggest monthly gain in four years, according to RealtyTrac.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," says Rick Sharga, a senior vice president at RealtyTrac. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."
The uptick in foreclosure activity follows after months of a slowdown in foreclosures, which started last fall, with banks reviewing foreclosure policies and paperwork after facing lawsuits and criticism over how they processed foreclosures. Some banks even temporarily halted their foreclosures as they more carefully reviewed pending cases. The slowdown was also blamed on court delays in some states.
But some housing experts say the increase in foreclosure activity actually could be good for the housing market. A faster turnaround in foreclosures could help clear the glut of shadow inventory hovering over the market, which many say has caused home values to plummet.
The “bloated foreclosure pipeline now presents the greatest obstacle to a housing market recovery," said Josh Levin, a Citi analyst. About 3.7 million more homes are in some stage of foreclosure than in a normal housing market, Levin said.
Banks are on track to repossess about 800,000 homes this year — down from more than 1 million last year, Sharga said.
Overall, 228,098 U.S. homes — or one in every 570 U.S. households — received a foreclosure-related notice in August, a 7 percent increase from July. However, that represents a 33 percent decline from August 2010.
Inventory in Naples Florida is Down to 9431 properties in 2011 from almost 14,000 in 2010.
Every market is different but the supply is down and the demand is steady and rising for aggressively priced properties
Sometimes I think that the media just likes to boast about the bad news. The good news here is that the overall rate of foreclosures is DOWN !
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