Bob Pisa -Prestige Properties Naples, FL

ORLANDO, Fla. - Oct. 23, 2009 - Florida's existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. September's statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.

Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.

Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year's sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.

All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in September; all but one MSA also showed a gain in condo sales. A majority of the state's MSAs have reported increased sales for 15 consecutive months.

Florida's median sales price for existing homes last month was $142,000; a year ago, it was $174,900 for a 19 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2009 was $177,500, down 12.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $315,000 in August; in California, it was $292,960; in Maryland, it was $265,862; and in New York, it was $205,000.

NAR's latest industry outlook notes positive signs in the housing sector, but adds that extension of the federal first-time homebuyer tax credit would help sustain a fragile recovery. "Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices," said NAR Chief Economist Lawrence Yun. The outlook for home sales and prices depends on whether the tax credit is extended, he said, describing it as "the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit."

In Florida's year-to-year comparison for condos, 5,088 units sold statewide last month compared to 2,870 units in September 2008 for a 77 percent increase. The statewide existing condo median sales price last month was $102,500; in September 2008 it was $153,500 for a 33 percent decrease. The national median existing condo price was $179,300 in August 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Pensacola MSA reported a total of 275 homes sold in September compared to 267 homes a year earlier for a 3 percent increase. The market's existing home median sales price last month was $135,000; a year ago it was $146,900 for an 8 percent decrease. A total of 48 condos sold in the MSA in September, up 41 percent over the 34 units sold in September 2008. The existing condo median price last month was $190,000; a year earlier, it was $180,000 for a 6 percent gain.

© 2009 Florida Realtors®

Reproduced with permission

Economists Predict Housing Recovery

Economic forecasters predict that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy, according to a survey released by the National Association for Business Economics.

Home prices are expected to rise 2 percent next year, but forecasters don't believe the increase in prices will discourage homebuyers.

More than 80 percent of economists surveyed by the NABE think the recession is over and recovery has begun, but they expect the expansion to be slow because unemployment persists.

Source: Associated Press, Mae Anderson (10/12/2009)

Copyright National Association of REALTORS®. Reprinted with permission.

so reads the headline from the October 16, 2009 Naples Area Board of Realtors press release summarizing September 2009 real estate market.

SUMMER SALES UP 96 PERCENT
Report Shows Inventory Declines 14 Percent

It's the sub-headline that really gets my attention more, though. Of course, increase in sales is one factor that leads to a reduction in inventory but only when it's not outpaced by the new inventory coming into the market. The economy and mortgage crisis has driven a flood of inventory into the market over the last 12 - 18 months. This trend seems to be stabilizing and it's not outpacing sales.

Will the sales activity continue? The ley leading indicator is pending sales - properties for which contracts are written but have not yet closed pending the resolution of various contingencies. At the end of September, the press release state 2,570 homes pending sale compared to 1,314 for the same quater period in 2008.

Other highlights from the press release are:

1. Overall pending sales under $300,000 saw a 126 percent increase in September 2009 compared year-over-year.
2. Overall pending sales for all price ranges and categories increased 107 percent for September 2009 over 2008
3. Single-family home sales increased 87 percent for the period year-over-year while the pending home sales increase 82 percent.
4. The median closed priced decrease to $176,000 from $250,000 in the same period last year. THe median is the value where 50% of the sales above the value and 50% are below.

Also reported...condo sales are climbing steadily and there is an increase of pending sales for home in the $500,000 to $1 million category...the high-end of the market is beginning to return.

Review detailed market reports.

One of the primary uses for real estate websites is to provide a way for you search out a property that meets your needs. Southwest Florida is very much a second home, seasonal home market. Almost all my clients begin with my website. EXPLORE!

One of the special features of my website are predefined searches to make it even easier for you. Many people already know what area(s) they are interested in. Easy...look at the picture above and you will see most all the communities already listed and one click away. In almost all case, each community broken down even further by the neighborhood subdivision or by condominium name. In the "Search" menu item there is a new list for all developments in the area listed alphabetically. Links are added each day...the list is long!

My website covers Naples Florida Real Estate, Bonita Springs and Estero...with the occasional foray into Fort Myers covering Paseo, The Plantaion, Miromar Lakes, and other very south Fort Myers communities.

Lastly, for complete control in searching, use the Advanced Seach feature from the search menu or from the BIG BLUE Search for Homes button.

Automatice updates...perhaps the most important aspect of searching. The real estate inventory changes everyday. It's difficult to conduct your preferred searches all the time and perhaps miss the new listings of the day. Let my website do it for you. When you specifiy a search, just click "Save Search" and with the HouseTrack check box (deafult) you will all set. Each day, any updates that match your search criteria will be sent directly to your inbox.

EXPLORE!

OK, I know I live in Florida - southwest Florida - and it's supposed to be hot. But, it's the middle of October!

This past week Fort Myers broke a record reaching 95 degrees and Naples tied a previous record of 93 degrees. If nothing else, there's no need to run the swimming pool heater. Today we went for a swim around noon and the pool was bath tub temp - 86-87 degrees.

Now, I just read a Tweet that said the high temp for the Phillies game tomorrow is 37F! Really?

Several years back before we moved from New England, one of the last outdoor pictures I have is in February with me standing on a step ladder beating the ice damns off the roof! The only thing worse is being on a 20 ft. extension ladder doing the same thing or, standing on the roof shoveling off the snow.

Memories...