Report Shows Inventory Declines 5.3 Percent

 

NAPLES, Fla.-January 16, 2009- Sales continue to increase as December marks eleven consecutive months of market improvement, 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 available inventory decreased to 10,851 in December 2008 compared to 11,456 in December 2007.

 

Over the last 12 months, 5.3 percent of the available inventory has depleted, indicating that the properties that are priced right are being picked off. Inventory is not building up exponentially.

 

The average days a property was on the market decreased 23 percent to 156 in December 2008 compared to 203 days on the market in December 2007.

 

For the 12 months ending, December, 2008, overall sales have increased 33 percent. This increase leaves fewer properties to choose from, which is why we are seeing a drop in the average days on the market.

 

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 home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, increased 100 percent, with 519 pending in December 2008 compared to 259 in December 2007.

 

Overall pending home sales for properties less than $300,000 saw a 304 percent increase with 384 pending in December 2008 compared to 95 in December 2007.

 

Single-family pending home sales increased 158 percent overall, with 323 in December 2008 compared to 125 in December 2007.

 

Overall condo pending sales increased 46 percent, with 196 in December 2008 versus 134 in December 2007; and pending condo sales under $300,000 increased 165 percent with 151 in December 2008 compared to 57 in December 2007.

 

Season arrived early for single family homes under $300,000 as pending sales increased 513 percent. This shows that choice properties that are priced right are quickly disappearing.

 

For the 12 months ending in December, 2008, sales in the price range under $300,000 increased 86 percent. For all of 2008, we have seen a monthly percentage increase of at least 30 percent, reflecting that buyers are motivated.

 

To view the entire December report, click here.

NAPLES SUNSHINE BECOMES AFFORDABLE, BUT FOR HOW LONG?

Report Shows Median Sales Price Down 25 percent

NAPLES, Fla.-December 12, 2008-Overall pending sales, which are a key indicator of buyer activity, continues to increase and the average days on the market decreases 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 Average Days on the Market decreased 20 percent from 211 DOM in November 2007 to 169 in November 2008.

The significant decrease in the average days on the market for properties under $300,000 indicates that choice properties are being sold at a swift pace, which is a key change.

There are great opportunities in every geographic area. The median sold price in several areas has decreased to under $300,000.

The median sales price decreased 25 percent over the last 12 months ending November, 2008, due to the flurry of activity in sales of the under $300,000 price category. The decrease can be attributed to developer incentives, sellers realistically pricing properties, and foreclosures.

For the 12 months ending November, 2008, the median sold price for properties over $300,000 increased 1 percent to $565,000 compared to $558,000 for the 12 months ending November, 2007.

Year over year, in the over $300,000 price category, the median sold price has increased 1 percent. This indicates that this price segment has stabilized.

The report which 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 home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, increased 54 percent, with 473 in November 2008 compared to 308 in November 2007.

• Overall pending home sales for properties less than $300,000 saw a 198 percent increase with 340 in November 2008 compared to 114 in November 2007.

• Single-family pending home sales increased 87 percent overall, with 288 in November 2008 compared to 154 in November 2007; Pending sales of single-family properties of less than $300,000 were 208 in November 2008 compared to 45 in November 2007, a 362 percent increase.

• Overall condo pending sales increased 20 percent, with 185 in November 2008 versus 154 in November 2007; and pending condo sales under $300,000 increased 91 percent with 132 in November 2008 compared to 69 in November 2007.

The temporary reduction in interest rates combined with current home pricing could be a catalyst for an extremely busy season.

To view the entire November report, click here.

Tumbling home prices have overshot, and many regions are now undervalued, according to a report from IHS Global Insight and National City Corp.

Nationwide home prices fell by a 6.9 percent seasonally adjusted annualized pace in the third quarter, faster than the 5.6 percent drop in the second quarter, due to foreclosure sales and tougher lending standards. Buyers need more than a pulse to get a loan, they have to qualify for a loan and prove it.

Five quarters of declines have caused the U. S. housing market to become broadly undervalued by about 5.7 percent in the quarter. Overvaluation peaked at 15.8 percent in mid 2006. Only three regions — St. George, Utah; Atlantic City, N. J.; and Bend, Ore. — appear to be extremely overvalued, the study said. On the flip side, regions like Las Vegas that saw the greatest gains during the housing boom are among those suffering the most now.

The Federal Reserve’s plan to buy up to $600 billion in mortgage-backed securities and other debt could help ease financing tightness, but probably not until next year, says Jeannine Cataldi, senior economist with IHS Global Insight. “Until the excess [home] inventory is absorbed, we could see prices fall,” Cataldi says.

The study considered interest rates, household incomes, population densities and historic data to determine fair values.

Click on the map below for a link the interactive home valuation report.