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Naples, Florida Real Estate – 2011 Housing Inventory ends at 5-year low

Tuesday, January 24th, 2012

According to recent reports published by the Naples Area Board of Realtors (NABOR), Annual Pending and Closed Sales Rise 

Statistics compiled by NABOR show an increase in overall sales with inventory diminishing in Collier County (excluding Marco Island).  

The available inventory declined 17 percent in 2011 with 7,581 available properties compared to 9,145 available properties in 2010. In the under $300,000 market category, the available inventory declined 21 percent to 3,771 properties in 2011 compared to 4,763 properties in 2010.

 Every market category showed sale increases in both pending and closed sales with the largest increase in the $1 million and above categories.

The 2011 report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. An overall summary combines the statistics for both single family and condominium properties. The statistics are presented in chart format, along with the following statistics:

  • Single family pending sales increased 5 percent with 5,162 contracts in 2011 compared to 4,896 contracts in 2010.
  • Condo pending sales increased 11 percent with 4,908 contracts in 2010 compared to 4,422 contracts in 2010.
  •  The overall median closed price over $300,000 increased 2 percent to $550,000 in 2011 from $540,000 in 2010.
  •  The 2011 fourth quarter report showed overall pending sales for the 12 months ending December 2011 increased 8 percent to 10,071contracts compared to 9,319 contracts for the same 12 months of 2010.
  •  Overall closed sales in the $1 million to $2 million category increased 38 percent with 76 sales in the fourth quarter of 2011 compared to 55 sales in the fourth quarter of 2010.
  •  Single-family home sales in the $500,000 to $1 million price range increased 13 percent with 90 sales in the fourth quarter of 2011 compared to 80 sales in the fourth quarter of 2010.
  •  Condo sales declined 2 percent to 793 sales in the fourth quarter of 2011 compared to 808 sales in the same quarter of 2010.

For additional real estate market statistics, click HERE!

John R. Wood Realtors – The Symbol for Local Knowledge

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Federal Reserve will soon start publishing rate forecast

Friday, January 6th, 2012

According to the New York Times, the Federal Reserve will start to publish a forecast four times a year that includes predictions about the direction of short-term interest rates. This reporting will begin on January 25, 2012.  The report will include a summary of how long the Federal Reserve expects to keep short-term rates at current levels.

“More guidance on rates might help lower long-term yields further — in effect providing a kind of stimulus,” reported the Associated Press in a related article. “Lower rates could lead consumers and businesses to borrow and spend more. The economy would likely benefit.”

This move is predicted to provide greater insight into its methodology and decision-making. 

Since 2008, the Federal Reserve has left its key short-term rate at record lows near zero. This past summer the Fed announced it intended to leave the rate low until at least mid-2013. 

To search for homes in Naples, Bonita Springs and Estero, Florida, click HERE!

John R. Wood Realtors – The Symbol for Local Knowledge

 

 

Source: “Fed to Publish a Forecast of Rate Moves, Guiding Investors,” The New York Times (Jan. 3, 2012) and “Fed to Regularly Forecast Interest-Rate Changes,” Associated Press (Jan. 3, 2012)

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Thursday, November 3rd, 2011

The Fannie Mae National Housing Survey for September shows consumers in the U.S. remain somewhat pessimistic about home prices.  However over two-thirds (68 percent) of American’s surveyed said they thought now was a good time to buy a home and 63 percent said if they were going to move now they would buy a home.

Highlights from the survey:

  • American’s feel home prices will decline an average of 1.1 percent in the coming 12 months.
    • Fifty-five percent say home prices will stay the same in the coming 12 months.
    • Twenty-five percent say home prices will decline in the coming 12 months.
    • Eighteen percent say home prices will increase in the coming 12 months.
  • Fifty-one percent say interest rates will stay the same.
    • Thirty-three percent say interest rates will go up
    • Eleven percent think interest rates will go down in the next 12 months.
  • Sixty-Eight percent think now is a good time to buy a home
    • Ten percent think now is a good time to sell a home
  • Sixty-three percent say they would buy if they were going to move
    • Thirty two percent say they would rent
  • Seventy-seven percent think the economy is on the wrong track
    • Sixteen percent think the economy is on the right track

The inventory of homes for sale in Naples, Florida has been decreasing. If you’re looking to buy a vacation or second home in Naples, you may want to take advantage of the market now.

 To find real estate for sale in Naples, Florida, click HERE!

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Southwest Florida Regional Economic Indicators report now available

Wednesday, November 2nd, 2011

Recently, Florida Gulf Coast University’s Regional Economic Research Institute posted its October 2011 Southwest Florida Regional Economic Indicators report.

 Some of the highlights for Collier County (Naples, Marco Island, Florida) include:

  •  The economy picked up speed in the third quarter
  • Household spending has increased at a modest pace
  • Business investment in equipment and software continues to expand
  • Some pickup in the pace of recovery is anticipated over the coming quarters
  • Collier County issued 59 single-family permits in September 2011, compared to 57 in August 2011 and 46 in September 2010
  • Collier County’s unemployment rate was 10.2 percent, a decline from 11.7% in September
  • Collier County’s existing single-family homes sales were 261 in September
  • Collier County grew at an average annual compound growth rate of 3.8% from 1990 to 2010

  Click HERE for the full report.

 To learn more about the Southwest Florida and see additional market statistics, click HERE.

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Population of Southwest Florida, including Naples, is growing

Thursday, July 7th, 2011

State population experts predict the population of the Gulf Coast from Pasco to Collier counties will grow from the 2010 Census figure of roughly 4.4 million to more than 6.3 million by 2040.

This will mean luxury home prices and inventory will not stay these lower costs for much longer – maybe 2 years at max.

For those looking for a home or vacation property in Southwest, Florida, now is the time to buy while the inventory of luxury condos and homes are available and available at these prices.

Read the full story here: http://www.review.net/section/detail/gulf-coast-growth-to-outpace-state/

Click here to view more homes for sale in Southwest Florida

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Posted in Estate Lifestyles, International Reach, Luxury homes in Southwest Florida, Luxury homes Naples florida, Luxury properties in florida, Market Updates, Naples beach and bayfront, Naples Home Sales, Naples News, News, vacation homes naples fl | No Comments »





Home Sales up in Southwest Florida, Collier County (Naples, Marco Island)

Wednesday, June 22nd, 2011

Nationwide, home sales took another dip in May, according to numbers released by the National Association fo Realtors Tuesday. But that decline is not the case in one area of Southwest Florida.  While home sales dropped almost four percent in May across the nation, in Collier County it’s a different story.  Home sales there  were up four-percent.

People are paying cash for homes and want to live in Naples. The Naples area also has fewer distressed properties than other parts of the country. Foreclosures and short sales make up 30 percent of the inventory there.

Click here to view more homes for sale in Southwest Florida.

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Posted in Buying a Home, Estate Lifestyles, Home and Garden, International Reach, Marco Island Sales, Market Updates, Naples beach and bayfront, Naples Home Sales, Naples News, News, Short Sales, Southwest Florida Communities, Southwest Florida News | No Comments »





Naples is #7 on List of hotspots for International Buyers! Three others cities in Southwest FL also make the list!

Thursday, June 16th, 2011

Top 23 U.S. hotspots for international buyers 

6 out of 10 most-popular cities are in Florida
Nearly 40 percent of the 23 most-popular U.S. cities among non-American visitors to Trulia are in Florida, according to a blog the property search site launched today.

The blog, Trulia Insights, will feature data visualizations of housing data on a weekly or bi-weekly basis, the site said. The first such infographic details the U.S. cities to receive the biggest share of traffic on the site among non-American visitors in the first quarter. About 5 percent, or 1.4 million, of the site’s unique visitors during the first quarter were from abroad, Trulia said.

The site attributed the high level of interest among international site visitors to “falling (U.S.) home prices and currency exchange rates in their favor.”

The most popular American cities were Los Angeles and New York, which were among the top five most-searched cities for visitors from the United Kingdom, Australia, France, Germany, Brazil, Italy, Russia, the Netherlands, Sweden, China and India.

Nine of the 23 most popular cities were in Florida with Cape Coral, Fort Lauderdale, and Miami taking the lead. That interest may be due to both deep discounts on the state’s real estate and a perception that the state is “friendlier to non-citizens,” the site said.

Florida cities were especially popular with folks from Canada, the country with the biggest share of traffic on Trulia from abroad. The United Kingdom had the second-biggest share, while Australia had the third-biggest share.

One mystery in the data findings is that the fifth most-popular U.S. city for Aussies is Detroit. While cultural forces may be at play, “another theory that we’re toying with is that it’s also possible that the folks down under just love picking up homes for $40,000 a pop,” Trulia said.

Click below for full list.

http://www.ccireports.com/company/newsarticle.asp?ArtID=145153

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Comparing Sales, Inventory in Select Southwest Florida Neighborhoods

Wednesday, April 20th, 2011

As a whole, the Naples, Bonita Springs and Estero market is doing well with regard to pended sales and closings for 2011. John R. Wood’s monthly market review for March 2011 illustrates this positive news.

You might be wondering, though, how your specific neighborhood is doing.

For that, we have developed a Neighborhood Snapshot Report that shows a 12-month comparison between closed sales and available inventory in select communities.

Click here to view the report.

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March Sees Strong Sales, Inventory Declines

Monday, April 18th, 2011

A large number of sales, spanning all price points, plus decreases in inventory in almost all price segments dominated the Naples, Bonita Springs and Estero markets during March. In fact, closed sales for the month of March were exactly even with March 2005, tying these two months for the highest number of closed sales for the month on record. Pended sales, up 6 percent over March 2010, established a new record high for the month.

When comparing first quarter 2011 with first quarter 2010, closed sales were up 6 percent over 2010, sales above $1 million were up 15 percent over 2010, and pended sales were the highest on record and exceeded first quarter 2005 by 4 percent, which previously held the record for the highest first quarter.

The number of new properties placed on the market in first quarter 2011 was 8 percent below the same period for 2010 bringing the available inventory in Naples, Bonita Springs and Estero to 9,587 units (4,988 condos and 4,599 single-family homes) as of April 1.

All condo price segments showed a decrease in inventory with the exception of those priced above $5 million. The largest decrease in single-family home availability occurred with properties priced between $750,000 and $1 million, which was down 23 percent, and properties priced above $1 million which declined 18 percent.

See the full monthly market report here.

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Where Are Interest Rates Headed This Week?

Tuesday, March 29th, 2011

Fiscal problems in Europe came back to roost as predicted even after being overshadowed recently by news from Japan and the Middle East.

The stronger and more fiscally conservative Euro member countries like Germany and France do not want to pick up the tab for poor performing countries like Ireland, Greece, Portugal and many others standing in line behind them. And as news flows out of Europe, either good or bad, mortgage bonds and home loan rates here in the United States will move in sympathy.

One news item that pressured bonds lower last week (making interest rates move up) was word that inflation in the United Kingdom jumped to the highest level in two years in February. Remember, inflation is the archenemy of bonds, and inflation around the globe seeps into the U.S.

In fact, we are already seeing it as producer prices (which look at wholesale inflation) are running at very hot levels, with prices up 3.3% in just the last three months. If pricing pressures don’t recede for producers of goods and services, companies will have one of two choices:

Absorb the higher cost of goods, and thereby hurting earnings growth
Pass those increased costs onto consumers, thereby creating consumer inflation

Both of these scenarios would be bad for stocks and bonds. And since home loan rates are tied to mortgage backed securities, which are a type of bond, those scenarios would result in an increase for home loan rates.

Speaking of mortgage backed securities, last week the Treasury Department announced it is going to begin selling some of its massive mortgage backed securities holdings. This is important to anyone looking to purchase or refinance a home, because this announcement immediately pushed bond prices significantly lower as traders tried to get their own positions sold.

Think of it as a financial game of musical chairs in which no one wants to be the last one standing with a mitt full of mortgage backed securities. Further long term pressure on bonds and rates will continue as the Fed begins to sell off or as inflation pressure persists.

Fortunately, home loan rates are still at very attractive levels for now despite the bond market taking a hit for most of last week. If you are thinking about purchasing with financing attached or have asked about refinancing, this is the time to see how you can benefit before rates possibly move higher.

Courtesy of Element Funding, John R. Wood Realtors’ mortgage partner

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