Archive for the ‘Market Updates’ Category

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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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Price Drives Robust Sales in Naples & Southwest Florida

Tuesday, March 15th, 2011

Sales in Naples and Southwest Florida continued at a robust pace in February with all price categories showing good activity. Price remains the driving factor, and properties priced to the current market are receiving multiple offers in some areas.

Properties priced over $300,000 continued to comprise nearly one-third of pended sales in February. Overall, pended sales were up 14 percent over February 2010 resulting in the highest February on record since 2000.

With regard to closed sales, properties over $1 million were up nine percent to date over the same period in 2010. Overall, the number of closed sales year-to-date February is approximately the same as the same period in 2010. Average sales price also remained constant with the prior year.

Available inventory in the Naples, Bonita Springs, Estero market as of March 1 stood at 10,222, encompassing 5,253 condos and 4,969 single-family homes. This represents a four percent decrease from March 1, 2010. In fact, all price categories show decreases in supply with the exception of condos and single-family homes priced under $250,000 and condos priced above $5 million. The largest decreases were in the condominium segment priced between $750,000 and $1 million and single-family homes priced between $750,000 and $5 million.

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Gulf Coast Real Estate Market, Comments by Phil Wood

Monday, March 7th, 2011

John R. Wood Realtors, specifically our president Phil Wood, was featured in Gulf Coast Business Review discussing how Naples could possibly lead the housing recovery.

As Phil Wood points out, in the last few weeks there have been several home sales of more than $10 million each, an indication of buyer confidence.

Click here to read the complete article.

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Where are Interest Rates Going This Week?

Wednesday, February 16th, 2011

Mubarek steps down and while the uncertainty in Egypt is not resolved, oil prices moved lower and the U.S. stock market ticked up. In times of uncertainty, whether here in the U.S. or across the globe, there is sure to be movement in the U.S. financial markets.

Of course, Cairo wasn’t the only place reacting to uncertainty as of late — to say that bonds have had a rough time lately would be a bit of an understatement, as bond pricing and home loan rates worsened significantly over the past week and a half. By the end of last week, however, bonds looked like they were beginning to stabilize … at least for now.

Impacting bonds are our long-term interest rates. Last week, a number of remarks by Fed members, including Fed chairman Ben Bernanke, who spoke on Capitol Hill, said it will take several more years before the unemployment rate returns to a more normal level and that lawmakers need to act to reduce the country’s deficit.

In the week ahead, there is a much busier series of economic reports all impacting interest rates: retail sales, Empire State Index (manufacturing), Philadelphia Fed Index (manufacturing), Produce Price Index (inflation), Consumer Price Index (inflation), housing starts, building permits, and the weekly Initial Jobless Claims.

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

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Pended Sales Close to 2005 Levels

Monday, February 14th, 2011

Pended sales for January were up 5% over 2010 and the momentum is continuing into February. This follows a 49% increase in pended sales from January 2009-2010, and makes it the second highest January on record. Properties priced under $250,000 comprised 65% of pended sales for the month.

Meanwhile, closed sales for January were the third highest on record for the month. Sixty-seven percent of all closings were properties priced under $250,000 and sales above $1 million remained approximately constant with the prior year.

Active inventory as of February 1, 2011, in the Naples, Bonita Springs, Estero market stood at 10,522 units—5,418 condos and 5,104 single-family homes. This is approximately the same as January 2010 and represents a balanced market with close to a one-year supply.

For a complete look at the January 2011 market report, click here.

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How is Your Neighborhood Doing in This Market?

Tuesday, December 21st, 2010

As a whole, the Naples, Bonita Springs and Estero market is doing well with regard to pended sales and closings for 2010. John R. Wood’s monthly market review for November 2010 illustrates this positive news.

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

For that, John R. Wood Realtors’ has 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 latest report.

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How is Your Neighborhood Doing In This Market?

Tuesday, December 21st, 2010

As a whole, the Naples, Bonita Springs and Estero market is doing well with regard to pended sales and closings for 2010. John R. Wood’s monthly market review for November 2010 illustrates this positive news.

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

For that, John R. Wood Realtors’ has 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 latest report.

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2010 Naples Florida Sales Continue to Outpace 2009

Monday, December 20th, 2010

Sales throughout the Naples, Bonita Springs and Estero markets remained strong through November with year-to-date closed sales up 13% over the same period 2009 and closed volume up 20%. All price segments showed increases over the prior year with properties priced above $1 million posting the largest increase.

Pended sales also remained strong in November, posting the second highest number of sales for the month during the past 11 years. The $1 million to $2 million category showed the largest gain over the prior year with a 24% increase, while properties priced under $250,000 continued to comprise 66% of pended sales.

New listings taken in November were up 10% over November 2009, but year-to-date the Naples, Bonita Springs, Estero inventory is down 4% from the prior year. As of December 1, 2010, active inventory stands at 5,388 condos and 5,058 single-family homes.

Click here to review the entire Monthly Market Report.

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John R. Wood Agents Host 94 Open Houses This Sunday in Southwest Florida

Friday, November 26th, 2010

John R. Wood Realtors’ newest publication, Homelook Weekly, a four-page printed newspaper insert, features all the Naples, Bonita Springs and Estero open houses for Sunday, November 28, plus market stats and neighborhood snapshots.

The printed edition will be available in each copy of the Naples Daily News this Sunday, Nov. 28, but if you simply can’t wait until then you can read the digital version here.

Read a digital version of this weekend’s Homelook Weekly by clicking here.

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