The Naples real-estate market is doing great! We"re seeing supply dropping while the sales prices and volume increasing……… It"s a great time for Naples real estate!
NAPLES REAL ESTATE — Autumn hasn’t cooled Naples’ hot housing market.
Statistics released Friday by the Naples Area Board of Realtors showed big bump-ups in sales and home prices, and big drops in inventory and days on the market.
The numbers compared the results for both the third quarter and for September with the same periods a year earlier.
Naples real estate agent Coco Waldenmayer summed up the situation at the trade group’s news conference with a well-known catch phrase: “It’s huge.”
For the third quarter, overall closed sales rose 22 percent to 2,290 units; for the month, they were up 16 percent to 667.
The upper end of the market performed best. There were 82 closed sales in the quarter, up 128 percent. Month over month, closed sales more than tripled to 23 from 7.
Naples real estate broker Mike Hughes attributed the increase to a combination of factors, including a rising stock market and strong housing markets around the country, allowing Boomers reaching retirement age to sell their northern homes for a profit and move South.
This profit-taking is reflected in the extraordinary number of buyers who are paying cash for homes — about seven out of 10, NABOR President Wes Kunkle said.
Overall median home prices for the quarter hit $235,000, a 24 percent increase. Month over month, median home prices reached $250,000, a 37 percent bump.
Pending sales, a sign of where the market is heading, also were up for the quarter, though not by double digits. They rose nearly 8 percent, to 2,548, in the third quarter. For the month, they fell slightly to 810, a 1.3 percent decline.
The month-over-month decline was partly due to a lack of inventory, Waldenmayer said. Overall, supply fell to about 4,900 units at quarter’s end, down about 20 percent from a year earlier.
At the current sales rate, it would take 4.9 months to burn through this supply, Naples real estate broker Brenda Fioretti said. Six years ago, it would have taken 35 months to sell off the 12,000 homes that then were clogging the sales pipeline.
The lack of supply is especially acute in the under-$300,000 price range, down 27 percent to 2,271 units at the end of September.
Because seasonal residents always seek it, beachfront housing is also scarce, Fioretti said.
While builders are alleviating some of the inventory pressures in other locations, land is too hard to find along the beach to meet the growing demand, she added.
The dwindling supply means the time it takes to sell a house has been shrinking.
For the quarter, homes stayed on the market for 143 days before they sold, an 18 percent decline; for the month, they were down 37 percent to 114 days.
Hughes expects the extraordinary momentum that’s been shown throughout this year, even during months that are typically slow, will make 2013 one for the record books.
“I think we will look back on this year in years to come and say ‘wow,” he said.
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