Collier County Reporting Strong Sales & Declining Inventory

By
Real Estate Agent with John R. Wood Realtors

Collier County Reporting Strong Sales & Declining Inventory

It seems that positive sales reports are buzzing in the news lately.   Nationally, we see reports that existing homes sales rose by 7.6%.   This increase was attributed to the affordability of real estate and the end of the homebuyers tax credit. 

Naples

Naples 4 Yr Sales Trends 

Naples has experienced a significant boost in sales coupled wth positive articles about its strenghening market.  The attached chart titled Residential Sold Listings by Month shows the outstanding sales growth in recent months, some of the best in four years.   Furthermore, local articles have also emphasized the positive trends showing up in the high-end of the real estate market.   In one article titled "Port Royal Real Estate Sales are Still Hot Despite Market Struggles",  Phil Collins, Realtor, Premier Properties of Southwest Florida, Inc REALTORS, states "There have been more than a dozen closed sales in Port Royal this year, with more contracts pending."  

Another article in the Naples Daily News was titled - New Trend for Old Naples: Home Construction, Property Sales 'Amazing'.   The writer summarizes this trend with the following: "Old Naples real estate is seeing a resurgence, especially the waterfront."

While the high-end is showing signs of strength in Naples, the strengthening of the market is being felt across all price points especially the low-end of the real estate market.  Below is a summary of NABOR's (Naples Area Board of REALTORS) recent press release:

·         Overall home sales increased 46 percent

·         Single-family pending sales saw a 27 percent increase

·         Condo sales saw a 69 percent increase

·         Available inventory decreased 13%

Marco Island

Four Years Sales Trend - 6 Months of Closed Sales History

 

Marco 4 yr Sales Trend - 6 mos. 

The chart for Marco Island shows a six month closed sales trend for the past four years.  As you can see from this chart, the last six months represented the strongest sales for the last four years.

For April 2010, Marco Island experienced the highest number of closed sales for any month since April 2005.   In April 2005, there were 113 reported sales; whereas, April 2010, reported only a slightly less with 107 closed sales.   In summary, Marco Island reported the following market statistics for April 2010 in a year-over-year comparison:

·         Overall home sales increased 39 percent

·         Condo sales saw a 194 percent increase

·         Available inventory decreased 19.97 percent

·         Pending sales decreased by 18.67 percent

Summary

While the marketplace nationally and locally are showing strong sales trends, inconsistencies remain in the marketplace.  At one end of the pendulum, we see an oversupply of inventory In limited segments of the market.  On the other end of the pendulum, strong demand has eliminated the lower priced properties and the most desirable properties are experiencing some price appreciation.   Increasingly, we see multiple offer scenarios and bidding wars. 

There are several exciting aspects to our market, with the potential to further swing the pendulum. Consider the following factors:

·         Pent-up demand/"on the fence" Buyers.  As we see more pent up demand unleashed in the marketplace, we will see continued declines in inventory and increased sales.   

·         Europeans Buyers in some cases are jumping into the market as devaluation of the Euro makes purchasing a home in the U.S. less affordable.   

·         European buyers 'still' want warm weather vacation homes and the Greece bailout (perhaps other countries, also) has pushed some European buyers to consider our area over other warm destinations.

·         Historically low mortgage rates and increasing availability of financing. 

·         Real estate prices in Naples and Marco Island are at the lowest level in years.

·         With the recent volatility of the stock market, some are considering real estate a good long term alternative over the risky (emotional) NYSE.

As we enjoy the increased activity in the real estate market, reflecting the best sales in four years, we look forward to continued movement in the summer months.

 

Article Links

Click on the following links to access the articles referenced in this e-mail.  If the links do not work, check that the "pop up blocker" is turned off.  Don't hesitate to contact me if you would like the ful article e-mailed to you. 

Port Royal real estate sales still hot despite market struggles 

 New trend for Old Naples: Home construction, property sales 'amazing' 

 

 Natalie CC Header

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