February 2011 Naples Real Estate Statistics

I cannot believe that February is already over and I am working on month end reports again. I know it's a short month, but didn't it just fly by? While reflecting back on last February, and comparing it to the activity here in Naples this February, I found some *newsworthy numbers that I thought you might find interesting.

• Listing inventory is down. Now, that could just be that we are all too busy working with buyers to concentrate on getting new listings...or it could simply mean that many sellers have decided to keep their properties off the market until the over-correction of pricing stabilizes. Whatever the reason, the lower inventory and higher pendings, is establishing a trend that we have not seen in years. In February 2010 in Naples there were 1,633 new Listings that came on the market. In February 2011 only 1,362! ~About a 17% decrease. Those new listings last year that were priced over $1 million numbered 180, and those listed below $500,000 numbered 1,229. This year, February 2011, of those new listings taken, 156 were priced at or above $1 million, while only 1,004 were listed below $500,000! This translates to fewer listings going active in both the higher & lower price points. Those that had been listed above $1 million last year are now feeling the downward pressure and are being priced below $1 million. The lower priced listings continue to be the most popular range in both pending and closed sales. ~and, The middle prices are beginning to see an increase in activity. I call this a trickle up effect. I think we will slowly begin to see an absorption of the better, well priced listings in the lower price range over the course of the next 90 days. Emphasis on well priced! I also believe that we will continue to see an increase in sales in the luxury market--But, since a much lower percentage of those listings are going under contract, they must be much more competitive with pricing in order to take advantage of what's left of the peak selling season!
• Overall Pendings in February 2010 were 1,188 compared to 1,221 in February 2011. Approximately a 3% increase...compound that with a 17% decrease in inventory! There are pockets in Naples where neighborhoods have seen a more substantial increase in sales then 3%. Those homes and condos listed at or above $1 million had 80 listings pend in 2010 and 81 of the 1,221 in 2011 were listed over $1 million. In 2010 February saw 988 residences listed under $500,000. go under contract in Naples, while last month the pending sales of listings priced below $500,000 were 1,038. Approximately a 5% increase.
• Closed Sales were almost identical in Naples MLS: In February 2010, 570 residential listings closed. In February 2011 there were 571 closings. 31 of the 570 in 2010 were listed at or above $1 million. February 2011 40 luxury properties closed, including a home in Port Royal which was listed at $13,900,000 and closed for $10,500,000. Luxury home closings represented 7% of the closings in February. In February 2010 there were 482 closings listed below $500,000 vs. 469 that closed in February 2011. The lower price range is driving the market.

Presently there are 8,015 Active Residential Listings in Naples MLS. 1,364 are Previews Properties: those listed at or above $1 million, which represents 17% of the market. 5,194 are listed at or below $500,000.

If you would like a market analysis of a specific neighborhood, please call a member of The Harris-Peppe Team today. 239.370.0574 Of course, this is a broad brush of the overall real estate market in Naples Florida and does not reflect the statistics of unique communities within Naples. It is always our pleasure to do a more in depth study of a particular area whether you are considering buying or selling, and it is always a no-obligation service.

Thank you, and make it a GREAT day,

The Naples Real Estate Blogger

*All data is derived from the Naples multiple listing system, SunshineMLS and is deemed accurate but not guaranteed.

Inventory Down. Sales Up!

It's the first day of a new month and a new quarter. We completed our month-end reports yesterday and we are also carefully reviewing the year-to date statistics in each of the markets that we are most active. We found a few interesting conclusions based on data from our local MLS that I thought I would share. Keep in mind, these findings are inclusive of all geographic areas in Naples. Certain market segments are holding there own better than others, and indeed, certain areas are quite active and showing strong signs of leveling off. More than just a few local real estate gurus are predicting we may be at or near the bottom.

• Residential Sold Listings peaked in June of 2005 with three subsequent spikes in the next 3 years in March 2006, May 2007 and May 2008. The most recent peak in May 2009 marks the first time since September 2005 that closings in the Naples MLS exceeded 700 units!

• Residential Pending Sales By Month, which is typically the best barometer for determining what is happening "now" shows a marked improvement when tracking pendings June 2005 through to the present. The average number of pending per month over the past four years has been 475, but in April and May of this year we exceeded 1000 each month!

• Residential Median Sold Price Per Month indicates the "middle" (half sold above this price, half sold below) from June 2005 to May 2009 at $352,006. However, if all listings priced at $300,000 or less are taken out of this equation, the Residential Median Sold Price By Month dramatically becomes $515,718. (keep in mind, 4 years ago you'd have been hard pressed to find any listings priced under $300,000 in Naples Florida. Today approximately 40% of our inventory is listed under $300,000).

• When duplicating this same search, but only going back 12 months to June 2008 another interesting result occurs. The Residential Median Sold Price By Month hit a low of $175,000 last month. However, once again when we eliminate all closed sales of listings priced below $300,000 from the search criteria the median price for this date range is back up to $517,371.

• Currently, Naples MLS inventory is down to under 9,000 Residential Active Listings. Just one year ago, in June 2008, we had a 33.76 month supply in inventory. But, when we take our current inventory and chart it with the current 12 month trend of pendings and closings we calculate that as of June 30th, 2009, we have a 20.79 supply in months of Active Residential Listings.

There is a strong demand for well priced listings; today's buyers are looking for value. Interest rates have remained stable. ~and We feel very lucky to be selling real estate in Naples Florida. Chip & I have had a good 1st and 2nd quarter. Year-do -date pendings and closed sales exceed 2008.

Please don't hesitate to contact us should you have any comments or questions concerning the current state of the real estate market here in Naples Florida. The Harris Peppe Team is happy to provide you with details about any specific communities or condominiums. We hope to hear from you soon and look forward to earning your business. Please call us anytime at 239-370-0574 direct. Thank you...have a super month!

NUMB3RS

I get a lot of calls from folks reading my blog asking that I continue adding more statistics. They say they enjoy reading the Naples Real Estate NUMB3RS...so, here goes: Year To Date: SunshineMLS, the southwest Florida multiple listing database, which includes (but is not limited to) Bonita Springs, Estero, Cape Coral, Ft Myers and Ft Myers Beach, Lehigh Acres and Naples (including Golden Gate and Golden Gate Estates) has reported the following numb3rs: Total Residential Listings taken: 32,885 Total Closed Sales: 6,357 Total Expired Listings: 18,717 When searching just the greater Naples area, the following numb3rs apply: Total Residential Listings taken: 15,530 Total Closed Sales: 3,822 Total Expired Listings: 8,208 Thank you again for all your calls. I truly appreciate hearing from readers directly letting me know what type of blog posts most interest them! Hope you're having a great day! See earlier posts for discussion regarding average sold prices, list to sell ratios and current inventory statistics. For a current evaluation of your home or condo please call or email any member of the Harris-Peppe Team today!