More Naples Real Estate Updates

A Diminishing Inventory in Naples Florida Real Estate

The Naples Daily News article from the weekend paper touted the continuing market stability of our local real estate values. According to The Naples Area Board of Realtors, key indicators such as 'pending sales, current inventory and the median closed price' show signs of real estate stability during these otherwise challenging economic times. Their report further states pending sales were up 2% in July 2011 when compared to July 2010. Another contributing factor is the decrease in non-traditional sales such as short sales and foreclosures. In one of my recent posts about waterfront homes in Naples I calculated that there were 214 homes for sale in the Naples MLS with direct or indirect gulf access. Of those only 12 were short sales and there weren't any foreclosures reported. According to NABOR, 'inventory continues to drop at a rate of 19%. Across the board we currently have less than a 9 month supply of inventory'. This is the lowest seen since NABOR began tracking absorption rates in April 2007. Since April 2007 inventory in Naples has declined over 5,000 residential units. Thanks mostly to smart money investors who are taking advantage of the great values!

Here is a synopsis of one aspect of our market which I believe will help illustrate the current trends in a very popular price range here in Naples, as an example:

Currently Active Single Family Homes priced below $500,000=1,300

When you add to that general search criteria more specific search parameters such as: Year Built 2000 or newer, homes with a private pool, located in a gated community, that number goes from 1,300 Active listings down to only 158 Homes for Sale in all of the NA zones in Naples. Now, take into consideration all homes that meet the very same specifications that have closed in the past 12 months: and there have been 298 closings. That equates to approximately 24.8 closings per month. Based on those closed sales and today's current inventory, we are left with only a 6.37 month absorption rate in that priuce range and specifications! Typically a 12 month absorption rate is considered a 'healthy market, therefore it is this writers' belief that we are experiencing a stabilizing real estate market in Naples Florida.

For additional information about homes for sale in all price ranges, please contact a member of The Harris Peppe Team today! 239.370.0574

Thank you, and make it a GREAT day!

The Naples Real Estate Blogger

data derived from the Naples area MLS is believed to be accurate but not guaranteed.

Counting Our Blessings

Well, as you can see I started out "gang-busters" when I first created this blog earlier this year...10 posts in January, my first month of blogging...Now as I look back, I haven't published an entry in about 2 weeks! Ahh! I just don't know where the time goes. Days and weeks are running together. I hear from other agents how "slow" things are and I wonder what planet they're on! We are busy! We are very busy! Internet leads, sign calls, floor calls & "walk-ins", referrals from past customers, open house prospects, making sales, managing listings and marketing. We do not know a dull day. If it isn't happening we make it happen!! Last month we had nearly a half million organic visitors to our website. There just isn't enough time in the day to follow up with all these potential prospects! Add to the mix a private life filled to the brim with children, grandchildren, friends and family...wonderful loved ones...Well, our cup runneth over...and we are not complaining. Quite honestly, just the opposite, we are counting our blessings! I had a great experience this morning. My broker is out of town and I volunteered to run our weekly sales meeting. Well, it was a great meeting if I may say so myself...not just the context, but the interaction. This office has some very talented agents...I have the best co-workers in the business. We are a family here at The Coldwell Banker Previews office. The meeting was upbeat and happy, positive and motivational. There are a lot of really good stats out there...Our market is turning in certain key segments in and near downtown Naples. One neighborhood in particular, Aqualane Shores is on track to close nearly 50 homes this year and currently only has 24 active listings. That's a 6 month absorption rate folks. You better check it out now before it's too late because Aqualane Shores is selling and it won't be long when the other waterfront communities follow! Our office pended 65 sales in May! We are up nearly 18% over the same time period last year! Buyers are making plans to come back to Naples to make decisions! There is a light at the end of the tunnel. If you would like information and current statistics about any particular neighborhood or community in Naples I hope you will give The Harris-Peppe Team an opportunity to earn your business. We look forward to hearing from you...now, gotta' get back to work!