2010 A TURNING POINT
Report shows 2010 Closed Sales Up 10 Percent Over 2009
NAPLES, Fla.-January 14, 2011- The year 2010 has shown healthy housing market gains in the Naples area according to the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
The annual statistics compiled by NABOR show increases in overall pending and closed sales, inventory declining and an increase in the median closed price.
“2010 was a strong year despite the unprecedented challenges we faced. The news of the oil spill in the Gulf, the bank freeze on foreclosed homes and the end of the homebuyer tax credit left many sitting on the fence due to uncertainty. In the face of those challenges, the market showed great resilience,” said Mike Hughes, Vice-President of Downing-Frye Realty.
Overall closed sales increased 10 percent to 7,840 sales in 2010 compared to 7,126 sales in 2009. “Closed sales in 2010 showed double-digit increases over the 2009 figures in every price category above $300,000,” said Jo Carter, President of Jo Carter & Associates.
According to NABOR President and Managing Broker of Prudential Florida Realty, Brenda Fioretti, “The most improved segment of our market is the $1 million and above price category. In the $1 million to $2 million price segment, pending sales increased 29 percent and closed sales increased 33 percent.”
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
• Overall pending sales increased 4 percent with 9,318 contracts in 2010 compared to 8,933 contracts in 2009.
• Single-family home sales increased 3 percent to 3,959 sales in 2010 compared to 3,847 sales in 2009.
• Condo sales increased 18 percent to 3,881 sales in 2010 compared to 3,270 sales in 2009.
• The median closed price increased 1 percent overall to $180,000 up from $179,000 in 2009. For properties over $300,000, the median closed price increased 4 percent to $544,000 up from $525,000 in 2009.
Home sales grew steadily in 2010 resulting in a decline in the months of inventory. “The level of housing inventory has decreased for the fourth consecutive year. This is helping to bring the market back into balance,” said Steve Barker, Managing Broker of Amerivest Realty.
To view the entire report.
The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus member-customers. NABOR is a member of the Florida Association of REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.
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Labels: condos, current market, dunes, high end, high rise, life style, lifestyle, Love the Dunes, naples, real estate, southwest florida
The Year in Review from Love The Dunes Team
2010 has ended, and, as is our practice, we want to give our readers a good picture of the Naples real estate market. Though the media is filled with Doom and Gloom reports, the real story in our market place turned out to be pretty good.
The total sales recorded in Sunshine MLS for Residential listings were 7833, January 1 through December 31. That’s a solid 10% growth year over year, with 2009 showing 7128 sales during the same period. Furthermore, the gains were present in every category. Condos showed the strongest growth, +18% and single family homes were up 3%. Since most of our readers live in high rises, I also checked that sub category, and found high rise sales were up 25% for a total 421 recorded transaction on Sunshine MLS.
Digging deeper, we found only one category showed year over year declines, and that was Single Family sales under $500,000. Single family homes over $1,000,000 were up 33% for the strongest sub category growth. There were eight sales in Port Royal over $10,000,000 and the highest recorded sale in MLS in 2010 was $22,000,000. Condominium sales were up in all categories, with the highest sale recorded in March in Bay Colony at $7,900,000.
In The Dunes, sales were up over 100% for high rise condos, with 46 in 2010 vs 22 in 2009. Low rise sales were only 2 this past year, vs 4 in 2009. The highest sale in The Dunes was a penthouse unit in Grande Excelsior at $1,750,000 and the low was $425,000 in Island Cove for a lower floor unit.
One last note of good news: current active listings are just over 8000, which equates to just over a year’s worth of inventory at the current of sales. That’s down from a 3+ year supply just a couple of years ago.
Who would dare make specific projections for 2011? Certainly, not this writer but I can report that momentum is good, calls and showings are up. For buyers, it is time to make the decision. For sellers, there is hope for a good result, as long as the listing price is in line with recent sales in the neighborhood and the broader category.
If you’d like further information, call The Love The Dunes Team at South Bay Realty, 239-289-1351 or stop by our Vanderbilt Beach office any day. One of us is always available to help you.
