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NOVEMBER SALES POINT TO STRONG 2012
Report Shows Sales Up In All Price Categories
NAPLES, Fla.-December 16, 2011- Overall pending sales, which are a key indicator of buyer activity, continue to increase according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
For the 12 months ending November 2011, overall pending sales increased 8 percent while closed sales for the 12 months ending November 2011 grew 5 percent to 8,335 from 7,909 for the same 12 months last year.
"Pending sales in the $1 million to $2 million price category increased 42 percent in November. The luxury market has come alive," said Phil Wood, President of John R. Wood REALTORS®. Pending sales in the $1 million to $2 million price category increased from 26 contracts in November 2010 to 37 contracts in November 2011.
According to Cindy Carroll, Vice-President of Carroll & Carroll Inc., an independent fee appraisal firm in Collier County with over 24 years experience, "We are seeing a subtle upward trend in home values in many market sectors as supply continues to decrease and demand remains strong."
Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University agrees, "Buyers in the luxury market that may have been on the fence are seeing inventory decreasing. They may be looking at their opportunity costs in the capital markets and consider real estate a more suitable place to invest their money."
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:
¨ Single-family pending sales increased 7 percent with 5,178 contracts for the 12 months ending November 2011 compared to 4,856 contracts for the same 12 months last year. Single-family pending sales in the $500,000 to $1 million category increased 14 percent for the 12 months ending November 2011 with 541 contracts compared to 476 contracts for the 12 months ending November 2010.
¨ Overall condo pending sales increased 3 percent with 399 contracts in November 2011 compared to 387 contracts in November 2010.
¨ The available inventory decreased 18 percent to 7,625 available properties in November 2011 compared to 9,352 available properties in November 2010.
"As sales increase the available inventory in every category is decreasing. The $1 million to $2 million price category showed the largest decrease with 22 percent" said Jo Carter, President of Jo Carter & Associates. The available inventory in the $1 million to $2 million category decreased from 818 available properties to 635 properties.
"The November numbers for the single-family home market are positive. The median closed price for properties over $300,000 increased 5 percent for the 12 months ending November 2011 compared to the same 12 months of last year," said Brenda Fioretti, NABOR Media Relations Director and Managing Broker of Prudential Florida Realty. The median closed price increased to $568,000 for the 12 months ending November 2011 compared to $540,000 for the 12 months ending November 2010.
To view the report, visit www.NaplesArea.com
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 4,000 plus member-customers. NABOR is a member of Florida 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.
View the November 2011 Statistics |