Market Report – August Home Sales Strong as Prices Hold Steady

Naples, Fla. (September 20, 2019) – Closed sales of homes in Collier County increased 7.4% in August, but overall inventory fell 17.8% to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory – which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August – resulted in a six-month supply of inventory for Collier County at the end of August…
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Market Report – April Shows Market Resurgence Continues

Naples, Fla. (May 24, 2019) – Closed sales during April in the Naples housing market increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Broker analysts reviewing the April 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported that April was a solid month with strong sales activity in both the single-family and condominium markets.
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Mortgage Rates Fall Again – Edge Closer to 4%

U.S. long-term mortgage rates fell slightly this week, marking a third straight week of declines as a continued inducement to purchasers in the spring homebuying season.

Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage eased to 4.07% from 4.10% last week. By contrast, a year ago the benchmark rate stood at 4.61%.

The average rate for 15-year, fixed-rate home loans declined this week to 3.53% from 3.57% last week.

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What does a “normal” housing market look like? This one.

NEW YORK – April 2, 2019 – The spring home-buying season could be the best in years, with falling mortgage rates and rising inventory already reducing bidding wars and resulting in price cuts.
“It’s been a rough go for homebuyers since the bottom of the housing market, and there are signs we’re entering a period of normalcy,” says CoreLogic Deputy Chief Economist Ralph McLaughlin.
McLaughlin believes current conditions could be the most favorable for buyers since the housing market bottomed in 2012.
However, economists say that even as activity rises, it’s unlikely that the market will return to a period of booming home sales. Nationally, home prices have jumped more than 50 percent since the bottom of the market in 2012, according to the S&P CoreLogic Case-Shiller National Home Price Index, which has made affordability a challenge for many buyers.
Economists note that inventory is rising – not necessarily because more homeowners are putting their homes on the market but because homes are taking longer to sell.
“All the signs are pointing to the fact that people are just having a harder time selling their homes,” says Trulia chief economist Issi Romem.
However, it appears that buyers are reaching deals faster, with Redfin data showing that the time it takes a buyer to find a home has hit a six-year low of 73 days.
Source: Wall Street Journal (04/01/19) P. A1; Kusisto, Laura
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Naples Real Estate Report – 3Q 2018: Market Remains Strong

Naples real estate market report 3rd Quarter 2018

Naples, Fla. (October 19, 2018) – One year after Hurricane Irma, overall closed sales in Naples increased 62 % to 644 homes in September of 2018 compared to 398 closed sales of homes in September of 2017. According to broker analysts, this impressive increase in month over month sales is a result of the effect of the hurricane when homes sales halted following the massive storm.
“The September Market Report shows how resilient and desirable our market is,” said Lauren U. Melo, PA, Licensed Real Estate Broker with Florida’s Realty Specialists. “A 3 % increase in pending and closed sales, year over year, is strong considering the reduced sales activity during the troubled period following the hurricane. This was when many sellers were making repairs caused by the hurricane. The September statistics show that our market is in a good position to see positive activity for the fourth quarter.”
Here are the major points of this Naples real estate market report for the 3rd Quarter of 2018:

  • Overall pending sales in the third quarter are up 20 % closed sales are up 13 % the median closed price is up 3 % inventory is up 4 % and the days on market decreased 1 %.
  • Closed sales of homes between $300,000 and $500,000 increased 24% more than other categories.
  • Pending Sales for the condominiums market increased 21% and closed sales 20%.

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Florida Housing Market Continues Positive Track in Sept. 2018

ORLANDO, Fla. – Oct. 19, 2018 – Florida’s housing market reported more closed sales, higher median prices and more pending sales in September compared to a year ago – when Hurricane Irma struck the Florida Keys on Sept. 10, 2017 – according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 21,087 last month, up 17 percent compared to September 2017.
September was the 81st month-in-a-row (over six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $251,610, up 4.9 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for condo-townhouse units in September was $182,500, up 5.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
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U.S. mortgage rates up; 30-year at 7-year high, 4.72%

WASHINGTON (AP) – Sept. 27, 2018 – Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years.

Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72 percent from 4.65 percent last week. The average benchmark rate has risen from 3.83 percent a year ago.

The average rate on 15-year, fixed-rate loans increased to 4.16 percent this week from 4.11 percent last week.
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Naples Real Estate Market Report – July 2018

Naples Real estate Market Infographics July 2018

July Housing Market in Naples Defies National Trends

Naples, Florida. (August 24, 2018) – According to the National Association of REALTORS July market report, existing home sales in America decreased for the third straight month as a result of the severe housing shortage that is not releasing its grip on the nation’s housing market.
Conversely, homes sales in the Naples area were up 8 % in July according to the July 2018 Market
Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The nation has only a 4.3-month supply of home inventory, while Naples has a healthier 6.25-month supply of inventory.
“The Naples area overall median home price increase in July 2018 seems to be the only statistical category where we match national trends,” said Kathy Zorn, “Naples saw an 8 % increase in its overall median closed price in July 2018 compared to July 2017; whereas nationally, median closed prices went up just 4 %

Here are the major points of this Naples real estate market report for July 2018:

  • Home Sales up 8% in July 2018 compared to July 2017.
  • Inventory fell 1% to 4,871 properties, compared to July 2017.
  • 39% increase in condominium closings in the Naples Beach area (West of US 41).
  • Overall Pending Sales up 11% in July.
  • Pending Sales for luxury condominiums ($2 million +) up 150% in July!
  • Cash Sales account for 50% in Naples (compared to 20% nationwide).

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Florida Real Estate Market: Sales, Median Prices Up in May

ORLANDO, Fla. – June 20, 2018 – In May, Florida’s housing market reported more sales, higher median prices and more new listings from owners ready to sell, according to the latest housing data released by Florida Realtors®.

“Strong demand from buyers, coupled with a lack of for-sale inventory, continues to have an impact on rising median prices in many local housing markets,”. “Home sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.7 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).

“However, it appears that our tight inventory may be easing slightly: New listings for single-family homes in May rose 4.8 percent year-over-year, while new townhouse-condo listings increased 6 percent. If the trend continues, that could mean good news for buyers who have been waiting on the sidelines.”
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Home flipping slows in 55% of U.S. markets

IRVINE, Calif. – June 7, 2018 – ATTOM Data Solutions’ Q1 2018 U.S. Home Flipping Report finds that 48,457 U.S. single family homes and condos were flipped in the first quarter of 2018 – a 4 percent drop quarter-to-quarter and 3 percent drop year-to-year.

In Florida, the number of homes flipped and profitability of those flips varied by metro area. In Miami, flipping was down 16 percent year-to-year, according to ATTOM, and down 13 percent in Tampa-St. Petersburg.
Florida also made ATTOM’s list based on the average number of days it takes to flip a home. On the fast-to-flip side, it took 99 days in Jacksonville. However, Naples – at 220 average days to flip a home – made the list of cities where flipping takes time.
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