In the Naples real estate market, pending sales increased 10% overall in May 2012 compared to May 2011. In fact, pending sales increased by double-digit percentages in all price ranges, except in the under $300,000 category which increased a respectable 6% in May 2012 versus May 2011.
What does this actually mean?
Pending sales are Naples homes for sale that have gone under contract. Of course, not all contracts close, but the fact remains that the majority do, usually within a month or two of buyer and seller signing off on the contract.
This makes pending sales a good indicator of the activity and the health of a market. In this case, it indicates that summer home sales here in Southwest Florida have the potential to be strong.
Cindy Carroll, a long-time and well-respected Naples appraiser of Carroll & Carroll, Inc., says, “The market seems to be on track right now. Current inventories in many market sectors mirror levels we saw in 2003-2004. This is further evidence that we are returning to a balanced and stable market.”
Here are some highlights from the latest Naples market report, according to the Naples Area Board of Realtors (NABOR):
■ Median closed price increased 8% from $175,000 to $189,000 for the 12-month period ending May 2012
■ Pending sales increased 11% in the $300,000-$500,000 category and 20% in the $500,000-$1 million category for the same12-month period
■ Inventory dropped 13% from 7,705 in May 2011 to 6,679 in May 2012
■ Closed sales increased 15% in the $500,000-$1 million category and rose 15% in the $1 million-$2 million category for the same 12-month period
■ Average days on market decreased 11% in the $300,000-$500,000 category, from 208 days in May 2011 to 185 days in May 2012
Phil Wood, president of John R. Wood Realtors, says, “We are starting to see homes sell within three days, and there has been an increase in the sale of teardowns.
“Now that the market is improving we have seen local residents make the decision to sell their current home and move into their dream home. With saleable houses, interest rates at historic lows, and affordable prices, it is the ideal time for many to finally buy.”
Buying or selling in Naples and need some guidance? Call me.
Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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