Local Realtors see glimmers of hope in a new monthly sales report put out by the Naples Area Board of Realtors.
The first-of-a-kind report, released Tuesday, shows signs of a turnaround in the Naples-area market.
Highlights include:
-- Sales made through the Multiple Listing Service were up for homes under $300,000 in the Naples area in December. There were 110 sales, compared to 103 a year earlier. The same market saw a 33 percent increase in sales in 2007.
-- Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.
-- The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline.
“The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,” said Arlene Carozza, NABOR’s president.
Joe Ballarino, president and CEO of Amerivest Realty in North Naples, describes the report as “mixed.” Parts of the market are doing much better than others.
“I think we’re at or near the bottom,” Ballarino said. “We may have finally hit bottom.”
The report reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by geographic area carved out by zip code.
In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.
Last year, 3,889 homes sold, down from 4,518 in 2006, the report says.
In the under $300,000 category, sales rose to 1,401 last year, from 1,066 in 2006, fueled
by a nearly 10 percent drop in median price to $230,000.
“It’s the middle of the market that has been overpriced. The $300,000 to $1 million category is where the sales aren’t happening and that’s because the prices aren’t in line. They need to drop another 5 to 10 percent,” Ballarino said.
In the $500,000 to $1 million price range, 811 homes sold in 2007, down from 1,037 in 2006. The median price dropped by $2,000.
In the $1 million to $2 million category, 374 homes sold last year, compared to 439 in 2006. In December there were 25 sales, the same as in 2006.
“In the luxury market prices are holding well and their sales are already coming back,” Ballarino said.
The Naples beachfront, which includes such affluent neighborhoods as Port Royal and Park Shore, and North Naples are leading markets for sales.
In December, there were 71 sales in the Naples beachfront area, compared to 68 a year ago. In 2007, 926 homes sold, up from 889 in 2006.
In North Naples, 73 homes sold in December, 10 less than a year ago. In 2007, there were
1,161 sales, down from 1,202 in 2006.
Sales have declined most in Central Naples. There were 927 in 2006 and 653 last year.
Last year, condo prices fell the most. The median price went from $365,000 to $300,000. But in some areas of the condo market, prices are already back on the rise.
“I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,” said Broker Michael Hughes at Downing-Frye Realty Inc. in Naples.
In the $500,000 to $1 million range, the median price for condos went from $670,000 in 2006 to $680,000 last year.
Realtors and brokers say showings are up in recent weeks, another sign of a market turnaround.
Business typically picks up with the start of the winter season, when more northerners come to town to escape the cold. But agents say they are getting more calls and interest than usual for this time of year.
“Pending contracts seem to be falling in a little earlier, which I like,” Hughes said.
He describes his outlook as “cautiously optimistic.”
“You’ve got interest rates that are extremely favorable,” he said. “You’ve got a lot of inventory and you’ve got a very cold winter up North, and the weather down here has been beautiful.”
Brett Brown, a Realtor with Miromar Realty of Southwest Florida Inc., said he’s seen the most activity on homes priced at $300,000 and below. Homes selling for more than $1 million also are generating more interest, he said.
Since Dec. 29, business has been up over last year, Brown said. But there still are many who are looking and not yet buying.
“Everyone is just waiting to see where the bottom is going to be,” he said. “I think we may be reaching it.”
“I don’t expect the market to take off,” Ballarino said. “I think buyers are going to be picky and sellers who have their properties priced properly will get the sale.”
For about a year, NABOR kept its monthly sales from the public. Instead of reporting them to the Florida Association of Realtors, the group started releasing its own quarterly reports, saying they were more relevant and accurate. But there were skeptics.
Last month, NABOR voted to release the new detailed reports every month. Its monthly sales still won’t appear in the statewide report.
Source : http://www.naplesnews.com/
The first-of-a-kind report, released Tuesday, shows signs of a turnaround in the Naples-area market.
Highlights include:
-- Sales made through the Multiple Listing Service were up for homes under $300,000 in the Naples area in December. There were 110 sales, compared to 103 a year earlier. The same market saw a 33 percent increase in sales in 2007.
-- Overall, there were 275 sales pending in the MLS in December. That came within two sales of breaking a 27-month downward trend.
-- The number of available condominiums dropped to 5,816 in December, down from 6,014 a year ago, a 3 percent decline.
“The facts are the facts, and when you look at the numbers it appears as though we are now once again headed in the right direction,” said Arlene Carozza, NABOR’s president.
Joe Ballarino, president and CEO of Amerivest Realty in North Naples, describes the report as “mixed.” Parts of the market are doing much better than others.
“I think we’re at or near the bottom,” Ballarino said. “We may have finally hit bottom.”
The report reflects sales made in Collier County through the Sunshine MLS, excluding Marco Island. It includes an overall market summary and breaks sales down by geographic area carved out by zip code.
In December, there were 269 single-family and condominium sales, down from 312 a year ago. The median home price fell to $380,000, from $412,000 in December 2006, according to the report.
Last year, 3,889 homes sold, down from 4,518 in 2006, the report says.
In the under $300,000 category, sales rose to 1,401 last year, from 1,066 in 2006, fueled
by a nearly 10 percent drop in median price to $230,000.
“It’s the middle of the market that has been overpriced. The $300,000 to $1 million category is where the sales aren’t happening and that’s because the prices aren’t in line. They need to drop another 5 to 10 percent,” Ballarino said.
In the $500,000 to $1 million price range, 811 homes sold in 2007, down from 1,037 in 2006. The median price dropped by $2,000.
In the $1 million to $2 million category, 374 homes sold last year, compared to 439 in 2006. In December there were 25 sales, the same as in 2006.
“In the luxury market prices are holding well and their sales are already coming back,” Ballarino said.
The Naples beachfront, which includes such affluent neighborhoods as Port Royal and Park Shore, and North Naples are leading markets for sales.
In December, there were 71 sales in the Naples beachfront area, compared to 68 a year ago. In 2007, 926 homes sold, up from 889 in 2006.
In North Naples, 73 homes sold in December, 10 less than a year ago. In 2007, there were
1,161 sales, down from 1,202 in 2006.
Sales have declined most in Central Naples. There were 927 in 2006 and 653 last year.
Last year, condo prices fell the most. The median price went from $365,000 to $300,000. But in some areas of the condo market, prices are already back on the rise.
“I know the average person, when you listen to the news, and read the various news stories, you think everything is going down. Yet that is not the case here,” said Broker Michael Hughes at Downing-Frye Realty Inc. in Naples.
In the $500,000 to $1 million range, the median price for condos went from $670,000 in 2006 to $680,000 last year.
Realtors and brokers say showings are up in recent weeks, another sign of a market turnaround.
Business typically picks up with the start of the winter season, when more northerners come to town to escape the cold. But agents say they are getting more calls and interest than usual for this time of year.
“Pending contracts seem to be falling in a little earlier, which I like,” Hughes said.
He describes his outlook as “cautiously optimistic.”
“You’ve got interest rates that are extremely favorable,” he said. “You’ve got a lot of inventory and you’ve got a very cold winter up North, and the weather down here has been beautiful.”
Brett Brown, a Realtor with Miromar Realty of Southwest Florida Inc., said he’s seen the most activity on homes priced at $300,000 and below. Homes selling for more than $1 million also are generating more interest, he said.
Since Dec. 29, business has been up over last year, Brown said. But there still are many who are looking and not yet buying.
“Everyone is just waiting to see where the bottom is going to be,” he said. “I think we may be reaching it.”
“I don’t expect the market to take off,” Ballarino said. “I think buyers are going to be picky and sellers who have their properties priced properly will get the sale.”
For about a year, NABOR kept its monthly sales from the public. Instead of reporting them to the Florida Association of Realtors, the group started releasing its own quarterly reports, saying they were more relevant and accurate. But there were skeptics.
Last month, NABOR voted to release the new detailed reports every month. Its monthly sales still won’t appear in the statewide report.
Source : http://www.naplesnews.com/
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