According to a data just released by the Florida Association of Realtors (FAR), in addition to now nine straight months in a row for increasing sales volumes, it's now reported that "...for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month's figure."

The release went on to say "...the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months."

Also stated, "A majority of the state's MSAs [ed: Metropolitan Statisical Area] have reported increased sales for 11 consecutive months.

I was wondering exactly when I would be able to report price increases. I believed that we were getting close and now we know!

Please visit www.BobPisa.com

According to the press release issued on June 12, 2009 by the Naples Area Board of Realtors (NABOR), the headlines read:

SALES UP IN ALL AREAS
Report Shows 10 Percent Inventory Reduction

Just last month (see previous post) NABOR recorded a 16% decrease in inventory for properties over $300,000. Now, for May 2009, NABOR is reporting an overall decrease of 10% between May 2008 and May 2009. There is nothing like consistency...the number of properties sold has been increasing month-over-month consistently, the pending sales contracts have been increasing consistently, prices have been declining consistently (although there is now data that suggesting the free fall has ended), and now it appears the inventory is declining consistently.

The press release goes on to further highlight:

• Pending home sales for properties under $300,000 saw a 177 percent increase year-over-year
• The average days on market (DOM) decreased 24 percent to 155 year-over-year
• Single-family home sales increased 53 percent year-over-year
• Single-family pending homes sales increase 110 percent year-over-year
• Condo sales saw a 24 percent increase year-over-year

As for the over $300,000 category, over the last several months the precipitous drop in prices has ended with only 1 percent decrease in the median price over the last 12 month period according to the president of local real estate company, Tom Bringarder.

I like the outlook very much, I've been busy... please visit www.BobPisa.com for more detailed information in the Local Area Information section.

In the Naples area, the average number of single-family homes sales continues to rise steadily. The chart below shows the closed sales data by month over the past two years ending May 31, 2009.

The pending home sales, a leading market indicator, continues at a break-neck pace which would indicate that the June closed sales should be at least as good as May.

Prices have stabilized... Attractive pricing is clearly what is driving the sales numbers and the average price data, again computed over a two year time window, indicates that prices have been flat, unchanged for the past seven months. The demand for southwest Florida has always been high now that prices are more affordable to more buyers we are selling.

The Bonita Springs - Estero market appears to be following the traditional seasonal sales volume cycle but at an increasingly higher volume per month.

The average prices for Bonita-Estero are a littler harder to pin down due to the smaller numbers, in general, for sales volume - units per month. The average monthly sales price is a bit of a saw-tooth line but somewhat stabile over the five months.

The complete May 2009 Market Watch Report is available on my website for Naples and Bonita-Estero along with the detailed data trand charts.

This information from the recent NABOR (Naples Area Board of Realtors) May 15, 2009 press release.

Headline: INVENTORY DECLINES 16 PERCENT for PROPERTIES OVER $300,000. Overall pending homes sales increase 87%.

NABOR tracks all Collier county sales excluding Marco Island.

In April of 2009 there were 5,905 properties on the market in this category. This is compared to one year ago where there were 7,088 properties available. How is this accounted for? It's a two part answer. First, month-after-month, we are selling more properties. I have been reporting this. Secondly, a number of properties drop out of this category due to price reductions.

With regard to the actual sale prices above $300,000 the median is just the same in April 2009 as it was in April of 2008 - $535,000. This equates to 50% of the properties sold in the above $300,000 category were less than $535,000 (but above $300,000) and 50% of the properties sold were above $535,000.

Perhaps the most important statistic, in my view, is the days-on-market (DOM) dropped 15% to 165 days. This means that properties are selling faster once listed further contributing to the decline in inventory.

There are two big "takeaways" from this. 1) At least some segments of the market are seeing stabilization. 2) Properties that once were priced over $300,000 are in a more affordable category - buy more for less.

The Strada - "uptown residences" - at the Mercato Naples, Florida has announced its Grand Opening and grand opening prices.

Residences start from $355,000 and furnished lease-back units are available also - two of three remain pictured below. 

The amenities at The Strada are terrific beginning with the beautifully landscaped roof-top sundeck and infinity-edge swimming pool, exercise center, spa and lap pool, private beach shuttle, entertaining center with catering kitchen, fireplace, and flat screen TV.

All this in addition to the amenities at the Mercato - shopping, dining, and the Silverspot Cinema. Some of the store and shops are:

Whole Foods Market | The Capital Grille | Books-a-Million | Coldwater Creek | Sur la table
Jos. A. Bank | McCormick & Schmick's Seafood | Signatures | Z Gallerie | Swim 'n Sport
GiGi's Children's Boutique | The Pub | AZN Azian Cuizine | Blue Martini | Bravo! Cucina Italiana
Piola Famosi Per La Pizza | Silverspot | Stage Deli

CLICK HERE for more information

The data below is from the Naples area multiple listing service for single-family homes and detached villas for the calendar year 2008.

Would you like to know the quanity, and the average, minimum, and maximum prices for homes in these areas? The data is available. Visit www.BobPisa.com and drop me a note to let me know what you are interested. I'm happy to provide this data and any further information to help you with your real estate research.

Report Shows Inventory Declines 8 Percent

So says the headline from the newly released (April 17, 2009) press release from NABOR - Naples Area Board of Realtors(R).

Prices are down, sales are up. Makes sense, I've stated this many times. Now, we are finally seeing the affect of increased sales on the inventory. So the saying will go - prices are down, sales are up, inventory declines. Over the next year if this trend continues to hold true we will add "prices are up" to the saying. We can only hope...as this will be one clear indicator for a key aspect in our economy - the housing/finance market - to begin a recovery.

The desireable Naples and surrounding area is now the most affordable it has been in some time and buyers are taking notice. Highlights from the press release:

• Realistic price adjustments by home sellers are getting the buyers off the fence
• Realtors are reporting significant increase in traffic and activity
• Overall sales volume for properties under $300,000 saw a 113% increase in the first quarter
• Single-family homes under $300,000 increase 242%
• The median sales price for the 12  months ending March 2009 compared to the same period in 2008 end March 2008 dropped to $237,000 from $370,000. This is the "prices are down" piece.
• Home sales have increased 30% for the 12 month period ending March 2009. This is the "sales are up" piece.
• Pending sales in the under $300,000 category are up 194%
• The average days on market decreased 14%

An online listing service provided by HGTV listed Naples as the 'number 2 bagain home buyer market'.

The March 2009 statistics and additional market date may be found here.

I didn't expect to be writing a post such as this for sometime to come but, here it is...

In southwest Florida Naples is leading the recovery with improved sales statistics month-after-month ahead of Bonita Springs and Estero. Many people want Naples property for seasonal or permanent homes and for good reason.

Deals to be had. Without question, the foreclosed property market is scoured daily for the best properties and when these hit so do the offers. Many clients can't believe it when I tell them there are multiple offers and we need to go back with best and final offer. It's so unbelieveable that many will not raise the offer and low and behold, the next phone call is that someone else bought the property...disappointment.

Deals waiting and waiting to be had. Such is the case with short sales as is well known. I have three contracts "in process" for the newly coined "long sale". Those who hang in there will ultimately get a good deal. Although, many lose interest too soon and don't wait it out.

Here today gone tomorrow. I just now received an email inquiry from a customer who waited 12 days after the price was reduced way below the competition in the area for a property they were in interested in. It was not REO or short sale. Sadly, today the property went pending and it's no longer available.

If you would like the receive updates on property listings (new and changed prices) for a general area or a specific property type in a specific area just go to www.BobPisa.com. You may peruse the listings by Community or create your own search as you like and receive daily updates in your email all under your control.

I just love looking at an analyzing the data. You can't argue with it, it is what it is and in this case ending March 31, 2009 there are continued positive trends.

The first graph, below, are the pending homes at the end of each month for the past 24 months. THe end of this curve looks like it's rocketship propelled. It's not unusual to see an increase during the winter season in southwest Florida. In fact, you can see the positive ramp up in the middle the curve for last winter season. However, the steepness of the curve 12 months ago is nothing like this winter season. Why? Simple. Prices are down, volume is up.

The second curve are the actual closed sales for the past 24 months. It's plain to see that the lever the previous months represents is clearly different, and much better, than the 12 months preceeding. The past 12 months show a monthly average improvement in closed sales by 43%! That's pretty good!

24 month pending home sales

24 month closed sales

Now, a fair question to ask is, why doesn't the closed sales trend track the pending homes sales trend? The simple answer is that far fewer contracts written actually close. The primary reason are short sales. Only about 10% of short contract close. Why? Buyer's perceptions are incorrect with the motivation for "the bank" to sell the property. In fact, the bank doesn't own the property until it is foreclosed. Once foreclosed, the close rate is much better. Enough on short sales, I don't intend this to be a tutorial on short sales.

The bottom line is that Naples real estate has always been in demand and it always will be. During 2005-2007 many buyers were priced out of the market. We're now selling property at 2003-2004 prices so for those in the right position this is the time.

For more about the real estate market in Naples or Bonita Springs / Estero, you can read my report and download the data on my website.

I had the pleasure of attending a Realtor event at Mercato this past week. It has been a long time coming, but the end result is just great. Mercato, a joint development of Barron Collier and The Lutgert companies is turning out just great!

There are 92 upscale desginer finished residences of which 28 are sold built on 53 acrea at the corner of Vanderbilt Road and Tamiami Trail North. The complex is a city-village concept with retail - 70% leased already - class A office space - 50% leased - and residences. The amenities for the residences include a gorgeous deck-top 360 degree infinity edge pool, excercise facility, and lounge in addition to all Mercato has to offer.

The 11 screen movice theater will open around june-July and offer online tickets, reserved seats, cocktails, and hors d'hoerves...who needs popcorn!?!

There is one unit offered as a leaseback, and most all remaining units are available with exception of a handful. Units range from under 1500 square feet to more than 2,500. What a great and just perfect seasonal residence not to mention pretty darn good all year around. Step outside and shop at Whole Foods, dine at the Capital Grill, or McCormick and Schmicks to name a few.

Learn about Mercato <-- crazy cool tune too!

And visit my website to see some of the listings.