Newsletter-July 2009
Naples Area News, Real Estate & Trends
FOR IMMEDIATE RELEASE
Contacts: Brett Brown, NABOR, President, 239/948-4292
Marcia Albert, NABOR, Manager of Events & Marketing, 239/216-4148
SUMMER CONTINUES TO BE STRONG
Report Shows 15-Month Inventory Trend Line Continuing To Decrease
NAPLES, Fla.-July 17, 2009- Naples area market activity continued to improve in June, closing out the second quarter of 2009 with encouraging signs for a good summer of housing sales, 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).
Inventory decreased 14 percent to 9,681 in the second quarter of 2009 compared to 11,211 in the first quarter of 2009. "Inventory and the average days on the market continue to decline as the Naples housing market continues to show signs of improvement," acknowledged John Steinwand, President of Naples Realty Services.
The average days on the market decreased 19 percent to 161 in the second quarter of 2009 compared to 198 in the second quarter of 2008.
"Pending and closed sales increased in every geographic area in the second quarter of 2009 as homebuyers see the value in all of Naples areas and are taking advantage of the favorable environment," stated Bill Poteet, President of Poteet Properties.
The second quarter 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:
Overall, pending sales saw a 92 percent increase with 2,989 in the second quarter of 2009 compared to 1,558 in the second quarter of 2008. Properties under $300,000 saw a 179 percent increase, with 2,193 pending sales in the second quarter of 2009 compared to 785 in the second quarter of 2008.
Single-family homes sales increased 48 percent with 1,093 in the second quarter of 2009 compared to 737 in the second quarter of 2008.
Condo sales increased 26 percent with 942 in the second quarter of 2009 compared to 747 in the second quarter of 2008.
Statistics for June 2009 also showed large increases in sales. "Overall pending sales in the 2 million and over category increased 85 percent from June 2008 compared to June 2009," stated Jo Carter, President of Jo Cater & Associates.
"This indicates that not only properties under $300,000 are selling, but significant increases in the higher end of home sales are also being seen."
According to Bill Coffey, Branch Manager of Coldwell Banker Residential Real Estate, "Pending sales for properties over $300,000 increased 37 percent over last year. This marks month-to-month gains in pending sales over $300,000, for the last two months respectively, showing that the high end market is returning."
Overall home sales for the 12 months ending June 2009, increased 40 percent year-over-year to 5,675 from 4,067.
The June 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:
The average days on the market decreased 18 percent to 161 compared to 196 in June 2008.
Overall pending home sales for properties under $300,000 saw a 187 percent increase with 755 in June 2009 compared to 263 in June 2008.
Overall single-family pending sales saw a 135 percent increase, with 615 in June 2009 compared to 262 in June 2008.
Condo sales saw a 52 percent increase with 329 in June 2009 compared to 216 in June 2008.
The overall median closed price for properties over $300,000 decreased only 2 percent to $548,000 for the 12 months ending June 2009, from $557,000 for the 12 month ending June 2008.
The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. It should be noted that in any given period the median could vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
To view the entire June and second quarter report, go to 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 5,000 plus member-customers. NABOR is a member of the Florida Association of 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.
•· The San Francisco-based real estate research company Trulia, Inc. reported last week that 24.6 percent of homes on the market in the United States as of July 1, have had at least one price cut, totaling $27.1 billion in reductions.
•· The company says the average price-reduced home has seen its listing price slashed by 10.4 percent, a moderate decrease from 10.6 percent as of June 1.
•· According to Trulia's market data, the top-10 cities with the largest percentage of price reductions, as of July 1, include:
•1. Jacksonville, Florida - 39 percent
2. Boston - 35 percent
3. Minneapolis - 33 percent
4. Milwaukee - 33 percent
5. Honolulu - 33 percent
6. Tucson, Arizona - 31 percent
7. Chicago - 31 percent
8. New York - 31 percent
9. Austin, Texas - 31 percent
10. Raleigh, North Carolina - 31 percent
•· AirTran will offer nonstop service between Akron-Canton Airport in Ohio and Fort Myers beginning in November. These flights fly five times per week initially and then daily.
•· The Naples Beach Hotel & Golf Club received the Pinnacle Award from Successful Meetings magazine. This marks the sixth consecutive year the resort has captured this award, which is determined from corporate and association meeting planners.
•· FAC Wealth Management, LLC named top wealth manager for the fourth year! The Goldine Research as one of the leading Wealth Managers of the Southeast U.S.
•· The Sports Council of Collier County, a non-profit that works in partnership with hoteliers, the Collier County Parks and Recreation Department and the county's tourism bureau scores big for Naples! The fiscal year, business is up more than 60 percent, from October to June. The direct economic impact from sports events was estimated at more than $2.2 million. The Sports Council has brought in every kind of sporting event from beach volleyball tournament, soccer, softball and little leagues, lacrosse, to a Formula One boat challenge. More than 100 sporting events have been held.
•· Bicycle-friendly Naples. The Pathway Advisory Committee for the Collier County Metropolitan Planning Organization has applied for the designation of Bicycle-Friendly Community. The designation is awarded by the League of American Bicyclists would be good for Naples. Marco Island and Lee County are also applying for this same designation. The committee says receiving this designation would possibly increase property values, help businesses and increase tourism and transportation benefits.
•· Both Ritz-Carlton resorts in Naples have achieved the Two Palm designation under Florida's Green Lodging program. The voluntary program recognizes environmentally conscious hotels and resorts. These two resorts are the first Ritz-Carlton's in Florida to achieve the Two Palm designation. The Florida Green Lodging program was launched in March 2004. For information visit: www.dep.state.fl.us/greenlodging.
•· There's a new animal taking the stage at the Naples Zoo. It's a baby Cape porcupine from sub-Saharan Africa, born a few months ago at the zoo. She can be seen at the Planet Predator show daily at noon. She is the first porcupine to be born at the zoo in 30 years.
•· Lely Resort Golf and Country Club has been named by "Where to Retire Magazine" as one of America's 100 Best Master-Planned Communities. Lely Resort has been selected among several hundred candidates across the country due to its superior building quality, outstanding architecture and unsurpassed lifestyle. Lely offers 13 neighborhoods and a variety of new home products ranging in price from $100,000 to more than $1 million. Please let me know if you are interested in more information on Lely Resort.
JIM'S EDITORIAL
Golf is a big deal in Southwest Florida. The real estate recession has taken its toll on some new golf course communities down here. Negative press has brought to light several of the problems the developers are facing and how it impacts their equity golf members.
Important information for you to know is the problem has been confined to new, equity golf communities and not in bundled golf communities. Southwest Florida has both of these types to choose from.
So if you are interested in buying in a golf course community it is my advice to ask is it equity or bundled golf?
New Retailers:
•· Deck the Halls event planning firm has a new studio located at 1998 Trade Center Way. They coordinate individual and corporate events, as well as weddings, galas, and holiday décor in Naples and Washington D.C. Information: www.DecktheHallsNaples.com/ or call 239-594-9358.
•· Lowe's is planning on opening an 116,000 square foot store at the shops at Eagle Creek. The shopping center is on the SW corner of U.S. 41 East & Collier Blvd. The new store will employ approximately 175 and will be their second store in Collier County. Plans are to open in the fourth quarter of 2010.
NEW RESTAURANTS:
•· Authentic French bistro opens in Miromar Outlets. Bon Appétit French Bistro serves sandwiches, salads, soups, quiches, tarts, pastries and changing entrees such as lobster bisque and boeuf Bourguignon. Sandwiches will be made on French baguettes with dough that comes directly from France and will be baked in the restaurant. For more information www.MiromarOutlets.com/
•· Carl's Classic Café house specialty is barbecue. The menu features pulled pork sandwiches, pork loin, and St. Louis style ribs. All BBQ is smoked on the premises. The daily specials include Southern home cooking featuring such items as fried chicken, meatloaf, chicken and dumplings, turkey and stuffing and beef stew. It is located at 5307 Shirley Street. Information 239-593-5006.
•· Blue Fish Japanese Sushi opened at 5425 Airport-Pulling Rd. They pride themselves in having the best salad dressing in town, one of a kind. Try their Hibachi bar for a fun experience. Fresh fish served daily. Information: www.BlueFishNaples.com/ or 239-596-6688.
Update on Listings, Pending Contracts, and Closed Sales for June, 2009 vs. 2008:
Bonita Springs & Estero Areas:
Year |
2008 |
2009 |
Difference |
Listings |
3,049 |
2,614 |
-435 |
Pending Contracts |
101 |
145 |
+45 |
Closed Sales |
111 |
162 |
+51 |
Naples Area:
Year |
2008 |
2009 |
Difference |
Listings |
10,468 |
8,580 |
-1,888 |
Pending Contracts |
358 |
658 |
+300 |
Closed Sales |
415 |
710 |
+295 |
Comments(1)