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Joyce Etchison's Blog

By Joyce Etchison | Agent in Naples, FL

Dwindling inventory in the Naples real estate market drove up home sales in November

NAPLES — Dwindling inventory in the Naples real estate market drove up home sales in November, the Naples Area Board of Realtors said Friday.

The overall median price of closed sales rose 14 percent, and the overall closed sales increased 6 percent for the 12-month period ending in November 2012, according to a NABOR statement.

Brenda Fioretti, NABOR’s media relations committee chairwoman and a managing broker for Prudential Florida Realty in Naples, encourages homeowners to put their homes on the market.

“For property owners who wanted to sell but did not think the market was conducive to that outcome, the current trends and tight real estate inventory allow for the possibility that scenarios may have changed in their favor either through increased equity, improving Florida economic conditions, property values trending up, or historically low interest rates,” Fioretti said in statement.

Some homes are selling above the listed price because there are multiple buyers bidding for the fewer properties on the market, Fioretti said.

In November, NABOR saw a drastic improvement both in new contracts and closed transactions. The monthly reports track Realtor sales through the Sunshine MLS in Collier County, excluding Marco Island.

Pending sales in the $2 million-plus category went from 16 units in November 2011 to 32 units a year later, the report states.

“It’s definitely been a good, luxury market and we expect it to continue through the winter,” said Phil Wood, president and CEO of John R. Wood Realtors.

The Realtors’ report said overall pending sales increased 6 percent, from 10,057 residences to 10,667, for the 12-month period ending in November. Overall pending sales rose in all categories in November, except in the $1 million to $2 million category.

Overall, the median price rose in all categories in November, except in the $300,000 to $500,000 category, compared with the prior year. In November, homes in the $1 million to $2 million category saw an increase in median price on closed sales from $1,325,000 in November 2011 to $1,425,000. The median price on closed sales for homes in the $2 million-plus category rose to $3.4 million last month from $2.95 million in November 2011, according to the NABOR statement.

The median is the price at which half the homes sell for more and half for less.

November was a good month despite starting slow the first two weeks of the month, Wood said.

“We were concerned that the election may have had an impact but the last two weeks came alive,” he said.

Overall pending sales in the Naples coastal area increased 14 percent from 1,801 units to 2,045 units. The Realtors’ report said closed sales increased 10 percent, from 1,640 to 1,804 units, for the 12-month period ending in November 2012, compared with the prior year.

 
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