Information provided by Naples Area Board of Realtor's
2013 HOUSING MARKET STARTS STRONG
Naples, FL (February 15, 2013) - The housing market momentum established in 2012 is shown to be continuing in 2013 as home sales remain strong. The overall median closed price increased 16 percent, and the overall closed sales increased 10 percent for the 12-months ending January 2013, according to a report released by the Naples Area Board of REALTORSÂ® (NABORÂ®), which tracks home listings and sales within Collier County (excluding Marco Island).
"Our market research demonstrated a steady demand for existing homes, and the new home market is doing well as indicated by a recent report from FGCU, which showed an increase in permits for Collier County," said Wes Kunkle, NABOR President and Managing Broker of Weichert, Realtors on the Gulf.
Kunkle continued, "NABOR has over 4,000 members who live and work in Collier County. Their efforts have helped create a strong housing market which benefits the overall local economy."
The NABORÂ® January report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an Overall Market summary. The NABORÂ® January sales statistics are presented in chart format, with these overall (single-family and condominium units) specifics:
- The overall median closed price increased 16 percent from $179,000 at the end of January 2012 to $207,000 for the 12-month period ending January 2013.
- Overall pending sales increased 13 percent from 9,456 units to 10,681 units for the 12-month period ending January 2013. Overall pending sales increased 35 percent in the $300,000 to $500,000 category from 1,225 units to 1,652 units and 35 percent in the $500,000 to $1 million category, from 892 units to 1,200 units, and increased 22 percent in the $1 million to $2 million category, from 408 units to 497 units, respectively for the 12-month period ending January 2013.
- The average DOM (Days on the Market) decreased overall from 173 days in January 2012 to 161 days in January 2013.
- Overall pending sales in the Naples coastal area increased 36 percent from 1,555 units to 2,112 units, and closed sales increased 16 percent, from 1,638 units to 1,893 units, for the 12-month period ending January 2013.
"The strong performance in the housing market is consistent with improvements we are seeing in other aspects of the economy, especially the stock market," said Dr. Tim Allen, Professor and Alico Chair, FGCU. "The housing market is benefitting from the general economic improvement coupled with relatively low mortgage rates."
"Adding to the increasing sales activity in the market is the return of Real Estate Investment Trust purchases. These national REIT's are buying single-family homes and betting on a higher level of appreciation for future re-selling," commented John Steinwand, President and Principal Broker, Naples Realty Services, Inc.