The NABOR® August 2014 Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® August 2014 sales statistics are: Overall pending sales decreased 11 percent from 890 homes in August 2013 to 795 homes in August 2014. Overall closed sales decreased 2 percent from 9,798 homes in the 12-months ending August 2013 to 9,613 homes in the 12-months ending August 2014. The overall median closed price increased 14 percent from $228,000 in 12-months ending August 2013 to $260,000 in the 12-months ending August 2014. Overall inventory decreased 8 percent from 3,875 in August 2013 to 3,579 in August 2014. Average days on market were 83 for August 2014. Inventory for single family homes increased 1 percent from 1,894 homes in August 2013 to 1,904 homes in August 2014. The largest increase was in the $300,000 - $500,000 price category, which saw a 12 percent increase. Closed sales for condominiums decreased 1 percent from 5,137 condominiums in August 2013 to 5,066 condominiums in August 2014. Several brokers agreed with Phil Wood, President & CEO of John R. Wood Realtors, who said, Well have to see if the low inventory will continue to be a trend in the coming months. The August report reflects inconsistent activity across all geographic areas making it difficult to predict whether the low inventory will continue to affect pending and closed sales moving forward. Additionally, another factor not tracked in the report but one that impacts pending homes sales is new construction, which continues to swell in the area. However, the rising inventory of newly constructed homes will not help those buyers looking for homes in the under $300,000 price category because there are few available. This is a very diverse market with a diminishing inventory in the reasonably priced housing sector, said NABOR® President and Corporate Trainer at Downing-Frye Realty Pat Pitocchi. The increase in median closed price continues to be driven by the under $300,000 market, which comprises nearly 65 percent of existing home inventory. In August, the under $300,000 price segments overall median closed price increased 13 percent, while all other price categories moved slightly up or down. Its the only area of the market whose median closed price behavior is predictable. With the complexity of real estate transactions today, compounded by varying price pockets within the diverse Naples geographic areas and the speed at which you need to be ready to make a move, using a Naples REALTOR® to buy or sell a home is the best way to know you have a guide that understands whats best for you. A Naples REALTOR® has the expertise and professionalism to help you make the smartest move at the right time.
Posted on: Fri, 19 Sep 2014 15:52:49 +0000
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