I think by now we all agree that real estate is local and not national – and Southwest Florida in particular has not been one to follow the national trend. We might have been the first area to suffer from the declining market, but we are also first to recover. Let’s take a look at the single family home sales in the Moorings for 2011 vs. 2010.
More buyers choose to purchase in the Moorings in 2011 with a 50 total homes sold vs. 45 in 2010. The average sales price in the Moorings also increased form $1,259,932 in 2010 to $1,321,675 in 2011. Almost half of the homes sales were over the $1M price range (at $24 compared to 22 home sales in 2010) so the luxury home market is doing well. Another positive (more for the sellers than buyers) is the number of distressed sales – while 9 sales in 2010 were distressed (bank owned & short sales), only 5 distressed sales in 2011 and the trend seems to continue into the new year with only 2 distressed sales available on the market currently. Do you still believe in the shadow inventory of bank owned & short sales? I would think with the prices stabilizing and the inventory being as low (only 43 homes available, representing a 10.3 month supply) and 4 homes currently under contract – very encouraging for a stable Moorings market.
The Moorings market has shown strong signs that it is heading in the right direction and this year looks like a good one for some appreciation. What does that all mean to you if you are a seller or a buyer?
If you are a Naples buyer and seriously interested in buying a home in the Moorings, you will want to act when you see something you like compared to what buyers have done in the last couple of years, of waiting till end of season to pull the trigger. That technique has failed many buyers last year. Personally I like to get my first choice home, I don’t like to settle for 2nd or 3rd choice. If you are planning to keep that home for a while then it makes sense to buy the right home for you and your lifestyle. This is not intended to indicate you will have to pay full price, there are still some great buys on the market and you can strategically negotiate your own deal.
If you are a Moorings seller, you can expect higher offers than you would have received in 2010 however intelegent pricing and proper exposure locally and Internationally is still the top 2 strategy points.
As you look down the list of the 50 homes that sold in 2011, make note that 4 homes actually sold at a price higher than listed. Buyers have been watching the neighborhood closely and there is no such thing as under pricing a home because smart pricing will bring competition. On the other hand, the homes that ignored the market realities and exaggerated the list price ended up on the market much longer and closed at a lower percentage of list price. There is good reason for optimism but, correct pricing is more critical than ever.
2010 / 2011
# closed Sales: 45 / 50
# Closed Sale at Above Asking: 1 / 4
Average Sales Price: $1,259,932 / $1,321,675
Lowest Sale: $ 487,000 / $230,000 (a distressed sale)
Highest Sale: $3,025,0400 / $4,356,000
Bank Owned/Short Sale 20% / 10%
Thinking of buying or selling a home in the Moorings in 2012?
Call Tim or Ellie today at 239-776-5077 and let’s discuss your options.