Here are some market update tidbits for the Naples area, the state of Florida and nationally which all show very positive trends.
NAPLES – The overall median closed price in the greater Naples market increased 11 percent from $177,000 at the end of October 2011 to $197,000 for the 12 month period ending October 2012. Overall inventory decreased by 13 percent, from 7,325 listed properties in October 2011 to 6,409 in October 2012. The average days on the market (DOM) fell in all price segments except in the $0 to $300,000 range. The average DOM in October was 170 days.
FLORIDA – Statewide closed sales of existing single family homes totaled 17,779 in October which was up 25.3 percent compared to the figure a year ago. Meanwhile, pending sales (contracts that are signed but not yet completed or closed) of existing single family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single family homes in October was $145,000 which was up 9 percent from a year ago. The inventory for single family homes stood at a 5.2 months supply in October. Just 18 months ago we were talking about a 2 year supply of inventory – the recent sales activity has definitely absorbed the supply.
NATIONAL – The national median existing home price for all housing types was $178,600 in October which is 11.1 percent above a year ago. This marks eight consecutive monthly year-over-year increases, which last occurred from October 2005 to May 2006. Total housing inventory at the end of October fell 1.4 percent to 2.14 million existing homes available for sale, which represents a 5.4 month supply at the current sales pace, down from 5.6 months in September, and is the lowest housing supply since February of 2006 when it was 5.2 months. Listed inventory is 21.9 percent below a year ago when there was a 7.6 month supply. Furthermore, 32 percent of homes sold in October were on the market for less than a month.
If you are buying or selling, do not delay! Now is the time. Take advantage of our local knowledge and experience in the Naples, Florida real estate market.
Call today: Ellie at (239) 776-5077 and Tim at (239) 272-4848