Closed Home Sales Up 22% in Third Quarter for 2013
There are three key real estate market indicators that help determine how a community is performing when compared to the same time period of previous years. Those are: 1.) The number of closed sales, 2.) the amount of inventory, and 3.) the median home sale prices. ~According the The Naples Area Board of Realtors, in a report published October 17th, our local real estate market closed sale units is up 22% over the same period last year. Overall sales were 1,882 units in third quarter of 2012 compared to 2,290 units in the third quarter of 2013. Additionally, the median home price went from $190,000 in the 3rd quarter of 2012 to $235,000 in the 3rd quarter of 2013–that’s a 24% increase! ~Although it is October, a time of year typically when many people begin to put their properties on the market in anticipation of the upcoming season, currently our inventory is down a remarkable 20% from 6,195 residential units to less than 5,000. Higher demand + fewer properties has continued the upward pressure on pricing. Many sellers in the lower price points are getting discouraged if their homes or condos are not selling–I’d say they need to look to their real estate professional for counseling to determine ‘why’ their property isn’t getting an offer–Could it be they are in direct competition with new construction? Many older homes are being directly affected by the new product coming out of the ground. In other cases, the market just hasn’t caught up to their ‘inflated’ price, but with inventory down, many buyers will need to pay more than they would have a few years ago…The patient seller will have to weigh out the pros and cons of selling now vs. waiting to get their price…Appraisals are lagging behind, especially in the “under $300,000 price range where median home prices have increased 14% over the previous 12 months.
Other trends identified in this report are as follows:
The overall average days on the market (DOM) decreased 18% in the third quarter of 2012 compared to the 3rd quarter of 2013.
Pending sales were up 8% year over year for that same time period.
Condo closed sales rose 31% third quarter 2013 compared to 3rd quarter 2012.
Naples coastal areas improved 14%, again comparing third quarter 2102 to 2013.
Overall closed sales in the $2 million+ category increased 45%, one of the largest gains noted.
If you would like additional information about a specific neighborhood or a particular condominium, the professionals at NaplesRealEstate.com are standing by to assist you. Please call us at 239-370-0574. We welcome your comments and questions. We are also on track for our best year since the 2006 downturn. Let us share with you some of our successes and how we can make the real estate transaction, whether you are looking to buy or sell, as smooth and stress-free as possible!
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The Naples Real estate Blogger
Information was obtained through the local MLS and is deemed accurate and reliable.