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July 2013

Real life. Real answers.

p 239.597.1666 f 239.597.7725

www.NABOR.com www.NaplesArea.com

Calculations are based on property listings that exist within SunshineMLS. Only properties in Collier County, excluding Marco Island, are included.

1455 Pine Ridge Road Naples, FL 34109


NAPLES AREA CONDO SALES SURGE IN July Press Release: For Info contact: Allen Smith Naples, Fla. (August 15, 2013) – The Naples area condominium market has rebounded with full force as evidenced in a July 2013 report released by the Naples Area Board of REALTORS® (NABOR®), which showed a 143 percent increase in condominium closed sales in the $300K-$500K price category and a whopping 1200 percent increase in the $2M+ price category from July 2012 compared to July 2013. “The condominium market is hot,” according to Allen Smith and Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “The July SunshineMLS statistics show us that high-end buyers were out condo shopping as demonstrated by an increase in condominium pending sales of 167 percent in the 2M+ price category from July 2012 to July 2013. Overall, if you subtract the ‘bubble years’ of 2004 and 2005, 2013 is looking to be one of the best years on record for home sales.” NABOR® officials point to a prediction made by Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®, who stated at the 2011 NABOR® Economic Summit that a sense of urgency would drive the market in 2013. “His prediction has become reality,” said Steve Barker, Advising Broker for Equity Realty, who explains, “The SunshineMLS statistics show that the inventory is decreasing and the median home price is increasing. This creates a market where buyers are afraid there won’t be anything left in their price range if they do not buy now. They are looking for homes in a limited inventory and prices are on the rise.” NABOR®, which tracks home listings and sales within Collier County (excluding Marco Island), released its July monthly report which provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation. It also includes an overall market summary. Statistics worthy of attention in this report include: • Overall closed sales increased by double digits in all but the $0-$300K category in the 12-months ending July 2013. Closed sales in the $300K$500K market increased 24 percent from 1,196 in the 12-months ending July 2012 to 1,608 in the 12-months ending July 2013. Closed sales in the $500K-$1M market increased by 26 percent from 906 in the 12-months ending July 2012 to 1,141 in the 12-months ending July 2013. Closed sales in the $1M-$2M market increased by 19 percent from 412 in the 12-months ending July 2012 to 492 in the 12-months ending July 2013. And closed sales in the $2M and above market increased by 33 percent from July 2012 in the 12-months ending July 2012 to 281 in the 12-months ending July 2013.


• Pending sales increased by double digits in all but the $0-$300K category in the 12-months ending July 2013. Pending sales in the $300K-$500K market increased 33 percent from 1431 in the 12-months ending July 2012 to 1907 in the 12-months ending July 2013. Pending sales in the $500K$1M market increased by 19 percent from 1078 in the 12-months ending July 2012 to 1287 in the 12-months ending July 2013. Pending sales in the $1M-$2M market increased by 25 percent from 462 in the 12-months ending July 2012 to 576 in the 12-months ending July 2013. And pending sales in the $2M and above market increased by 22 percent from 276 in the 12-months ending July 2012 to 337 in the 12-months ending July 2013. • The overall market median closed price increased 19% percent from $190,000 to $226,000, 12-month ending July 2013. • The overall average days on market decreased 41 percent in the $2M and above category from 403 days to 238 days, July 2012 compared to July 2013 and 31 percent in the $1M-$2M category from 271 days to 186 days, July 2012 compared to July 2013. • The median closed price for condominiums in the $2M and above category increased 36 percent from $2,650,000 in July 2012 to $3,600,000 in July 2013. • Condominium inventory decreased by 23 percent from 3,299 available units in July 2012 to 2,534 units in July 2013. According to appraisal expert Cindy Carroll, with the real estate appraisal and consultancy firm Carroll & Carroll, “Consumer demand, especially in the coastal condo market, is driving home prices upward. In addition, falling inventories point toward continuing price gains.” President of Naples Realty Services, suggested two possible contributing factors for the increase in condo demand: 1. The stock market’s performance has helped Baby Boomers recover investment losses and, in turn, this is helping them make the decision to sell their homes up north and purchase property in Florida, 2. Homeowners who lost their homes in the recession and became local renters are now qualifying for new home loans. “We hope the July surge in sales, especially in the condo market, will encourage homeowners that were once reluctant to sell to put their homes on the market now. Our statistics show that this is as good a time to sell as it is to buy,” says NABOR® President and Commercial Broker. “In March 2007 there were 12,440 homes for sale in the Naples area and today, there are 5,028 – a 60 percent decrease! With inventory down, days on the market down, and median closed prices up, sellers would be in a good position to sell to the surplus of buyers who are looking to purchase right now.”


July 2013

Real life. Real answers.

p 239.597.1666 f 239.597.7725

www.NABOR.com www.NaplesArea.com

1455 Pine Ridge Road Naples, FL 34109

Overall Market Statistics by Price July 2012 595 120 80 25 20 840

$0-$300K $300K-$500K $500K-$1M $1M-$2M $2M+ TOTAL

# Pending 12-month ending July 2013 07/2012 642 6,967 172 1,431 108 1,078 34 462 19 276 975 10,214

12-month ending 07/2013 6,911 1,907 1,287 576 337 11,018

July 2012 416 80 66 30 11 603

# Closed 12-month ending July 2013 07/2012 492 5,851 126 1,196 99 906 30 412 32 212 779 8,577

12-month ending 07/2013 6,025 1,608 1,141 492 281 9,547

July 2012 $134 $365 $695 $1,447 $3,100 $190

Median > $300K

$547

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $165 $137 $155 $360 $375 $375 $636 $650 $655 $1,350 $1,350 $1,380 $3,412 $2,855 $3,000 $235 $190 $226 $540

$550

$535

Inventory

July 2012 3,120 1,148 1,056 503 361 6,188 Less Pending/Cont

July 2013 2,370 939 890 492 337 5,028

July 2012 149 234 175 107 167 3 835

Naples Beach North Naples Central Naples South Naples East Naples Immokalee/Ave Maria TOTAL

12-month ending 07/2013 2,193 2,879 1,997 1,713 2,051 58 10,891

July 2012 151 197 210 271 403 177

July 2013 130 176 208 186 238 155

(1,105) 3,923

Overall Market Statistics by Area # Pending 12-month ending July 2013 07/2012 159 1,940 261 2,649 191 2,018 150 1,500 199 1,952 7 54 967 10,113

Average DOM

July 2012 101 167 120 92 113 3 596

# Closed 12-month ending July 2013 07/2012 169 1,729 222 2,265 144 1,660 101 1,251 134 1,539 3 40 773 8,484

12-month ending 07/2013 2,021 2,539 1,674 1,450 1,698 53 9,435

July 2012 $509 $260 $135 $130 $130 $90 $189

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $550 $501 $530 $258 $240 $270 $167 $127 $145 $150 $130 $151 $184 $150 $175 $150 $84 $120 $235 $190 $225

Inventory

July 2012 1,442 1,559 950 960 1,134 29 6,074

July 2013 1,134 1,313 763 742 933 21 4,906

Average DOM

July 2012 228 176 179 175 135 109 177

July 2013 185 139 133 206 132 83 155

Legend USPS Zip Codes Naples Beach:

34102, 34103, 34108

North Naples:

34109, 34110, 34119

Central Naples:

34104, 34105, 34116

South Naples:

34112, 34113

East Naples:

34114, 34117, 34120, 34137

Immokalee/Ave Maria:

34142

Calculations are based on property listings that exist within SunshineMLS. Only properties in Collier County, excluding Marco Island, are included. *Counts for breakdowns of available inventory for prior years are unavailable. **Median Sold Prices are unavailable for periods with zero sales reported. The median refers to the middle value in a set of statiscical values that are arranged in ascending or descending order, in this case


July 2013

Real life. Real answers.

p 239.597.1666 f 239.597.7725

www.NABOR.com www.NaplesArea.com

1455 Pine Ridge Road Naples, FL 34109

Single Family Market Statistics by Price

July 2012 324 84 46 15 17 486

$0-$300K $300K-$500K $500K-$1M $1M-$2M $2M+ TOTAL

# Pending 12-month ending July 2013 07/2012 294 3,328 112 844 70 594 18 288 11 201 505 5,255

12-month ending 07/2013 2,963 1,121 729 318 225 5,356

July 2012 205 59 42 20 10 336

# Closed 12-month ending July 2013 07/2012 224 2,671 75 684 52 514 24 257 19 155 394 4,281

12-month ending 07/2013 2,552 914 626 283 195 4,570

July 2012 $138 $371 $715 $1,462 $3,100 $240

Median > $300K

$550

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $184 $142 $167 $363 $375 $376 $630 $672 $667 $1,350 $1,400 $1,390 $2,850 $2,925 $3,100 $265 $225 $265 $531

$575

$541

Inventory

July 2012 1,160 600 549 296 284 2,889

July 2013 845 530 527 318 274 2,494

Less Pending/Cont

July 2012 68 122 104 47 139 2 482

Naples Beach North Naples Central Naples South Naples East Naples Immokalee/Ave Maria TOTAL

12-month ending 07/2013 798 1,321 1,005 654 1,465 44 5,287

July 2012 46 81 68 39 94 3 331

July 2012 147 169 210 275 419 178

July 2013 121 143 218 206 242 149

(614) 1,880

Single Family Market Statistics by Area # Pending 12-month ending July 2013 07/2012 62 792 124 1,216 104 1,040 58 658 149 1,449 5 49 502 5,204

Average DOM

# Closed 12-month ending July 2013 07/2012 75 680 94 1,022 81 836 37 533 102 1,128 2 37 391 4,236

12-month ending 07/2013 734 1,157 827 554 1,192 41 4,505

July 2012 $737 $400 $215 $187 $126 $90 $239

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $647 $629 $700 $350 $365 $378 $240 $165 $215 $215 $173 $220 $190 $138 $169 $156 $85 $83 $267 $225 $265

Inventory

July 2012 518 784 455 360 678 22 2,817

July 2013 460 694 384 270 596 15 2,419

Average DOM

July 2012 217 183 161 145 170 130 177

July 2013 150 139 146 126 153 59 143

Legend USPS Zip Codes Naples Beach:

34102, 34103, 34108

North Naples:

34109, 34110, 34119

Central Naples:

34104, 34105, 34116

South Naples:

34112, 34113

East Naples:

34114, 34117, 34120, 34137

Immokalee/Ave Maria:

34142

Calculations are based on property listings that exist within SunshineMLS. Only properties in Collier County, excluding Marco Island, are included. *Counts for breakdowns of available inventory for prior years are unavailable. **Median Sold Prices are unavailable for periods with zero sales reported. The median refers to the middle value in a set of statiscical values that are arranged in ascending or descending order, in this case


July 2013

Real life. Real answers.

p 239.597.1666 f 239.597.7725

www.NABOR.com www.NaplesArea.com

1455 Pine Ridge Road Naples, FL 34109

Condominium Market Statistics by Price July 2012 271 36 34 10 3 354

$0-$300K $300K-$500K $500K-$1M $1M-$2M $2M+ TOTAL

# Pending 12-month ending July 2013 07/2012 348 3,639 60 587 38 484 16 174 8 75 470 4,959

12-month ending 07/2013 3,948 786 558 258 112 5,662

July 2012 211 21 24 10 1 267

# Closed 12-month ending July 2013 07/2012 268 3,180 51 512 47 392 6 155 13 57 385 4,296

12-month ending 07/2013 3,473 694 515 209 86 4,977

July 2012 $130 $354 $623 $1,397 $2,650 $145

Median > $300K

$545

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $150 $134 $146 $360 $375 $375 $639 $635 $640 $1,325 $1,300 $1,350 $3,600 $2,800 $2,935 $190 $165 $190 $540

$527

$525

Inventory

July 2012 1,960 548 507 207 77 3,299

July 2013 1,525 409 363 174 63 2,534

Less Pending/Cont

July 2012 81 112 71 60 28 1 353

Naples Beach North Naples Central Naples South Naples East Naples Immokalee/Ave Maria TOTAL

12-month ending 07/2013 1,395 1,558 992 1,059 586 14 5,604

July 2012 55 86 52 53 19 0 265

July 2012 156 266 211 262 207 176

July 2013 139 225 198 124 232 162

(491) 2,043

Condominium Market Statistics by Area # Pending 12-month ending July 2013 07/2012 97 1,148 137 1,433 87 978 92 842 50 503 2 5 465 4,909

Average DOM

# Closed 12-month ending July 2013 07/2012 94 1,049 128 1,243 63 824 64 718 32 411 1 3 382 4,248

12-month ending 07/2013 1,287 1,382 847 896 506 12 4,930

July 2012 $450 $142 $120 $106 $145 $$145

Median Closed Price (,000’s) 12-month 12-month ending ending July 2013 07/2012 07/2013 $540 $450 $485 $188 $165 $188 $130 $115 $124 $128 $115 $129 $165 $190 $208 $150 $79 $172 $187 $165 $190

Inventory

July 2012 924 775 495 600 456 7 3,257

July 2013 674 619 379 472 337 6 2,487

Average DOM

July 2012 243 151 164 164 162 0 176

July 2013 206 130 120 198 168 85 162

Legend USPS Zip Codes Naples Beach:

34102, 34103, 34108

North Naples:

34109, 34110, 34119

Central Naples:

34104, 34105, 34116

South Naples:

34112, 34113

East Naples:

34114, 34117, 34120, 34137

Immokalee/Ave Maria:

34142

Calculations are based on property listings that exist within SunshineMLS. Only properties in Collier County, excluding Marco Island, are included. *Counts for breakdowns of available inventory for prior years are unavailable. **Median Sold Prices are unavailable for periods with zero sales reported. The median refers to the middle value in a set of statiscical values that are arranged in ascending or descending order, in this case


Naples July Market Report