HUGE MAY FOR REAL ESTATE MARKET – NAPLES REAL ESTATE UPDATES MAY 2013
An article from NABOR just came out regarding Naples real estate updates for May 2013. Naples real estate sales are increasing! Pending sales, closed sales and median closed prices increased and the inventory and average days on the market decreased for Naples real estate in the 12-month period ending May 2013. The Naples Area Board of REALTORS (NABOR) tracks residential listings and sales within Collier County not including Marco Island and releases a monthly and quarterly report of activity.
According to Mike Hughes, Vice President and General Manager of Downing-Frye Realty, “For many REALTORS the activity didn’t slow down. Buyers are afraid to miss out on opportunities with interest rates and inventory low so they are making purchase decisions now.”
Kathy Zorn, Broker/Owner of Florida Home Realty was quoted by NABOR as saying, “There is no shortage of buyers in the area right now. This may be an opportune time for sellers to list their homes.”
The NABOR® May report shows that the market is trending upward in closed sales prices; that the number of days a property sits on the market before selling is decreasing. Opportunities to buy at record low prices will not last based on this information contained below regarding Naples real estate.
In Naples real estate overall median closed prices increased 16 percent from $190,000 to $220,000 for the the past 12-month period ending May 2013.
For Naples real estate overall pending sales increased 5 percent from 10,235 units to 10,723 units for the 12-month period ending May 2013. Overall pending sales increased 28 percent for homes from $300,000 to $500,000 and 13 percent in the $500,000 to $1 million category and increased 23 percent in the $1 million to $2 million category, from 451 units to 556 units, respectively for the 12-month period ending May 2013.
The average DOM (Days on the Market) decreased 16 percent overall from 191 days in May 2012 to 161 days in May 2013.
Overall pending sales in the Naples coastal area increased 9 percent from 1,943 units to 2,122 units, and closed sales increased 10 percent, from 1,741 units to 1,921 units, for the 12-month period ending May 2013.
“The lack of inventory is creating multiple offers in many situations,” said Wes Kunkle, NABOR President and Managing Broker of Weichert Realtors on the Gulf.
According to an article in the Naples Daily News, the Naples market may shift to a sellers market soon.
Naples real estate updates May 2013 indicate that it’s a prime time for buyers to get in before the market changes drastically and that if you’re a seller, now is a good time to think about making those improvements and updates that will help you to take full advantage of this market and either downsize or upgrade your home. We think that it’s important for you to have the information like the Naples real estate updates May 2013 in order to know what the local housing trends are and to keep up with them.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949)whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
