Naples area market activity continued to improve in June, closing out the second quarter of 2009 with encouraging signs for a good summer of housing sales, according to a report released by the Naples Area Board of Realtors. NABOR tracks home listings and sales within Collier County, excluding Marco Island.
The report shows inventory decreased 14 percent to 9,681 in the second quarter of 2009 compared to 11,211 in the first quarter of 2009. Average days on the market decreased 19 percent to 161 in the second quarter of 2009 compared to 198 in the second quarter of 2008.
Pending and closed sales increased in every geographic area in the second quarter of 2009. "Homebuyers are seeing the value in all of Naples areas and are taking advantage of the favorable environment," says Bill Poteet, president of Poteet Properties.
The second-quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS) including price ranges, geographic segmentation and an overall market summary. The statistics are presented in chart format, along with the following analysis:
• Overall, pending sales saw a 92 percent increase with 2,989 in the second quarter of 2009 compared to 1,558 in the second quarter of 2008. Properties under $300,000 saw a 179 percent increase, with 2,193 pending sales in the second quarter of 2009 compared to 785 in the second quarter of 2008.
• Single-family homes sales increased 48 percent with 1,093 in the second quarter of 2009 compared to 737 in the second quarter of 2008.
• Condo sales increased 26 percent with 942 in the second quarter of 2009 compared to 747 in the second quarter of 2008.
• Overall home sales for the 12 months ending June 2009 increased 40 percent year-over-year to 5,675 from 4,067. The average days on the market decreased 18 percent to 161 compared to 196 in June 2008. Source: Floridaweekly.com
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• The overall median closed price for properties over $300,000 decreased only 2 percent to $548,000 for the 12 months ending June 2009, from $557,000 for the 12 month ending June 2008.
Barefoot Real Estate
Appraisal Institute Applauds Freddie Mac’s Revised Guidelines
The Appraisal Institute, one of the nation’s largest real estate appraisal organizations, has applauded Freddie Mac’s newly revised guidelines for mortgage lenders emphasizing the use of qualified and experienced real estate appraisers.
Revisions to Freddie Mac’s guidelines, issued Friday, instruct lenders that criteria for hiring appraisers should include one’s affiliation: “Sellers should consider membership in a professional appraisal organization as a qualification criterion,” such as membership in the Appraisal Institute. Freddie Mac and Fannie Mae, America’s biggest buyers of home mortgages, are consistent in requiring the use of qualified professional appraisers. source: rismedia.com
Qualified and educated appraisers are more important than ever in today’s real estate market. This kind of action will definitely have a positive effect on the buyers and sellers in the Naples and Bonita Springs FL Real Estate Market
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Revisions to Freddie Mac’s guidelines, issued Friday, instruct lenders that criteria for hiring appraisers should include one’s affiliation: “Sellers should consider membership in a professional appraisal organization as a qualification criterion,” such as membership in the Appraisal Institute. Freddie Mac and Fannie Mae, America’s biggest buyers of home mortgages, are consistent in requiring the use of qualified professional appraisers. source: rismedia.com
Qualified and educated appraisers are more important than ever in today’s real estate market. This kind of action will definitely have a positive effect on the buyers and sellers in the Naples and Bonita Springs FL Real Estate Market
View Beachfront Homes for Sale
US Real Estate Posts First Positive Quarterly Growth Since 2006
For the first time since 2006, the nation posted positive quarter-over-quarter price returns in Q209, according to the July Home Data Index Report released Thursday by Clear Capital.
Fueled by strong seasonal spring sales in the Midwest, which had a price increase of 5.3% over Q109, the overall US price growth increased by 1.7% in a quarter-over-quarter comparison.
The South also added to the surge, climbing 2% from the previous quarter. Source: nuwireinvestor.com
For the first time since 2006 an increase in price has been seen in the first quarter. But still, the media can only focus on the foreclosure rate and spin negative tones on the majority of Real Estate related news. View Beachfront Homes for Sale
Fueled by strong seasonal spring sales in the Midwest, which had a price increase of 5.3% over Q109, the overall US price growth increased by 1.7% in a quarter-over-quarter comparison.
The South also added to the surge, climbing 2% from the previous quarter. Source: nuwireinvestor.com
For the first time since 2006 an increase in price has been seen in the first quarter. But still, the media can only focus on the foreclosure rate and spin negative tones on the majority of Real Estate related news. View Beachfront Homes for Sale
Florida’s Climate is Business-Friendly
Economic growth in the second half of the year is expected to come in “substantially” above previous consensus, according to economic commentary this week from Bank of America/Merril Lynch analysts.
Lori Helwing, an economist at BofA/Merrill Lynch, says the analysts there now expect a 2.1% slip in real gross domestic product (GDP) in 2009, 30 bps improved from the old -2.4% estimate. The US economics team also expects 2.6% growth in real GDP in 2010, up significantly from the old 1.8% estimate.
The revised projections come as the analysts see residential investment starting to bounce back.
Residential investment is now projected to decline 20.1% for all of 2009, nearly two full percentage points improved from the old -22% estimate. Residential investment is seen to grow 4.5% in 2010, a vast improvement over the 4% decline previously projected.
“We are now tracking positive sequential growth in 3Q after 3-1/2 years of declines and a 53% correction from the peak is set to add to growth over the second half” of 2009, Helwing says. “This stabilization in homebuilding and slightly positive home sales could continue going forward.” Source: nuwireinvestor.com
Estimates by analyists are now being revised from previous doom and gloom to a slighly more positive outlook. The real estate market is slowly starting to recover, because of this estimates of home prices will be impacted. Signs in Naples are pointing to the bounce back of the real estate market View Beachfront Homes for Sale
Lori Helwing, an economist at BofA/Merrill Lynch, says the analysts there now expect a 2.1% slip in real gross domestic product (GDP) in 2009, 30 bps improved from the old -2.4% estimate. The US economics team also expects 2.6% growth in real GDP in 2010, up significantly from the old 1.8% estimate.
The revised projections come as the analysts see residential investment starting to bounce back.
Residential investment is now projected to decline 20.1% for all of 2009, nearly two full percentage points improved from the old -22% estimate. Residential investment is seen to grow 4.5% in 2010, a vast improvement over the 4% decline previously projected.
“We are now tracking positive sequential growth in 3Q after 3-1/2 years of declines and a 53% correction from the peak is set to add to growth over the second half” of 2009, Helwing says. “This stabilization in homebuilding and slightly positive home sales could continue going forward.” Source: nuwireinvestor.com
Estimates by analyists are now being revised from previous doom and gloom to a slighly more positive outlook. The real estate market is slowly starting to recover, because of this estimates of home prices will be impacted. Signs in Naples are pointing to the bounce back of the real estate market View Beachfront Homes for Sale
Barefoot Beach Closed Sales
Barefoot Beach Closed Home Sale Report - June 2009.
Active - 67
Active wtih Contract - 4
Pending - 2
Closed - 3
Source: SunshineMLS, Inc.
View Beachfront Homes for Sale in Barefoot Beach
Active - 67
Active wtih Contract - 4
Pending - 2
Closed - 3
Source: SunshineMLS, Inc.
View Beachfront Homes for Sale in Barefoot Beach
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