Posted on Thursday, October 25, 2012
Even after adjusting for seasonal influences our local real estate sales in Naples are a little flat. We saw the typical volume decline starting in April as tourist season wound down with some continuing declines in the months following. Hopefully this new season will bring about an uptick in volume.
A look at pending sales which should provide us a solid forecast of future sales volumes I would say the trends are “just ok”. There is a slight increase in pending numbers but not enough to change the big picture.
My thoughts are our low inventory is behind some of this. Well priced properties are selling quickly but many of the properties in the current inventories are “left overs” – properties not selling due to prices offered by sellers unwilling to reduce price. Many times these pricing patterns cause trouble when combined with condition and location. No matter the cause properties on the market for a long period need a hard look at prices.
Our local trends are moving in the opposite direction of a much more up beat national market. Florida Realtor reported an increase in national sales volumes (http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=282744). Their report states “Sales of new U.S. homes jumped last month to a seasonally adjusted annual rate of 389,000, the highest level since a homebuyer’s tax credit boosted sales in April 2010.” Good news here.
The national trends may help the local Naples market further. One reason sales are “stuck” is due to the inability of folks to sell their “up north” property before moving down here or downsizing up north to free up capital for Naples living. These improved national trends may help this situation.
Make no mistake. Our prices are up, our supply is down and our local market is better off than a few years ago – we just need some sales volume to make this market move.
Some new construction through spec homes and large scale development with some price reductions on aging inventory would help.
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All the best
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
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