Posted on Friday, September 28, 2012
Pending home sales, those properties with an accepted offer but not yet closed, are often viewed as a leading indicator of futures sales. With the exception of some contracts which fail to close these pending home sales numbers are interesting. I would not put too much faith in them in any one month but connect a few months together and you have a trend.
For example on the national scene Florida Realtor reported yesterday pending sales figures nationally are a little off. they reported “After reaching a two-year peak, pending home sales fell in August but are at elevated levels compared with a year ago, according to the National Association of Realtors® (NAR). Please see http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=281678 for the full article. Well one month does not a trend make but the national data is one to watch particularly as we head into election and fiscal cliffs.
On the local scene in Naples, Florida the trends are a little different. In what could be described as our classic seasonal trend pending sales were hot in march at the end of the traditional jan-feb-mar rental seasons. Pending sales climbed to 1300 per month in March, 2012. Then in every month following pending sales dropped to a level of 700 in June. Perhaps in what financial traders might refer to as the “dead cat bounce” pending sales climbed back to just over 800 in August. So what? At 800 per month or a pace of 9,600 per year we are going to keep eating through our inventory and reduce supply further.
What does all this mean? Well locally in Naples we have a nice real estate recovery going on. As we head into October and high season in the months ahead we may see rising prices if volumes improve and our supply stays low – we will see!
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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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