Naples Bonita Springs Estero Florida

According to a data just released by the Florida Association of Realtors (FAR), in addition to now nine straight months in a row for increasing sales volumes, it's now reported that "...for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month's figure."

The release went on to say "...the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months."

Also stated, "A majority of the state's MSAs [ed: Metropolitan Statisical Area] have reported increased sales for 11 consecutive months.

I was wondering exactly when I would be able to report price increases. I believed that we were getting close and now we know!

Please visit www.BobPisa.com

According to the press release issued on June 12, 2009 by the Naples Area Board of Realtors (NABOR), the headlines read:

SALES UP IN ALL AREAS
Report Shows 10 Percent Inventory Reduction

Just last month (see previous post) NABOR recorded a 16% decrease in inventory for properties over $300,000. Now, for May 2009, NABOR is reporting an overall decrease of 10% between May 2008 and May 2009. There is nothing like consistency...the number of properties sold has been increasing month-over-month consistently, the pending sales contracts have been increasing consistently, prices have been declining consistently (although there is now data that suggesting the free fall has ended), and now it appears the inventory is declining consistently.

The press release goes on to further highlight:

• Pending home sales for properties under $300,000 saw a 177 percent increase year-over-year
• The average days on market (DOM) decreased 24 percent to 155 year-over-year
• Single-family home sales increased 53 percent year-over-year
• Single-family pending homes sales increase 110 percent year-over-year
• Condo sales saw a 24 percent increase year-over-year

As for the over $300,000 category, over the last several months the precipitous drop in prices has ended with only 1 percent decrease in the median price over the last 12 month period according to the president of local real estate company, Tom Bringarder.

I like the outlook very much, I've been busy... please visit www.BobPisa.com for more detailed information in the Local Area Information section.

In the Naples area, the average number of single-family homes sales continues to rise steadily. The chart below shows the closed sales data by month over the past two years ending May 31, 2009.

The pending home sales, a leading market indicator, continues at a break-neck pace which would indicate that the June closed sales should be at least as good as May.

Prices have stabilized... Attractive pricing is clearly what is driving the sales numbers and the average price data, again computed over a two year time window, indicates that prices have been flat, unchanged for the past seven months. The demand for southwest Florida has always been high now that prices are more affordable to more buyers we are selling.

The Bonita Springs - Estero market appears to be following the traditional seasonal sales volume cycle but at an increasingly higher volume per month.

The average prices for Bonita-Estero are a littler harder to pin down due to the smaller numbers, in general, for sales volume - units per month. The average monthly sales price is a bit of a saw-tooth line but somewhat stabile over the five months.

The complete May 2009 Market Watch Report is available on my website for Naples and Bonita-Estero along with the detailed data trand charts.