HOW LONG BEFORE A LACK OF
INVENTORY AFFECTS PRICES?
Second Quarter 2012 Real Estate Market Statistics
Naples, FL (July 20, 2012) – The overall housing inventory levels are the lowest they have been in six years. Inventory declined at least 12 percent in each price category from the second quarter of 2011 which had 7,208 properties compared to the second quarter of 2012 with 6,310 available properties, according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
“We are finding that in many cases properly priced properties are selling quicker, and some are generating multiple offers. “We are seeing the gap between the list price and sale price narrowing in most market sectors,”
Words from the Appraisers. “While a 10 to 12 percent discount off the list price was the norm 12 to 18 months ago, 5 percent to 7 percent (and less) is the current trend. This results from the continuing decrease in inventory and reflects sellers holding firm on their asking price. Buyers are realizing that the pool of available properties that meet their individual criteria is limited.”
The second quarter report provides comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. An overall summary combines the statistics for both single family and condominium properties. Here are some basic statistics:
• Overall closed sales increased 4 percent from 2,700 sales in the second quarter 2011 to 2,817 sales in the second quarter 2012.
• The overall average DOM (Days on the Market) decreased 2 percent from 188 days in the second quarter 2011 to 185 days in the second quarter 2012.
• Overall pending sales remained relatively the same for the second quarter 2012 with 2,877 pending sales compared to 2,879 pending sales in the second quarter 2011.
• Naples Beach Area overall closed sales increased 15 percent from 568 closed sales in the second quarter 2011 to 654 closed sales in the second quarter 2012.
The real estate market continues to clear. Prices haven’t done much but inventory is down, and this is progress from an economic standpoint.
“Days on market continue to trend downward, especially in the $500,000 to $1 million market, which shows a 37 percent decrease from 216 days on the market in June 2011 to 136 days on the market in June 2012,” said Bill Poteet, 2012 NABOR President.