NABOR Market Report for Naples, Florida, October 20, 2016
Today NABOR has just released its latest report! Now is the time to buy!
NABOR Market Report for Naples, Florida, October 20, 2016
Today NABOR has just released its latest report! Now is the time to buy!
The August 2016 Naples Housing Market Report was released by the Naples Area Board of REALTORS (NABOR) on September 16, 2016. NABOR tracks home listings and sales within Collier County. This report indicates a promising winter season.
Click HERE for the Overall Market Statistics released on September 16, 2016.
The NABOR August 2016 Market Report provides comaprisons of single-family home and condominium sales (taken from the Southwest Florida Multiple Listing Service), price ranges, and geographic segmentation and includes an overall market summary.
Overall inventory increased 36% for the second month in a row to 4,787 homes in August 2016 from 3,525 homes in August 2015. In fact, while inventory rose in all price categories for both home types, the overall median closed price remained flat in August, with the exception of homes in the $300,000 and below price category, which increased 9 percent to $210,000 in August 2016 from $192,000 in August 2015.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
Broker analysts have long acknowledged that a small portion of new construction inventory appears in the Southwest Florida MLS data. To confirm such speculation, Wes Kunkle, President and Managing Broker at Kunkle International Realty, performed an independent analysis of the MLS in August and found that, “approximately 20 percent of active listings in select geographic areas of high development were new construction.”
Naples, Fla. (June 17, 2016) – As predicted by the area’s leading broker analysts, activity in the real estate market for the month of May continued to follow a distinct and successive self-correcting path with areas of impressive growth and opportunity. Buyers and sellers alike will find the numbers encouraging. As identified in the May 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), evidence of increasing consumer confidence is becoming more apparent as sellers returned to the market in May, resulting in a 37 percent increase in overall inventory.
May’s pending and closed sales activity also continued on a trajectory of improvement with a mere 6 percent and 5 percent decrease, respectively, as compared month to month over last year’s very strong results. As summer approaches, buyers will be happy to learn that median closed prices in May continued on the same trend seen in recent months, and remain steady in all price segments above $300,000 (12-months ending May 2016). The median closed price was $338,000 in May 2016 compared to $332,00 in May 2015.
“The properties selling now are homes by owners who have priced their properties realistically,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “These home sellers have either been watching the market closely themselves or, more likely, have an ally, like a REALTOR®, whose keen eye and experience is helping them price their home competitively to sell.”
There is good news for buyers who previously found it difficult to find a home to buy in our market. Several broker analysts remarked that median closed prices earlier this year were reflective of sellers “testing the ceiling.” But May’s 37 percent climb in inventory coupled with steady prices in most price segments indicates a stable and inviting market environment going into summer.
The report shows condominium inventory is increasing in every corner of Naples. In fact, there was a huge surge in May listings for condominiums in both the Naples Beach and North Naples areas. The rising inventory offers buyers a wider selection of homes this summer. There were 5,207 homes on the market for sale in May 2016 compared to 3,800 in May 2015.
Click HERE for Statistics:
“The increase in inventory tells me that our market is very attractive,” said Jeff Jones, Managing Broker at the Naples-Park Shore office of Coldwell Banker®. “It’s encouraging for homebuyers looking in the below $300,000 market that inventory was up 29 percent in that segment [to 1,391 homes in May 2016 from 1,076 homes in May 2015]. As more properties come on the market, buyers will have more options and won’t be forced to make aggressive offers.”
The NABOR® May 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® May 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
|CATEGORIES||MAY 2016||MAY 2015||CHANGE|
|Total homes under contract (pending sales)||921||977||-6%|
|Total closed sales||838||1,010||-17%|
|Median closed price||$338,000||$332,000||2%|
|Total active listings (inventory)||5,207||3,800||37%|
|Average days on market||73||75||-3%|
|Single-family closed sales||396||430||-8%|
|Single-family median closed price||$432,000||$427,000||1%|
|Condominium closed sales||442||570||-22%|
|Condominium median closed price||$276,000||$268,000||3%|
Additional activity of interest in the NABOR® May 2016 Market Report includes:
Since more inventory has come into play, it could be quite the busy season. According to John Steinwand, Broker and Principal at Naples Realty Services, Inc., “The market appears to be ‘catching its breath.’ People are still looking for bargains in Southwest Florida and this summer may be a great time to buy as no one really knows what will happen afterr the presidential election.”
Jones remarked, “This is an excellent time to be buying a home in Naples. The inventory has increased, home prices have not changed much in most of the market compared to a year ago, and banks seem to be issuing more mortgage approvals. The report showed 40 percent of May’s sales were conventional versus 60 percent cash sales.”
It looks like a strong year ahead for Southwest Florida’s commercial real estate. The commercial market in South Naples, according to Wes Kunkle, President and Managing Broker at Kunkle International Realty, is seeing huge growth with many national chains coming to the U.S. 41 and State Road 951 corridor. Interestingly, overall closed home sales in the South Naples geographic area decreased the least of all areas recorded, by only 1 percent, to 145 homes in May 2016 from 146 homes in May 2015.
While it’s great to stay on top of national and statewide housing trends, buyers and sellers should keep in mind that the trends national publications are communicating might not apply to unique Naples communities. That’s why it’s best to consult with a Naples area REALTOR® to always be up-to-date and informed about the local market. Let a REALTOR® be your guide.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.
Why do I need title insurance?
Why do I need title insurance? What is title insurance? How much is this going to cost me? These are common questions that buyers ask as they learn about the closing process when buying a home. I was at a meeting yesterday at North American Title Company and truly learned the importance of title insurance and why every buyer should get title insurance.
What is title?
Title is the legal right that a person has to the ownership and possession of land. Since it is possible that someone other than the seller has a prior legal right to the property you’re buying, the premium coverage offered by the Homeowner’s Policy provides you with added peace of mind.
What is title insurance?
Title insurance offers protection against claims resulting from various defects (as set out in the policy) that may exist in the title to a specific parcel of real property, effective on the issue date of the policy.
What is a “defect?”
A defect can include a prior claim of ownership from someone other than the person selling you the property, for instance an ex-wife, a former partner or a co-inheritor. It could also include a claim for an easement, giving someone a right of access across your land.
Edith Martinez, an education trainer at the Learning Center for Old Republic Title, said, “A Search is as good as what is in public records.” She went on to explain that there are three common types of defects:
Sue Martin, a business consultant at North American Title Company, Joanne Roach, an agency account manager for Old Republic Title, and Ms. Martinez all were seasoned professionals in this business for many years and had a plethora of stories about defects in titles that most people would not even think of! Keep in mind, even when you purchase a new home, the soil that it is on is old and has a history!
NAT.com has much more information on title insurance. Click HERE to go to their site.
North American Title company also lists 50 potential Title Defects that are typically covered by a title insurance policy. Click below to find out more.
To search for properties and find your next home, click HERE.
How much does title insurance cost?
The single premium is directly related to the value of your home.
|Sale Price||Rate||Sale Price||Rate||Sale Price||Rate|
Rates calculated as follows: $5.75 per thousand up to 100,000; $5.00 per thousand 100,000 to 1 million; $2.50 per thousand over 1 million.
Regulations require charging for title search, examination and closing fees. A lower rate may be charged in some types of transactions such as refinances, and certain other transactions.
Typically, in Collier County buyers pay for title insurance and in Lee County County sellers pay for title insurance. In both cases the buyer’s pay for all endorsements. Keep in mind, most people pay more for their car insurance than title insurance on a home! The title insurance is a one time fee. It will continue to provide coverage for as long as you or your heirs own the property.
Today my husband, John and I went for our morning walk at the North Collier Regional Park. This rare beautiful fox squirrel is building a home in the trees and is a regularly seen from the boardwalk. Naples is fortunate to have amazing parks throughout the city and county.
North Collier Regional Park is located at 15000 Livingston Road, Naples, FL 34109. To search for properties in this area click HERE
The park, as seen on the map, includes a gorgeous state-of-the-art water park, Sun-N-Fun Lagoon, and several tournament fields that will be utilized to maximize tourism dollars in the Collier County area.
Many times on our walks we enjoy watching the sailing regatta at the park.
Click HERE for more information on North Collier Regional Park
From I-75 take exit 111, Immokalee road head west to Livingston road turn south, Sun-N-Fun Lagoon will be on the left. Located inside of North Collier Regional Park
The Exhibit Hall boasts a plethora of learning opportunities for people of all ages. Programs have included pirate lunches, shark and fisheries discussions, North Collier Regional Park preserve tours on wheels and on foot in addition to dozens of other fun activities. The Exhibit Hall includes Nature Space and a special gift store, dedicate to small gifts of learning. The store includes toys and books of learning for younger children, tweens, teens and also books for adults.
The RecPlex includes a 6,000 sq. ft. exercise facility, a double enclosed gymnasium and babysitting services. Fitness equipment features Cybex (able bodied and special needs accessible), Life Fitness and Hammer Strength. The RecPlex exercise center includes eleven elliptical, 10 recumbent bikes and 13 treadmills plus free weights and weight machines.
The Can U Dig It state-of-the-art playground looks like something from the future with a colorful, modern design.
The sleek look packs a lot of play value.
The playground includes the usuals such as slides, swings and climbing apparatus, but takes play a step further. Kids can spin themselves dizzy on squiggely poles, climb on boulders that look like they came from the Monument Valley or become junior archeologists in the covered fossil dig area. Can U Dig it? Your kids will love the opportunity to have fun and work at the same time. Some playground equipment is interactive for both children and adults to enjoy the experience of learning while relaxing in our beautiful North Collier Regional Park. Can U Dig It is located in the park just beyond the Sun-N-Fun Lagoon water park entry.
This is one of our grandchildren’s favorite spots in Naples!…Ours too!