Kelly E. Capolino PA Real Estate Update: Real Estate Market Update for March 2011
Register with us in one easy step!
Add your Naples Florida Press Release or Company Profile to NAPLESPLUS
Press Release Give your opinion about this listing via "Review" or suggest corrections/additions
Add your Naples Florida Press Release or Company Profile to NAPLESPLUS
Press Release Give your opinion about this listing via "Review" or suggest corrections/additions
The Southwest Florida market continues on an upswing, with the best March sales posted since 2008, says Kelly E. Capolino.
As season draws to a close in Southwest Florida the real estate market continues in an upward and promising direction according to Kelly E. Capolino, a Southwest Florida real estate agent and founder of the Diamond Volunteer Program in Collier County.
“We have posted our best March sales since the election year low of 2008,” said Capolino. “And as for mortgages, the rates rose slightly with the average rate on a 30-year fixed-rate mortgage climbing for a fourth straight week, according to Freddie Mac's weekly survey of mortgage rates. The 30-year fixed-rate averaged 4.91% this past week, up slightly from the prior week's 4.87% but down from 5.07% this time last year. Financing is clearly available with 33% of the last 12 months’ sales being financed -- compared to 67% of the market sold to cash buyers.”
According to local real estate statistics, March 2011 sales increased an amazing 112% from March of 2008. Sales were posted at 1,217 units compared to only 573 units in 2008. The 2010 to 2011 increase was exceptional with a 70% increase overall. This is good news for buyers and motivated sellers according to Capolino as increased activity creates better prices and more offers.
The number of properties under contract rose to an even higher percentage gain with 140% more properties under contract in March 2011. Figures show 1,907 units were under contract in March 2011 verses 791 units in March of 2008.
The median price property in Southwest Florida continues to be consistent and is hovering at $175,000. This trend has remained the same for the last six months which covered our season of October through March.
The median price has remained rather consistent for past three years only moving slightly up or down. March of 2011 the median price, as mentioned, was $175,000. March 2010 was slightly higher at $200,000 and March 2009 recorded the median at $180,000. Overall, the Southwest Florida seasonal market, January through March, closed with a 3% increase. Collier County was ranked 29th in the State for foreclosure activity with a rate of one in every 196 homes filing. The total was 992 properties in foreclosure which was a decrease of nearly 55% compared with last quarter, and a decrease of 70% from the first quarter of 2010.
“The best of all news is the inventory continues to decrease. We have dropped below 9,500 units on the market. This figure gives us an average of nine months a unit will be on the market in the overall market. New inventory or units on the market was reduced by 16% compared to last year’s new inventory. Basic economics of supply and demand continue to have created some areas of multiple offers on properties for sale,” adds Capolino.
It is becoming popular for banks representing foreclosures to set the ‘low end’ list price verses an average price. By setting a lower list price, banks are creating multiple offers and have posted sales above the listing price.
“Most recently, I personally tried the same tactic on a short sale and received five offers for my client. The client is currently presenting an offer to the bank and has a backup buyer under contract if, in fact, the first does not conclude the sale. I continue to see growing interest in our Southwest Florida market and have appointments pre-set with buyers for purchases this summer,” Capolino adds.
The local market saw more activity from area developers this season also. Developers have stepped back to the playing table with huge incentive programs for general realtor sales.
“I expect new development sales to increase as well. WCI is back in Naples with ground breaking at Manchester Square off Livingston Road. Prices start in the $200's and Andalucía off Whippoorwill Lane has begun a new sales promotion with a new development team where prices start in the $300’s,” says Capolino. “This is surely a sign of better times and the surge of pre-retirees considering relocation to Southwest Florida in lieu of the blustery winter times up north.”
ABOUT KELLY E. CAPOLINO:
Capolino, founder of the Diamond Volunteer Programs and an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.
Rate this! 1-5 stars“We have posted our best March sales since the election year low of 2008,” said Capolino. “And as for mortgages, the rates rose slightly with the average rate on a 30-year fixed-rate mortgage climbing for a fourth straight week, according to Freddie Mac's weekly survey of mortgage rates. The 30-year fixed-rate averaged 4.91% this past week, up slightly from the prior week's 4.87% but down from 5.07% this time last year. Financing is clearly available with 33% of the last 12 months’ sales being financed -- compared to 67% of the market sold to cash buyers.”
According to local real estate statistics, March 2011 sales increased an amazing 112% from March of 2008. Sales were posted at 1,217 units compared to only 573 units in 2008. The 2010 to 2011 increase was exceptional with a 70% increase overall. This is good news for buyers and motivated sellers according to Capolino as increased activity creates better prices and more offers.
The number of properties under contract rose to an even higher percentage gain with 140% more properties under contract in March 2011. Figures show 1,907 units were under contract in March 2011 verses 791 units in March of 2008.
The median price property in Southwest Florida continues to be consistent and is hovering at $175,000. This trend has remained the same for the last six months which covered our season of October through March.
The median price has remained rather consistent for past three years only moving slightly up or down. March of 2011 the median price, as mentioned, was $175,000. March 2010 was slightly higher at $200,000 and March 2009 recorded the median at $180,000. Overall, the Southwest Florida seasonal market, January through March, closed with a 3% increase. Collier County was ranked 29th in the State for foreclosure activity with a rate of one in every 196 homes filing. The total was 992 properties in foreclosure which was a decrease of nearly 55% compared with last quarter, and a decrease of 70% from the first quarter of 2010.
“The best of all news is the inventory continues to decrease. We have dropped below 9,500 units on the market. This figure gives us an average of nine months a unit will be on the market in the overall market. New inventory or units on the market was reduced by 16% compared to last year’s new inventory. Basic economics of supply and demand continue to have created some areas of multiple offers on properties for sale,” adds Capolino.
It is becoming popular for banks representing foreclosures to set the ‘low end’ list price verses an average price. By setting a lower list price, banks are creating multiple offers and have posted sales above the listing price.
“Most recently, I personally tried the same tactic on a short sale and received five offers for my client. The client is currently presenting an offer to the bank and has a backup buyer under contract if, in fact, the first does not conclude the sale. I continue to see growing interest in our Southwest Florida market and have appointments pre-set with buyers for purchases this summer,” Capolino adds.
The local market saw more activity from area developers this season also. Developers have stepped back to the playing table with huge incentive programs for general realtor sales.
“I expect new development sales to increase as well. WCI is back in Naples with ground breaking at Manchester Square off Livingston Road. Prices start in the $200's and Andalucía off Whippoorwill Lane has begun a new sales promotion with a new development team where prices start in the $300’s,” says Capolino. “This is surely a sign of better times and the surge of pre-retirees considering relocation to Southwest Florida in lieu of the blustery winter times up north.”
ABOUT KELLY E. CAPOLINO:
Capolino, founder of the Diamond Volunteer Programs and an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.
Comments
Add a reviewNOTE: If your business information is incorrect, or you want ownership of your page (free), please see How do I modify my NAPLESPLUS business listing or find out more about this business?
