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Kelly E. Capolino PA, Southwest Florida realtor, contributes her monthly real estate news update and explains what the numbers and statistics mean for buyers and sellers.
As season ends in Southwest Florida, the real estate market closes with the largest drop in new inventory available to buyers. The inventory of available properties for sale has dropped to 8,800 units in Southwest Florida. This number follows closely with a serious reduction in the new listing trend which indicates a 24% decline from April 2010.
MLS stats show that the number of sold units increased this season by 2% overall from January to April. The best indicator that buyers and sellers have finally taken advantage of the current market is the increase in the number of under contract or pending properties which increased by 22% from last year’s figures.
What do these stats mean? They mean the reduction in available properties creates greater effects on supply and demand. Since inventory reduced in April to 8,800 units from a reported 9,500 units in March, signs of a ‘normal’ Southwest Florida market are on the horizon.
Realtors throughout the area, including myself, are reporting multiple offers on properties that are priced competitively. Many realtors report offers are coming in over list price as well. Most are in agreement that the days of a buyer waiting to get the best price are over. Buyer’s agents are watching the daily listing reports to make sure that the early bird is seriously getting the best worm – so to speak. In April, I personally reported a 12% over list price offer and winning bid for a single family home. All good news for the local market, and I am happy to report that the median price property rose 11% and closed at $195,000 overall. Mortgage rates are still at a great low also, holding at 4.875% for a 30 year fixed rate, same as reported last month.
Last month, the highest area sale was a 7 million dollar beachfront home which sold for 4.875 million in 2004 and was on and off the market for the past two years. It closed at 2 million dollars less than the 2009 list price.
Something that hasn’t been on the radar for the past several years is new construction. That trend is taking a turn and a few projects have sprouted up in Southwest Florida. New construction is now becoming a direct competitor to local sellers and their re-sale properties. National builders are quickly reverting to the old marketing plans of providing incentives to both, buyers and realtors. Many builders are providing 5% commissions, as well as, sliding scales that increase bonuses for multiple sales. These attractive incentives are to encourage local realtors into the new communities and to encourage buyers to re-visit developments that may have been on-hold since the market drop of 2005. As a result of these types of incentives for buyers and sellers, Toll Brothers reported a 50% increase in sales from 2010.
April stats for air traffic travel through our local RSW airport have not yet posted, however air traffic for March 2011 posted an increase of 7.7% over March 2010 -- clearly another indicator that our resort market is back to normal. The summer season is expected to follow the sales trend as I have already been pre-scheduling client appointments for the summer months. In addition, I have recently written two sales contracts for properties that have not been seen by the buyers. I predict this will be the new trend for savvy buyers -- to buy sight unseen and taking advantage of the real estate market in our sunny part of paradise.
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. 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 starsMLS stats show that the number of sold units increased this season by 2% overall from January to April. The best indicator that buyers and sellers have finally taken advantage of the current market is the increase in the number of under contract or pending properties which increased by 22% from last year’s figures.
What do these stats mean? They mean the reduction in available properties creates greater effects on supply and demand. Since inventory reduced in April to 8,800 units from a reported 9,500 units in March, signs of a ‘normal’ Southwest Florida market are on the horizon.
Realtors throughout the area, including myself, are reporting multiple offers on properties that are priced competitively. Many realtors report offers are coming in over list price as well. Most are in agreement that the days of a buyer waiting to get the best price are over. Buyer’s agents are watching the daily listing reports to make sure that the early bird is seriously getting the best worm – so to speak. In April, I personally reported a 12% over list price offer and winning bid for a single family home. All good news for the local market, and I am happy to report that the median price property rose 11% and closed at $195,000 overall. Mortgage rates are still at a great low also, holding at 4.875% for a 30 year fixed rate, same as reported last month.
Last month, the highest area sale was a 7 million dollar beachfront home which sold for 4.875 million in 2004 and was on and off the market for the past two years. It closed at 2 million dollars less than the 2009 list price.
Something that hasn’t been on the radar for the past several years is new construction. That trend is taking a turn and a few projects have sprouted up in Southwest Florida. New construction is now becoming a direct competitor to local sellers and their re-sale properties. National builders are quickly reverting to the old marketing plans of providing incentives to both, buyers and realtors. Many builders are providing 5% commissions, as well as, sliding scales that increase bonuses for multiple sales. These attractive incentives are to encourage local realtors into the new communities and to encourage buyers to re-visit developments that may have been on-hold since the market drop of 2005. As a result of these types of incentives for buyers and sellers, Toll Brothers reported a 50% increase in sales from 2010.
April stats for air traffic travel through our local RSW airport have not yet posted, however air traffic for March 2011 posted an increase of 7.7% over March 2010 -- clearly another indicator that our resort market is back to normal. The summer season is expected to follow the sales trend as I have already been pre-scheduling client appointments for the summer months. In addition, I have recently written two sales contracts for properties that have not been seen by the buyers. I predict this will be the new trend for savvy buyers -- to buy sight unseen and taking advantage of the real estate market in our sunny part of paradise.
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. 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.
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