Posted on Monday, December 05, 2011
There is much talk about foreclosure increases and banks “dumping” properties on the market. The Naples real estate markets seem to be keeping up with this just fine, in fact the overall supply of properties is the best we have seen in years. Both single family residences and condo supply are at levels this morning historically capable of supporting prices – in fact prices are increasing.
Let’s take a look at the facts. Information Inc. and RealtyTrac reported “some housing markets are still battling high numbers of foreclosures that continue to put downward pressure on overall housing prices … the following cities saw the biggest increases in foreclosures – 30 percent or more – between the second and third quarters of 2011: Albuquerque, N.M.,, Boston-Cambridge-Quincy, Mass.,Sarasota-Bradenton-Venice, Fla.Cincinnati-Middleton, Ohio-Ky.-Ind.Jacksonville, Fla.and Palm Bay-Melbourne-Titusville, Fla.”
Naples, Fl real estate sees it share of foreclosures and short sales but so far the overall supply in the market is staying rather low – good for prices. For examples, single family homes for sale this morning are 2,616 and over the last year 3,835 single family homes were sold – so our supply is now at 8.2 months. Condos see similar levels this morning with 3,725 for sale and 4,309 were sold in the last 12 months or 10.4 months of inventory.
The great news is the Naples market is seeing reduced supply which should support prices. The last two months NABOR data did show rising trailing 12 month increases. In a week or so we should see data released for last months results. So far so good – in fact very good.
Tell us what you think.
No legal or investment advice or suggestions are being given in this Blog. Actual real estate price and sales results are subject to market forces and are not completely predictable. Please consult a lawyer or investment advisor for such legal and investment advice. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
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