INVENTORY HITS 3 YEAR LOW
Report Shows Increase in Median Closed Price
NAPLES, Fla.-July 16, 2010- Home and condo inventory in the Naples area continues to decline steadily. It is now at a 3-year low 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). The available inventory decreased 9 percent in the second quarter of 2010 to 8,845 properties, compared to 9,681 properties in the second quarter of 2009. “The 2 million plus price range saw a 24 percent decrease in inventory, the largest decline when compared to all other price ranges,” stated Brenda Fioretti, NABOR President, and Managing Broker of Prudential Florida Realty. Inventory in the Naples area has now reached equilibrium between supply and demand with 11.3 months of inventory. According to Cindy Carroll, Vice-President of Carroll & Carroll an independent fee appraisal firm in Collier County with over 24 years experience, “I find a neighborhood has achieved equilibrium of supply and demand when the number of current listings equals the number of sales in the prior 12 months.” The one million and above price range showed the greatest increase in pending and closed sales. In the second quarter of 2010, pending sales increased 38 percent and closed sales increased 48 percent compared to the same quarter last year. “We are continuing to see strong activity in these price ranges in July and expect a reasonable level of sales throughout the summer,” stated Phil Wood, President of John R. Wood REALTORS®. The second quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis: • Overall pending sales saw an 8 percent increase, with 2,807 contracts in the second quarter of 2010 compared to 2,600 contracts in the second quarter of 2009. • Overall home sales for the 12 months ending June 2010 increased 42 percent with 8,173 sales compared to 5,744 sales for the 12 months ending June 2009. • Single-family sales increased 8 percent with 1,215 sales in the second quarter of 2010 compared to 1,127 sales in the second quarter of 2009. Single-family pending sales in the $1 million to $2 million price range increased 61 percent with 92 contracts in the second quarter of 2010 compared to 57 contracts in the second quarter of 2009. • Condo sales increased 31 percent with 1,270 sales in the second quarter of 2010 compared to 968 sales in the second quarter of 2009. The overall median closed price increased 14 percent to $200,000 in the second quarter of 2010 up from $175,000 in the second quarter of 2009. “The price range that showed the largest increase in median closed price was the under $300,000 category with a 10 percent increase to $140,000 in the second quarter of 2010 compared to $127,000 in the same quarter last year,” stated Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty. The June report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis: • Overall pending sales increased 4 percent to 847 contracts in June 2010 compared to 813 in June 2009. • For the 12 months ending June 2010 single-family home sales increased 31 percent with 4,181 sales compared to 3,183 sales for the 12 months ending June 2009. • Condo pending sales for the 12 months ending June 2010 saw a 55 percent increase with 4,759 contracts compared to 3,073 contracts for the 12 months ending June 2009. 
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Financing Your Home >The Margin on an ARM When you are shopping for an Adjustable Rate Mortgage, the important thing to consider is the margin. Each time your loan is adjusted, the new interest rate will be tied to an index of Treasury notes. The margin is the percentage point above that index where your rate will be set.
Let's suppose that you have a one-year ARM with a 2.5 margin. Your initial rate was 7.5%, and during the first year of the loan, the index of 1-year Treasury notes was at 6.25%. The rate for the second year of your loan would be adjusted to 8.75%. With a margin of 2.75, it would increase to 9%. Some lenders offer lower initial rates with higher margins. In this case, the subsequent rates could be higher after the first year, than if you chose a higher initial rate with a lower margin.
If you are confused by the various mortgage offers, ask a professional mortgage broker to sit down with you and show you how it works. Today the rates and different financial possibilities are so variable that it is a good idea to talk to a mortgage broker--they usually know where the best rates can be found.
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Which islands are considered the largest islands in the US?
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The Hawaiian Islands with 10,456 square miles are followed by Kodiak Island in Alaska at 9,510 square miles. |
 See More Real Estate Trivia > |
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Marybeth Brooks, REALTOR R
Licensed Real Estate Broker
Campbell & Prebish, LLC
1167 Third Street South Suite 209
Naples, FL 34102
Cell: 239-272-6867
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