Median Closing Price Increased 17% in 2012

January 18th, 2013, Naples, Florida- In 2011, the Naples area closed at a whopping $175,000 for their total median but that number increased in 2012 when the median closed at $204,000. These statistics are derived from a company that keeps track of real estate listings in all of Collier County, not including Marco Island. This company is known as the Naples Area Board of REALTORS.

In April of last year, the yearly Economic Summit was held and the Chief Economist of the National Association of REALTORS, Dr. Lawrence Yun, stated that he thought there would be an increase of 10% by the end of the year for the total median price. The Management Broker at Prudential Florida Realty, Brenda Fioretti, said that she people were happy to hear about the good news about the current state of the real estate.

The NABOR 2012 Annual Report is important because it gives us an overview of the selling of one family homes as well as condominiums in addition to price ranges, geographical location as well as a total presentation of the market as a whole. A chart is how the annual report is presented. The chart includes the following:

In 2011, there were 8, 345 units and in 2012 there were 9, 121 units. That is an increase of 9%. Total closed sales saw a leap of 20% in the $300,000-$500,000 range and a leap of 29% in the range of $500,000 to $1,000,000.

For sales that were pending in 2012, there was an increase of 6% from 2011 when pending sales were 10, 070 and up to 10, 683 in 2012.

There was a decrease in the total inventory however as 2011 had 7, 581 properties and 2012 had 6, 557 properties listed. That is a decline of 13%.

In the coastal area of Naples, there was a total increase in pending sales by 15% in 2012. That was from 1, 791 units to 2, 057 units. Closed sales saw an increase of 14% in 2011 with 1, 641 units and in 2012, there were 1, 869 units.

According to the Vice President and General Manager of Downing-Frye Realty, Mike Hughes, stated that 2012 was a great year for the Naples area all around as far as the real estate market. He said it was a solid year because of the sales, closing prices and inventory. He even went as far to say that he would be happy with higher levels of available inventory.

The President and CEO of Premier Commercial, Thomas A. Bringardner Jr. went on to say that things are looking up as far as the residential and the commercial market because more people now working and the flock of tourists.

He also stated that the addition of new commercial buildings have helped as well such as the Fifth Third Bank and the Venetian Village.

The Fourth Quarter Report of 2012 from NABOR gives a yearly account of things such as one family homes, home pricings and location. The statics for the fourth quarter are as follows:

In general, sales closed in at an increase of 22% with units of 1,689 in 2011 and 2,061 in 2012. In the range of $300,000-$500,000, there was an increase of 58% and an increase of 51% in the range of $500,000 to $1,000,000.

The median closing price saw an increase of 24% from 2011 with $165,000 and in 2012, $205,000.

Overall sales that are pending increased from 2, 250 in 2011 and 2, 422 in 2012, that’s an 8% increase overall.

As far as inventory, this decreased 13% in 2012. In 2011, there was 7, 580 units and in 2012, there was 6, 557 units.

Originally published at http://www.naplespelicanbayrealestate.com/market-news/median-closing-price-increased-17-in-2012/

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