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Naples Home Market Update

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Prior to presenting the analysis for August we need to reflect on the events which took place last August 15 – the sub-prime and liberal loan programs came to a screaming halt along with liquidity issues for lenders lasting for a couple of months. The result was a further weakening of already weak real estate market. Sub-prime and liberal loan programs accounted for about 16 percent of the purchases which had taken place previous to August 2007.

Going forward the monthly statistics will bear monitoring to assess the strengthening or weakening of the of the Naples home market.

Strengthening does not necessarily mean price appreciation, but takes into effect a lower volume of new listings (even though it is anticipated more listings will come on the market due to seasonal fluctuations), pending sales increasing, and closed sales over the previous year.

Weakening of the market will reflect just the opposite.

Another consideration to be explored is how developments or subdivisions where subprime borrowing took place may affect the overall performance statistics for the overall Naples home market, and leaving both sellers and buyers with what could be incorrect perceptions. An example of this is being seen in the drastic decline of the median price paid for homes during the month August in the year over year analysis; however, after excluding some developments or subdivisions the median price decline is not quite so drastic. Proving once again that real estate is so local that it has to be looked very closely. [Read more...]

Filed Under: Homes for Sale in Naples FL, Naples Florida Real Estate, Naples Homes, Naples Market Update, Real Estate News Tagged With: , , , , , ,

Going Green Can Save You Money

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Today many people are looking to conserve energy and “green” their homes.

Did you know that Florida homes, air conditioning accounts for 40-50% or more of your electric bill?

The top 9 items you can do to lower your monthly electrical bill as related to your air conditioning system’s electrical consumption.
1 - Keep your thermostat at 78 degrees while you are home. If you leave the house, turn the thermostat up to 82 degrees. Cooling down a home from 82 degrees consumes less electricity than cooling down from a higher temperature as well as less electricity to cool the house at 82 degrees than at 78 degrees during the hours you are away from the house. You might want to consider buying an inexpensive programmable thermostat to do this for you automatically. [Read more...]

Filed Under: Bonita Springs Homes, Estero Homes, Naples Homes Tagged With: , , , , ,

Naples Home Market Update

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June Analysis:

Listings:

During the month of June 696 Naples homes were listed for sale. For the same month in 2007, 779 homes were listed for sale; this represents a decrease of 10.6 percent. The decrease from 2006 was 15.7 percent from the 826 new listings. In May 2008 there were a total of 771 homes listed for sale. The lower number of new listings is reflected in the reduction of the number of month’s supply of available homes in the Naples.

Closed Sales:

A total of 236 homes were sold during June 2008. Comparing the same month in 2007 there were a total of 218 homes sold, the increase of [Read more...]

Filed Under: Naples Florida Real Estate, Naples Homes, Naples Market Update, Real Estate News

Absorption Rate for Naples Homes

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The absorption rate for Naples homes reflects an improving market for the 4 specific time frames – 3 months, 6 months, 9 months and 12 twelve months ending June 30, 2008 for active listings as of July 1, 2008.

naples absorption rate for single family homes

The 3 month time frame reflects an inventory of 22 months significantly down from the 44 months in February, and down from 25 months for May.

The 6 month time frame reflects an inventory of 28 months down from February’s 45 months and May’s 33 months.

The 9 month time frame reflects an inventory of 31 months down from February’s 41 months and May’s 34 months.

The 12 month time frame shows 31 months of inventory, down from 38 months in February and 33 months in May.

Each time frame has unique characteristics affecting the number of months. The 12 month time frame includes about 1.5 months of liberal loan programs and sub-prime borrowing, as well as, the subsequent credit crisis where homes under contract (pending sales) did not close due to the elimination of loan programs, mortgage companies failing, and last minute reversal of mortgage commitments by some lenders in the months following August 15, 2007.

The 9 month time frame is affected by the aforementioned last minute reversal of mortgage commitments and issues of possible homebuyers trying to find alternate financing. In addition, it includes the activity during the winter season.

The 6 month time frame includes 3 months of seasonal activity and 3 months of non-seasonal activity.

Overall, when looking at the trend lines they reflect an improving market by their alignment with the 3 month trend line showing the lowest number of months of inventory up to the 12 month trend line showing the highest number of months. If the real estate market was not improving the various trend lines would not be falling in the order shown. The Naples real estate market for single family homes still remains a stronger buyers’ market.

Filed Under: Homes for Sale in Naples FL, Naples Florida Real Estate, Naples Homes, Naples Market Update

A Friend in Need – Helping Other People

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Yesterday, I was informed of a very close and dear friend, Charles Richey, had been hospitalized with Guillain-Barre Syndrome. This particular disease afflicts the nervous system and the inflicted individual looses the use of all their limbs and ability to swallow.

Charles has helped me with my website on many occasions and has always been there to just to talk or give me encouragement when things were rough for me. There are many real estate agents through the United States that have benefited from his assistance. In addition, Charles, is very active in the Las Vegas area with animal rescue organizations. Many times when we talk he will tell me about a new dog that he has staying with him until a home can be found.

Charles does not have any health insurance at this time and with the overall real estate market not as strong as it has been, he will be incurring substantial hospital, physician, and after inpatient care – if you have been hospitalized you may have some idea of what Charles will be facing in the future.

On the Internet, we meet many people and may not meet them in person. So when a call goes out to help another- the internet is a power vehicle to get the word out. I have been lucky to meet Charles and his wife Jacqui in person and have had dinner with them.

You may not know Charles Richey from Las Vegas, but perhaps you know someone that has been striken with this disease and can offer comforting words of advice for this family or if you are so inclined to assist Charles you can visit this site or click on the graphic below.

Donate to the Charles Richey Fund

Thank you for reading this post and any assistance you can offer Charles Richey from Las Vegas.

Filed Under: Ave Marie Real Estate, Bonita Springs Condos, Bonita Springs Florida Real Estate, Bonita Springs Homes, Bonita Springs Market Update, Estero Condos, Estero Florida Real Estate, Estero Homes, Estero Market Update, Homes for Sale in Naples FL, Naples Condos, Naples FL Realtor, Naples Florida Real Estate, Naples Florida Relocation Realtor, Naples Homes, Naples Market Update, Pelican Bay, Real Estate Financing, Real Estate News, Real Estate Tips, Uncategorized Tagged With:
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