First Quarter Market Stats
Here are the Q1 stats (and 3-year history) for areas:
Naples Q1 2023 Stats
Bonita Springs_Q1 2023 Stats
and communities:
Bay Forest Q1 2023 Stats
Bonita Bay Q1 2023 Stats
Imperial Golf Estates Q1 2023 Stats
Island Walk Q1 2023 Stats
Pelican Bay_Q1 2023 Stats
Pelican Marsh Q1 2023 Stats
And read these articles:
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND?
Why Mortgage rates Will Fall
Sales Up, Prices Down After 131-Month Streak
Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Month-over-month sales rose in all four major U.S. regions – but they also all saw year-over-year declines.
February median existing home prices fell for the first time in 131 months– almost eleven years – according to NAR. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – climbed 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Total housing inventory at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.
Properties typically remained on the market for 34 days in February, up from 33 days in January and 18 days in February 2022. Still, most homes (57%) sold in February were on the market for less than a month.
Buyer types (more…)
Naples a top city for corporate headquarters post-pandemic
Move over New York and Chicago. Step aside San Francisco.A new study names Naples as a top city for corporate headquarters post-pandemic. Additionally Naples grabs No. 1 spot on this ‘Best Places to Live’ list
The Boyd Co., a corporate site selection consultant based in Princeton, New Jersey, conducted the national study.
The results reflect the “new normal” of remote work and the growing “fiscal and quality of life challenges” in more traditional hubs for head offices, such as “The Big Apple.”
The study included an examination of annual operating expenses and a review of state tax structures.
The cost analysis is based on operating a new, top tier Class A, 75,000-square-foot corporate headquarters, with 200 administrative support workers, from top to bottom.
The estimated outlay in Naples: Roughly $19.2 million a year.That compared to more than $21.1 million in Everett, Washington, the most expensive to operate in, and less than $17.8 million in East Brainerd, Tennessee, the cheapest – among the top cities named in the study.
Asked if the study is confined to city limits, John Boyd, principal of The Boyd Co., said it’s not, with labor pools, support services and real estate options extending beyond those boundaries.For Naples, that means “you should assume the wider Collier County.”
The study factored in all major geographically-variable cost factors considered critical to the corporate site selection process, including labor, real estate, construction, utilities, taxes and travel.(Naples Daily News)
And read these articles:
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND? (more…)
Naples Area January Market Video Report
Here is a short video to accompany the graphic. Note that this is an overview – contact me for more specific area or community updates.
Mot mentioned in the video: the median Single Family sale price increased 6% to $715,000, and the median Condo price increased 13.5% to $482,500.
Pending sales rebounded as the new year began. In fact, pending sales in January were remarkably higher than pending sales not only in December (682), but also compared to January 2019 (660) and January 2020 (892). Though compared to last January’s phenomenal sales activity, pending sales this January decreased 20.5 percent to 1,092 pending sales from 1,373 pending sales in January 2022.
And read these articles:
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND?
Why Mortgage rates Will Fall
Buyers Undeterred in Ian’s Hardest-Hit Areas
Home Prices After Ian? Probably Going Up
How have home prices behaved after previous major Hurricanes?
How to protect your house from title fraud
Expansion Plans for Fort Myers Airport
Guide to Buying and Selling in Southwest Florida
Market Summaries
The story in 2022 was that prices continued to rise, while sale dropped sharply
Bonita Springs 2022 Housing Market Report
Florida Market Update in 4 minutes
Sales Resemble Pre-Pandemic — But Not Pricing & Inventory
- Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
m 617.834.8205
Bonita Springs 2022 Housing Market Report
Prices continued to rise until the Fourth Quarter (Q4), although the combination of the seasonal lull and Hurricane Ian make Q4 likely to contain anomalies. Sales dropped sharply throughout the year.
And read these recent articles:
Lies, Damned Lies and Inflation “Statistics”* HOW AND WHEN WILL HOUSING REBOUND?
Why Mortgage rates Will Fall
Buyers Undeterred in Ian’s Hardest-Hit Areas (more…)
Naples 2022 Housing Market Report
The story in 2022 was that prices continued to rise, while sales dropped sharply.
And read these recent articles: (more…)
HOW AND WHEN WILL HOUSING REBOUND?
National Association of Homebuilders (NAHB) Chief Economist Robert Dietz recently provided this housing industry overview in the bi-weekly e-newsletter Eye on the Economy.
Housing data for the end of 2022 illustrate a market continuing to weaken because of low housing affordability, largely as a result of elevated mortgage interest rates. At the start of 2023, the average 30-year fixed mortgage rate is near 6.5%, down from a near 20-year high of 7.1% in early November.
However, forecasters expect the Federal Reserve will end its path of rate increases at the end of the first quarter. This should lead to sustainable declines for mortgage rates in the second half of 2023 and into 2024, enough to spur a rebound for single-family construction.
And more construction is needed over the long term: A new NAHB study estimates the housing market is underbuilt by 1.5 million homes. (more…)
Coming Soon: 3 bedroom/2 bathroom condo in Laurel Oaks at Pelican Bay.
My real estate team, The Feins Group, has a listing hitting the market very soon. You can view professional photos, take the virtual 3D-walkthrough tour, and read all about the features here
Serene water views and plenty of sunshine await you from this bright, fully-furnished 3 bedroom/2 bathroom condo in Laurel Oaks at Pelican Bay.
The 2nd-floor end-unit boasts 1481 square feet of living area and includes a southwest-facing balcony overlooking the community lake.
With vaulted ceilings peaking at 13 feet high, hurricane-impact glass throughout, and a new hot water heater (2021), this property is a can’t-miss.
Contact me ASAP on 617.834.8205 to see this property in person!
And read these recent articles: (more…)
Imperial Golf Estates Year End 2022 Review
There are no more sales in Imperial Golf Estates scheduled to close this year, so here are the year-end numbers which demonstrate a frequently heard refrain this year: prices up, sales down.
Highlights (more…)
Why Mortgage Rates Will Fall
I have read and heard several comments suggesting that the increase in the 30-year Fixed Rate Mortgage (FRM) this year has been a direct result of the increase in the Federal Reserve’s Fed Funds rate (FF).
This is not correct.
As I will demonstrate, the FRM is determined by market forces, and in particular by the extra yield – the “spread” – which investors require when buying pools of mortgages (Mortgage Backed Securities or MBS), as compared with the risk-free yield available with the 10-year Treasury Note (10T) which has the nearest duration to the expected life of a pool of mortgages.
In contrast, the FF is the rate that banks use when setting their Prime Rates. When the FF increases, banks increase their Prime Rates and therefore the interest rate on those loans whose rates are based upon Prime Rates – e.g. credit cards and auto loans.
And we will see that the FRM increased this year long before the Fed started to increase the FF rate.
Mortgage-Backed Securities (MBS)
A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies.
Most conventional mortgages are packaged into mortgage-backed securities and sold to investors. This allows the bank or originator to use its capital to finance more mortgages.
The relationship between 10T and FRM
This chart shows how the two have moved in lockstep over the last 30-plus years:
Source: National Association of Realtors
While the “spread” has mostly been in the 1.5-2% range, it has fluctuated, especially during times of financial stress or uncertainty: (more…)
Housing Market Favorable for Preseason Buyers
Speculation that home sales in October would drop dramatically in Collier County following Hurricane Ian was proven inaccurate as closed and pending sales for the month increased 23.7 and 8.7 percent, respectively, compared to closed and pending sales reported in September, according to the October 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). And even though 525 listings were either terminated, expired or withdrawn from the Southwest Florida MLS during October, overall inventory for the month increased 72.7 percent to 2,325 properties from 1,346 properties in October 2021.
According to NABOR®’s statistics (more…)
Pelican Bay Villa Open House TODAY 2-4
Join me today 2-4 to see one of only 2 villas currently for sale in Pelican Bay with a private pool.
Lush landscaped views await you from this 3 bed/2.5 bath villa in Lugano at Pelican Bay. Located in the heart of Pelican Bay, this Northwest-facing property boasts 2,100 square feet of living area, plus a walled garden and lanai with private pool and spa. There is only one Pelican Bay! The premier luxury community in northern Naples, Pelican Bay offers residents exclusive access to unrivaled amenities that include three Gulf-front restaurants, two tennis facilities, a 27-hole golf course, two boardwalks, a Fitness and Wellness Center, and three miles of private beaches. With venues easily accessible by the community’s comprehensive tram system, residents can just take a backseat and enjoy the ride. Pelican Bay is adjacent to Waterside Shops and within walking distance of Artis–Naples, Southwest Florida’s top tier performing arts center, which is currently planning a $150 million renovation. You’ll never be far from fine dining, luxury shopping, and world class entertainment.
Click Customer_Financial_Report for details and Features for highlights. And Pelican Bay for full information about Pelican Bay.
And read these recent articles: (more…)
Florida July Market Update in 4 minutes
This short video is an excellent summary of what is happening to the market overall in Florida.
And this is my recent overview of the market in Naples: Market returning to normal – well, mostly
And read these recent articles: (more…)
Market returning to normal – well, mostly
After the extremely strong market post COVID it is instructive to take a slightly longer-term look.
These 3 charts are very much big picture for the entire Naples region and include all types of property. They do show, however, that sales and new listings have reverted to the norm, while prices overall are some 65% higher. (more…)
Sales Resemble Pre-Pandemic — But Not Pricing & Inventory
The number of closed sales is starting to resemble pre-pandemic levels — but this is a very different market now because homes are listed at significantly higher prices and inventory levels remain much lower than before.
Click June Florida Housing Report to watch a short video from Brad O’Connor, Ph.D., the Chief Economist for Florida Realtors®
And read these recent articles: (more…)