Adjustable-Rate Mortgages Staging a Comeback
Applications for Adjustable-rate mortgages (ARMs) increased 12.5% year-to-year for the week ending June 18, according to the Mortgage Bankers Association (MBA), as the discount from the 30-year FRM has widened in recent weeks.
ARMs dropped in popularity after the 2008 financial crisis, but they are starting to reemerge as buyers contend with record high home prices. “The epic surge in home prices has people looking to save money on monthly payments anywhere they can,” says Matt Graham, chief of operations at Mortgage News Daily.
Source: Freddie Mac
Central Naples June Housing Market Summary
The 3-month median price for Single Family Homes in Central Naples – the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd. (see map below) covering zipcodes 34104,34105 and 34116 – continued to rise sharply, reaching $489,000 for the April-June quarter, breaking strongly through the $400,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase – although less so in Central Naples:
South Naples June Housing Market Summary
The 3-month median price for Single Family Homes in South Naples – the area bounded by 41, David Blvd and Collier Blvd.(see map below) covering zipcodes 34112 and 34113 – continued to rise sharply, reaching $537,500 for the April-June quarter, breaking strongly through the $500,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase:
(more…)
East Naples June Housing Market Summary
The 3-month median price for Single Family Homes in East Naples – which includes the areas to the East of Collier Blvd.(see map below) covering zipcodes 34114, 34117, 34120 and 34137 – continued to rise sharply, reaching $476,500 for the April-June quarter, breaking strongly through the $400,000 level:
Dramatic price movements often occur when the number of sales is small, but that has not been the case in the whole Naples area, which has seen a major increase:
(more…)
Naples Overall Market Summary in June
The 3-month median price for Single Family Homes in the whole Naples area continued to rise sharply reaching $605,000 for the April-June quarter, some 35% higher than a year ago:
Meanwhile sales, which have been in the 1,000-1,500 range per quarter in recent years, have seen a similar trend, reaching well over 2,000 in the most recent quarter: (more…)
Plans to turn Bonita Springs Greyhound Race Track into amusement park
According to NBC2, a plan is in the works to turn the Bonita Springs Greyhound Race Track into an amusement park.
The amusement park would be called “Adrenaline World,” and would be for the soon to be demolished grandstand building of the former Naples Fort Myers Greyhound Race Track off Bonita Beach Road. (more…)
Are you interested in buying a vacation home in the Naples area?
It is clear today that some homes are being priced at what is called an aspirational level. A good Realtor, however, will be able to guide you away from these. I am about to close on a house for a client in Southwest Florida for 17% less than the original, aspirational, list price.
This table shows the breakdown of sales and median prices by area of Naples (see map below). Please contact me to discuss the market and see how I can help you in your search for a vacation – or permanent – home.
Click on these links for detailed market reports: (more…)
Naples Housing Market Summary by area
This table shows the breakdown of sales and median prices by area of Naples (see map below). Please contact me to discuss the market and see how I can help you in your search.
Click on these links for detailed market reports: (more…)
North Naples May Housing Market report
North Naples includes the area from Pine Ridge Road to the Lee County boundary just short of Bonita Beach Road (see map below).
In the first 5 months of 2021 the median price of the 864 Single Family homes sold in North Naples was almost $720,000, while that of the 1,121 Condos sold was almost $306,000.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
Naples Beach May Housing Market report
Naples Beach covers the area mostly to the East of 41 from Port Royal to Pelican Bay ( see map below). As such it includes the most expensive real estate in the Naples area, as demonstrated by the charts below.
For the first 5 months of 2021 the median price of the 597 Single Family sales was $2.25 million, while that of the 1,096 Condo sales was $799,000.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
Central Naples May Housing Market report
Central Naples covers the area bounded by David Blvd, Goodlette-Franke, Pine Ridge and Collier Blvd.
In the first 5 months of 2021 the median price of the 415 Single Family homes sold was $436,000 and that of the 682 Condos sold $218,000
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
South Naples May Housing Market report
South Naples includes the area bounded by 41, David Blvd and Collier Blvd. See map below.
In the first 5 months of 2021 the median price of the 462 Single Family homes sold in South Naples was $509,500 and that of the 967 Condos $247,500.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
East Naples May Housing Market report
East Naples includes the areas to the East of Collier Blvd. See map below for details.
In the first 5 months of 2021 the median price of the 1,035 Single Family homes sold in East Naples was $460,000, and that of the 506 Condos $330,000.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
Overall Naples Housing Market in May
A tight inventory and buyer demand continued to push prices upward in May, resulting in an overall median closed price increase of 29.4 percent to $433,500 from $335,000 in May 2020. Note that May 2020 was the early stage of the COVID slump, so the size of the increase Year-over-Year is exaggerated.
Cash sales in May accounted for 58.4 percent of the closed sales transactions. Cash buyers continue to create challenges for competing buyers who require financing. It took an average of 90 days for a home to go from list to contract in May 2020, but in May 2021, the average days on the market was reduced to 43 days. Again, the YOY comparison is skewed because of COVID.
The May Market Report showed that overall closed sales increased 164.4 percent to 1,618 from 612 in May 2020 (a month when all the world was in COVID-19 lockdown). For perspective, closed sales increased 36 percent in May 2021 compared to May 2019 (a non-pandemic lockdown month). Nevertheless, closed sales
activity in May 2021 outperformed any other May in the history of NABOR®’s market statistics reports. (At the end of this article are market reports for the different geographic areas of Naples).
Overall inventory fell 79.1 percent in May to 1,290 homes from 6,177 homes in May 2020, but monthly new listings activity continues. May welcomed 1,274 new listings, a 7.6 percent increase from 1,184 in May 2020. New listings that come on the market each month help to temper the drop in overall inventory and provide more opportunities to eager buyers.
The monthly report from the Naples Area Board of REALTORS® (NABOR®) noted “monthly showing and sales activity is beginning to show signs of deceleration from the remarkable market experienced during the first quarter of 2021.”
Historically, the Naples housing market’s activity in the first half of the year is not sustained during the second half of the year. However, since tourism to Florida is expected to increase this summer and buyers from foreign countries may also begin to arrive in the coming months, a return to more normalized buying behavior in the second half of the year remains uncertain.
The following charts give a visual summary of market activity: (more…)
Bonita Springs-Estero May Housing Market review
In the first 5 months of 2021, the median price of the 1,063 Single Family homes sold in the Bonita-Estero area was $507,000, while that of the 1,223 Condo sales was $292,500.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point.