 RISING SALES, DECLINING INVENTORY Naples Area Real Estate Transactions Released NAPLES, Fla.-January 15, 2010- The positive momentum continues 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).
Statistics compiled by NABOR show a dramatic increase in overall sales with inventory diminishing in Collier County, which is an encouraging sign that the favorable market conditions are moving buyers. 2009 showed a series of strong pending and closed sales for each consecutive month with double-digit increases over the 2008 sales figures. Overall pending sales in 2009 increased 71 percent with 9,513 contracts, compared to 5,567 contracts in 2008. Overall closed sales significantly increased with 7,056 sales in 2009, compared to 4,756 sales in 2008. Inventory continues its steady decline as the housing market improves. According to Mike Hughes, NABOR Media Relations Director, and Vice-President of Downing-Frye Realty, “All price ranges showed a decrease in inventory. The decrease varied from nine percent in the below $300,000 range up to 25 percent in the $300,000 to $500,000 range.” The 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 condo pending sales increased 69 percent with 4,243 contracts in 2009, compared to 2,505 contracts in 2008. The days a property was on the market in 2009 decreased 11 percent to 160 days on the market, compared to 179 days in 2008. The overall median closed price decreased 35 percent to $178,000 in 2009 from $274,000 in 2008. Excluding the $300,000 and under segment, comprising a majority of foreclosure related property sales, the overall median price for the market declined only 7 percent from $565,000 in 2008 to $525,000 in 2009. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold. The fourth quarter of 2009 showed overall pending sales increasing 92 percent with 2,455 contracts, compared to 1,276 contracts in the same quarter of 2008. “We are seeing sales steadily move to higher priced ranges,” stated Jo Carter, President of Jo Carter & Associates. Both single-family pending and closed sales increased in all price ranges below two million. Single-family home sales in the $300,000 to $500,000 price range increased 43 percent with 163 sales in the fourth quarter of 2009 compared to 114 sales in the fourth quarter of 2008. Single-family pending sales in the $500,000 to $1 million price range increased 63 percent in the fourth quarter with 114 contracts compared to 70 contracts in the fourth quarter of 2008. December 2009 proved to be a strong month in pending and closed sales as market conditions improved and buyers’ optimism grew. “The Naples area is seeing a double digit increase in all geographic areas in overall pending and closed sales,” stated Michele Harrison, REALTOR®, with John R. Wood REALTORS®.
The overall pending sales increase in geographic areas ranged from 51 percent in East Naples to as much as 102 percent in Naples Beach 
Closing or Settlement >Estimated Closing Costs
There is a federal law that requires mortgage lenders to give prospective buyers an itemized, "good-faith" estimate of their closing costs. Sometimes buyers arrive at the closing with this document in hand and proceed to question each item on the final closing statement that does not match the estimate exactly.
These "good-faith" estimates are just that--estimates. The lender's charges will be fairly accurate, but the charges for attorneys, termite inspections, title insurance, and other items that appear on the closing sheet may vary from the estimate. Some pro-rated items, such as taxes or homeowner's association fees, will also be different if you don't close on the date that was used to calculate the estimate. The purpose of the disclosure law is to give you a ball park figure of your closing costs. But the estimate you are given won't be to the penny--probably not even to the dollar!
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What house is thought to be the first one designed by Frank Lloyd Wright?
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Charnley House in Chicago, Illinois, is considered to be the first home designed by Wright while at Adler & Sullivan. |
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