Naples #1 in growth for jobs and economy

February 2014

February 2nd — Groundhog Day

February 7th — National Wear Red Day
February 12th — Lincoln’s Birthday
February 14th — Valentine’s Day
February 17th — Presidents’ Day
February 22nd — Washington’s Birthday
 

Naples #1 in growth for jobs and economy
 
Based on findings from USA today, Naples is forecast to lead metros in economic growth and job gains.  Naples will be the fastest-growing metro area in the country, with an economy expanding by 6.3%, the report sats. Naples will also add jobs faster than any other metro. Among larger cities, top performers include Raleigh, NC, expected to grow by 4.2%; Atlanta, 3.7% and Austin, at 3.6%.
 
“The key thing in the northeast was the stabilization of housing,” Diffley said. “When prices normalized and people weren’t underwater any more, small but positive job growth has been able to stimulate spending.”
 
To read the full article, please go to the link below: 

Annual Market Report for 2013 for Naples, Bonita, Estero market area
 
Closed Sales
The number of closed sales in 2013 continue the upward trend of the past 6 years, culminating in the highest number of sales on record. Average sales price increased 13% year over year and median sales price is up 18%.
 
Inventory Levels & New Listings
Inventory continues to decline in the Naples, Bonita & Estero markets. Condominiums priced from $500,000 to $750,000 and those priced between $2,000,000 and $5,000,000 experienced large decreases in availability, down 26% and 30% respectively. The number of properties placed on the market is down 41% from the 2006 high, and the second lowest on record.
 
Pended Sales
Buyer interest in Southwest Florida real estate pushed the number of pended sales to an all time record. All price categories reflected increased demand with the exception of entry level product priced below $250,000. Not all pended sales close, however, this benchmark, along with current inventory, has proven to be the best leading indicator of market direction.
 
2013 Quarterly Stats – Single Family Homes 1st Qtr          2nd Qtr         3rd Qtr          4th Qtr Median closed price (<$300K)    $175,167       $178,333        $182,650       $187,359 Median closed price (>$300K)    $549,667       $529,167        $515,000       $493,640 Closed sales                             1,014            1,359             1,148            1,027 Avg. days on market                 156               149                133                87 2013 Quarterly Stats – Condominiums 1st Qtr          2nd Qtr         3rd Qtr          4th Qtr Median closed price (<$300K)    $146,683       $151,000        $153,000       $158,833 Median closed price (>$300K)    $523,250       $581,667        $557,500       $526,250 Closed sales                             1,253            1,833             1,220             1,085 Avg. days on market                  496               515                440               317
 
Market Update provided by John R. Wood Properties, “Bring Your Highest Expectations!”
 

Pending Sales Tumble in December 
 
According to the National Association of Realtors in Washington, “Pending home sales measurably dropped in December, with abnormal weather partly inhibiting home shopping in much of the U.S.” The Pending Home Sales Index stated that it fell 8.7 percent to 92.4 in December from 101.2 in November, and is 8.8 percent below December 2012, when it was 101.3. 
 
Lawrence Yun, NAR chief economist stated, “Home prices rising faster than income is also giving pause to some potential buyers, while at the same time a lack of inventory means insufficient choice. Although it could take several months for us to get a clearer read on market momentum, job growth and pent-up demand are positive factors.” 
 
Pending home sales in the South fell 8.8 percent to an index of 104.9 in December and are 6.9 percent below what it was a year ago. Total existing-home sales this year should hold close to 5.1 million, but inventory remains limited in much of the country. 
 
To read the full article, please go to the link below: 
 
 
     
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About yournapleshome

Karen is originally from Cape May County, New Jersey but considers herself a Floridian due to the many years she has resided in this sunny state! She has two children, Kimberly and Jennifer. Kimberly graduated form the University of Florida in 2000 and resides in Naples with her husband and two children. She works in education . Jennifer graduated from the University of Florida in 2006 and resides with her husband in Raleigh, North Carolina. She currently works for the Sweatlock Team as a marketing executive. The Sweatlock Team provides top-notch personable and professional real estate services, custom marketing for listings, efficient and honest service, fair representation, and a team that is ready to work for you! All combined with great expertise and impeccable service- a combination that can't be beat! Our clients are clients for life.
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