Naples, FL, November 12, 2010 --(PR.com
)-- Kelly E. Capolino, a southwest Florida real estate professional and the founder of the Diamond Volunteer Program, offers the latest real estate market statistics and guidance for both buyers and sellers.
Buyer interest increased in October with 941 units under contract, 6% higher than September and an 84% increase from 2008. However, October closed sales were down 40% from 2009 and 8% from 2008. The active inventory in southwest Florida jumped 3% and now holding over 10,000 available properties. Deviations of available property versus under contract play a role in determining interest rates, which are currently at a 50-year low of below 4%.
“We have to keep a close eye on how the number of units in inventory differs from the units under contract,” explains Capolino. “As the inventory increases, the typical season jump for southwest Florida, the simple economic rule of supply and demand comes into play. For example, a jump of inventory up 3% and one of under contract up 6% will continue to grow our market; if the numbers switch, there is reason for concern.”
Median prices for all the homes on the market remains at $165,000, but among the diverse types of property in southwest Florida, the median prices are showing a great difference. The median price for single family homes rose to $232,000 from a two-month low of $185,000. Condo medians dropped to $124,000 from their two-month low of $140,000. Foreclosures and short sales are still affecting the highs and lows in every area of the real estate market.
“Consulting with my short sale negotiator, we have determined the need to be 'in process' with the banks and respond as quickly as possible to requests for information. The consumer must respond at a quick pace to get better results from the banks,” added Capolino.
The Bank of America’s recent halt on foreclosures and loan modifications has proved helpful to some in reaching the end of their short sale, but not to the majority of consumers. In fact, it slowed down the process if the homeowner had halted their transaction.
“It is always good to remain hopeful, especially as we enter season here in southwest Florida. I expect to be seeing lots of moving vans in the near future!”
About Kelly E. Capolino:
Capolino, founder of the Diamond Volunteer Programs and an agent with Keating Associates, is a residential real estate “Listing Leader” and “Top Producer” in Naples. She ranked #16 out of 5,000 real estate agents with the Naples Board of Realtors in 2009, excluding foreclosure agents. Her expertise in real estate is far-reaching with extensive knowledge and experience in luxury properties, acreage properties, investment properties, and renovation opportunities.
Capolino’s office is located in downtown Olde Naples on 5th Avenue South. She can be reached at 239-877-6700 or 239-262-6606 ext. 319 or online at Kelly@Naples.net or at www.KeatingRealty.com.