Annual Market Review
Closed Sales The number of closed sales in once again increased over prior year, making it the third consecutive year to show an increase. Properties priced under $25, continued to comprise 63% of all closings, as they did in. The most significant change occurred in properties priced above $1,,, which increased by almost 27% over. At year end, demand remained strong in all price categories. Total sales volume for the year increased by 18% over, reflecting the increased activity in the higher price ranges. Median and average sales prices have remained stable throughout the year. 12, 1, Annual Closed Sales Units History 11,234 1,35 8,859 9,967 8, 7,399 6, 5,25 5,519 5,971 5,762 5,151 6,232 4, 2, 2 21 22 23 24
Inventory Levels and New Listings The inventory of available properties is down 35% from the February high of over 15, units. Inventory in southwest Florida is typically highest during first quarter, and diminishes throughout the remainder of the year. On January 1, 211, there were 1,265 units available in the combined Naples, Bonita Springs, Estero market. Segments and property types showing an increase in inventory over January are single family homes and condominiums priced under $25, and condominiums priced above $5,,. All others show decreases. Categories which recorded the greatest inventory decreases are condominiums priced between $75, and $1,, (down 19%); single family homes priced between $75, and $1,, (down 17%); and single family homes priced above 2,, (down 13%). New listings placed on the market in are at their lowest level since. Restricted supply in some segments is already resulting in instances of multiple offers on the same property. 35, Annual New Listing History 3, 25, 2, 15, 16,784 21,51 3,176 27,488 26,13 23,54 22,612 1, 5, 24
PENDED SALES Pended sales, which have been increasing year-over-year since, continued the trend and ended the year with a slight increase over. This represents a dramatic rebound from the record-setting lows of through, and is comparable to the record highs set in 24 and. The ratio of pended sales to new listings (on an annual basis) was one sale for every 1.5 new listings. This measure also continued to improve in, and represents notable improvement from the lows of one sale for every 4.25 new listings placed on the market. It is important to note that not all pended sales close. However, this benchmark has proven to be the best leading indicator of market direction. 18, Annual Pended Sales Units 15, 13,883 14,23 14,867 15,148 12, 9, 6, 7,96 6,551 8,71 3, 24
Summary The southwest Florida real estate market continues to stabilize, and increased sales coupled with inventory reductions have resulted in a balanced market at the end of. Based on the number of closings that occurred during the past 12 months, 211 begins with a one year supply of product. Median sales price has remained essentially constant since early, indicating that we have probably seen the end of significant price reductions in most categories. Short sales and foreclosures continue to be a significant market dynamic and are expected to remain so in 211. During, this category represented 4% of closed sales units in the combined Naples, Bonita Springs, Estero market. Approximately 2% of existing inventory is represented by this segment. While short sales and foreclosures appear in all property types and price segments, the price range under $25, continues to account for the highest percentage of these properties. John R. Wood Realtors remains the leader in the southwest Florida market with the highest closed volume of sales of any broker, and over 2, closed transaction sides. Our outstanding sales team continues the Company s 53-year legacy of delivering Legendary Service to all customers. Current market information, accessible to consumers via user-friendly technology, and a high level of personal interaction, enables John R. Wood customers to continue to make real estate decisions that fit their personal objectives.