Opportunity for Buyers!

As a result of the slow market we have already seen some great buying opportunities in the Naples market as well as Cedar Hammock, Forest Glen, Naples Heritage and Naples Lakes. If someone is interested in buying now is the time to be looking for your dream home or condo. Some folks have already made some great purchases. Do not let a buying opportunity go by. If you have a serious interest in purchasing a home or condo now is the time to be looking actively. Don't be afraid to make an offer. For if you are serious about buying sellers are serious about selling.

Should you have questions please contact me.

Housing Reports June/2006:

Overvalued Markets
BusinessWeek Online: by Peter Coy June 12, 2006:

National City Corp., the Cleveland-based banking company, and market researcher Global Insight are out today with the latest edition of their widely watched quarterly report on overvalued housing markets. It finds that 71 markets, representing 39% of the value of single-family homes in the U.S., were "extremely overvalued" in the first quarter of 2006. As recently as the first quarter of 2004, only three markets representing 1% of total home value were considered extremely overvalued. California and Florida account for 17 of the 20 most overvalued markets.


More Housing Markets Overvalued
39% of U.S. housing at risk for falling prices, study says
MarketWatch from Dow Jones: by Rex Nutting June 12 2006:

A growing percentage of U.S. housing markets are "extremely overvalued" and are at risk of falling prices, according to a study based on government data released Monday by Global Insight and National City.

In the quarter, 71 housing markets, representing 39% of all U.S. housing, were deemed to be "extremely overvalued" based on median sales prices, median income, population and historic values.

That's up from 64 markets accounting for 36% of housing in the fourth quarter. In the first quarter of 2004, just 1% of housing was considered overvalued. To be "extremely overvalued," homes had to be valued at least 34% more than "normal." Read complete report.

When prices do fall from overvalued levels, they typically fall by about half the overvaluation, said Richard DeKaser, chief economist for National City. The correction usually takes three and a half years.


House Prices in America
By: Global Insight / National City Corp.

The following are the report's numbers for Naples, Fl.

Quarter ---- Price ---- Over/Under value

1stQ/2006 / $383,000 / +102.6% #1 most overvalued market in U.S.
4thQ/2005 / $367,200 / +93.5% #1 most overvalued market in U.S.
1stQ/2005 / $284,000 / +53.3%
1stQ/2004 / $231,000 / +28.8%
1stQ/2003 / $204,100 / +14.6%
1stQ/2002 / $182,100 / +1.9%

(From: House Prices in America, updated for the 1st quarter of 2006 by Global Insight /National City Corporation / June 2006)

Prepared by Don Hunt, Realtor

Number of Residential Properties For Sale in Naples June/06.

Number of properties For Sale in the following communities as of 6/13/06.

Cedar Hammock 57
Forest Glen 84
Naples Heritage 34
Naples Lakes 69
Total 244

Should you desire a list of the properties for sale in these communities please contact me.
(Active properties For Sale as retrieved from SunshineMLS 6/13/06.)

Number of Residential Properties For Sale in Naples.

We see no real change in the market with inventory levels holding steady. The figures below show the total number of residential properties For Sale in the Naples area by month.

June 13, 2006 9732
May 11, 2006 9700
April 13, 2006 9543
March 13, 2006 8995
February 13, 2006 8034
January 11, 2006 6339
December 13, 2005 5347
November 17, 2005 4612
October 17, 2005 3948

(Active & active with contingency status residential inventory in all Naples areas as retrieved from SunshineMLS.)

Naples MLS Stats for May 2006

MLS Stats released for improved residential property (not lots) for all Naples MLS users for May 2006.

Pending transactions for the month of:

May 2006: 467 Down 44.5%
May 2005: 842

Transactions for May are holding steady with the number of transactions returning to levels of a couple years ago before the increased speculative activity.

Pending transactions for the month of:

May/2006: 467
Apr/2006: 408
Mar/2006: 445
Feb/2006: 428
Jan/2006: 402
Dec/2005: 321
Nov/2005: 378
Oct/2005: 355
Sep/2005: 522
Aug/2005: 620

The figures shown are the pending transactions giving you the leading indicator, showing the current number of transactions (sales) for the month.
Information was retrieved from SunshineMLS.

Sales for May 2006

Below is the number of properties that have gone "Pending", under contract in Cedar Hammock, Forest Glen, Naples Heritage and Naples Lakes for May 2006. "Pending" means the property is under contract but may not have closed with title transfer at this time.

Also note we had a total of 46 price reductions for the month of May in the four communities. Should you desire a list of properties that have sold and those pending please contact me.

Cedar Hammock: Number pending for May/06 - 4
Forest Glen: Number pending for May /06 - 2
Naples Heritage: Number pending for May /06 - 2
Naples Lakes: Number pending for May /06 - 2
Total number of properties pending for May /06 - 10

Number of properties currently listed For Sale in Cedar Hammock, Forest Glen, Naples Heritage and Naples Lakes as of June 1, 2006:

Cedar Hammock: 58
Forest Glen: 86
Naples Heritage: 33
Naples Lakes: 66
Total: 243

(Information retrieved from SunshineMLS 6/1/06.)