The national real estate numbers for October are in and they are not great – another slow price slide. According to CNNMoney yesterday “Home prices fell for the sixth straight month in October, down 1.2% compared with September and 3.4% a year ago, according to the latest S&P/Case-Shiller 20-city index.”
The main idea however is to know your local markets. As my real estate partner says real estate is “Hyper Local” – as in local neighborhood by neighborhood. Naples Florida real estate is a great example. Here in Naples trailing twelve month prices are up, not down, bucking the national average. One reason is Naples real estate inventories are down substantially and supply-demand is laying down a nice market foundation. On top of all of this volumes are up single digit percentages. If you are looking for fun in the sun in an established 100+ year old resort community take a look at Naples real estate.
I also heard yesterday from a Toronto Realtor in a twitter reply Toronto real estate like Naples real estate is doing OK these days. So know your local markets – not just the national scene.
Is all of Naples a “good deal”? No. The same Hyper-Local effect applies. Some Naples neighborhoods have supply demand real estate imbalances and may not be strong yet others have very little supply and good volumes and properties are hard to find.
So what does all this mean? For starters we would all like to see a better national real estate report to give us optimism regarding job creation and help folks sell their existing houses. The main idea for each individual real estate seller/buyer is you had better know your local market and a local REALTOR help you understand the dynamics of your neighborhood.
Tell us what you think and have a great Wednesday.
No legal or investment advice or suggestions are being given in this Blog. Actual real estate price and sales results are subject to market forces and are not completely predictable. Please consult a lawyer or investment advisor for such legal and investment advice. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
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