Metrostudy Report - Naples, FL– November 1, 2011 - Foreclosures negatively affected the Naples/Ft. Myers housing market during 3Q11, although the housing market did see positive signs in starts and inventory levels. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

“The labor market in Naples/Ft. Myers has seen little to no activity in 2011. Layoffs still exceed new hires, although the losses are minor at this point,” said Brad Hunter, director of Metrostudy’s South Florida division.

Single family housing starts rose to 479, up 16% from a year ago. “This is the highest quarterly starts level in four years, and only the third time that quarterly starts exceeded quarterly move-ins since 3Q06,” said Hunter. Finished vacant inventory continues to drop steadily, and now there are only 354 units of standing inventory left. The current standing inventory represents 2.3 months of supply.

Separated by county:

Lee County: Starts rose slightly during 3Q11 to 234 from 2Q11’s 228, putting the number near where it was a year ago. Closings fell from 273 to 226. Finished vacant homes fell to 173 in 3Q11, from 184 in 2Q11 and 228 a year ago. Finished inventory is at a 2.1 month supply.

Collier County: Starts rose sharply to 245, the highest level since 4Q07. This is up from the 183 in 2Q11. The current finished vacant inventory level is 181 units, up from 178 in 2Q11. Finished vacant homes did not fall during 3Q11, although it is down significantly from the peak. The current level of standing inventory amounts to 2.6 months of supply. The Collier County market remains much higher priced than Lee County.

“Short sales and REO remain a substantial factor in depressing sales and prices of new product in both Lee and Collier. Although new foreclosure filings have fallen greatly over the last couple of years, there has been a small increase during 3Q11 in new fillings, and a small decrease in issuances of certificates of title,” said Hunter.

For information contact:
brad hunter @ 561.228.8001 x501
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