The community of Ave Maria, FL was originally established in 2007. The partnership consisted of Barron Collier Companies and the Ave Maria Foundation, which is a philanthropic organization led by Tom Monaghan. Tom Monaghan was the leader of Ave Maria University at the time, which is an outstanding educational institution. Construction on the community started in 2011 and it became quickly apparent that there were countless people who would want to take advantage of the numerous amenities and living opportunities that Ave Maria real estate presented.
Closed sales activity in the Naples area housing market maintained steady momentum through August with a 35.2 percent increase in overall closed sales to 1,098 closed sales from 812 in August 2019. According to the August 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), homebuying activity in Naples during the last three months exceeded activity reported in the first three months of 2020, more typically known as our peak resident season. Broker analysts reviewing the report predict this momentum, driven from more closed sales, more new pending sales, and more new listings compared to a year ago, will set the Naples area housing market up for continued positive performance into the fall months.
The Naples housing market experienced a continued surge in activity during July, which resulted in a 57.3 percent increase in pending sales (homes under contract) for the month. Closed sales during July increased 35.4 percent compared to July 2019 - greatly surpassing June's closed sales activity following the lifting of COVID-19 restrictions. However, a decreasing supply of inventory, which broker analysts believe is caused by heightened homebuying interest this summer, is making it difficult to keep up with the strong buyer demand
Mortgage rates dropped to a new record low in July, while consumer spending continued to exceed expectations. But the latter has been overshadowed by concerns over the continued spread of COVID-19. Not surprisingly, consumer spending dropped off sharply in March and April, as economies shut down in an effort to slow the spread of the virus. But as economies began reopening, a swift rebound ensued, with the latest results showing consumer expenditures well beyond what was predicted. In June, retail sales jumped 7.5% compared to May. With consumer spending accounting for 70% of economic activity in the U.S., retail sales data is an accurate reflection of current financial conditions
The US weekly economic reports suggested a stronger than expected result. While investors remain concerned about the impact of the COVID-19, the mortgage rates dropped to record low rates. This is the second consecutive week that the mortgage rates have trickled downwards. The economy had suffered a partial lockdown due to the COVID-19 pandemic. The weekly report has shown that economic recovery might happen at a faster rate than analysts had earlier predicted. The ISM Services Index went up from 45.4 to 57.1 in one month. This was a much faster recovery than forecasted. Values above 50 suggest that the service sector has seen growth during this period. The investors are keeping a close eye on the ISM services index as the service industry accounts for more than two-thirds of the US economy.
Naples, Fla. (June 19, 2020) - REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.
The Modern Economy The housing market has fluctuated dramatically over the course of the last twenty years. Today, the economy in general is changing rapidly. Experts use different metrics when they're trying to access the health of the economy and the housing market. Changes in any of these metrics can have complex consequences, making it difficult to predict exactly what will happen to the prospects of investors, customers, and home buyers today. Mortgage Rates Today Freddie Mack has been recording information on long-term mortgage rates since 1971, so experts have a lot of data to work with at this point. They can examine the changes that have occurred over the course of several generations at this point, making it easier to study the implications of changes in the housing market.
On Monday, June 8, 2020, the stock market seemed to be getting its legs back and moving upward again. The anticipation of businesses opening again had investors pushing valuations upward finally after weeks of floundering. However, on Friday, June 12, the market was pummeled back to the floor as government reports released were not taken kindly. The one respite was the Federal Reserve confirming they were going to keep interest rates low and the stimulus program going for the foreseeable future, a plus sign for both mortgage financing as well as investment bonds.
Good news on the jobs front is not good news for people applying for mortgages, but the news is not anything would-be homeowners should find too discouraging. Mortgage rates, at a record low just a week ago, spiked to 3.24 percent after a report by the US Bureau of Labor Statistics that the job rate had fallen unexpectedly to a still-high 13.3 percent. The 3.24 percent rate actually represents an increase of 3.51 percent, because the previous week’s rate was negative.
Mortgage markets lacked much activity this week despite decent gains in the stock market. Additionally, there was little change in rates and reports of low volatility over the course of the week. Experts feel the lackluster economic performance across the board was primarily caused by the pandemic. It was an unfortunate consequence of the virus, as was a drop in inflation rates. It had been thought that the inflation rate decline was keeping mortgage rates fairly low. The core personal consumption expenditures (PCE) price index, which had been a favorite indicator of the Fed, also saw small gains.