Of interest to prospective buyers of homes in the Naples area is the annual median sold price. (A previous post – Naples Median Sold Prices – Condos is for condominiums.)

Below is a chart showing the annual median sold price for homes in the Naples area for the years 1998 to 2009 with results for the 2010 quarter ending March 31, 2010.

Annual Median Sold Prices for Naples Homes

The height for the median sold price occurred in 2005, when the median sold price hit $474450. For 2009, the median sold price was $195000, which represents a decline of about 59 percent – more than half the price.

Year-to-date March 31, 2010 the median sold price rose from 2009′s $195000 to $225000 or roughly a 15 percent increase.

The median sold price for 2009 compares most closely with the median sold price in 2000 of $190000. While the year-to-date median price for 2010 compares with the price paid in 2002.

During the years 1998 to 2002, represent what is the normal appreciation, due to the availability of liberal and exotic loan programs in 2003 through August 2007.

Depending if another wave of foreclosures does not occur – 2009 could represent the bottom of the market price wise for homes in the Naples area, as 2010 is approximately 2002 values.

Questions often asked by prospective buyers are;  What are yearly price trends for condos in the Naples area? When was the peak for prices paid for condos? How much has the median sold price of condos declined?

In order for a prospective buyer to answer these questions, the chart below will assist them. The median sold prices of a condo covers the years 1998 through 2009, along with the first quarter ended March 31, 2010.

Median Sold Prices of Naples Condos by Year

The height of the market occurred in 2005, when the median sold price was $360000. The median sold price for 2009 was $164900. Therefore, the drop in the median sold price equates to approximately 54 percent.

The median sold price in 2009 comes very close to the $166000 median sold price in 2002. For the most part, 2003 through 2007, were the years when liberal and exotic loan programs were used to purchase real estate and created the real estate boom.

Periodically, the chart will be updated as the year progresses to inform both buyers and sellers where the median price has been and to determine if the trend is remaining the same, increasing or declining.