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April 2010 Naples Condo Real Estate Statistics

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The Naples condo market during the month of April showed significant improvement in a year over year comparison. The median sold price increased 9 percent, closed sales increased 76 percent, pending sales increased 76 percent, and the number of condos for sale declined 22 percent. Still a buyer’s market, but much weaker than last year.

Median Sold Price:

During the month of April 2010, the median sold price of a condo in Naples increased over the last April by 9 percent to $179000 from April 2009’s median sold price of $164900. The $179000 median sold price is the highest since December 2008. (The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within a local real estate market.

In April 20087 the median sold price was $248000. [Read more...]

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Naples Real Estate Statistics – May

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Preliminary statistics for the month of April for the Naples real estate market shows the local market is continuing to recover. The market is showing a decline in the months of inventory available for sale, pending sales increasing, closed increasing, and the median sold price increasing from last April. The buyers’ market is remains; however, it continues to erode.

HOMES:

Homes available for sale, as of April 30 – totaled 3621. Of this total 647 were potential short sales, and 127 were foreclosures. This translates to 10.0 months of inventory (normal market is between 5 and 7 months) versus last year 18.6 months and last month’s 10.5 months. This statistic most clearly reflects the higher level of sales activity of homes in the Naples area. A 12 month moving average is used to calculate the closed sales, which is divided into the currently available homes for sale.

A total of 393 homes closed in April. Last April a total of 344 homes were closed.

Pending sales for the month of April was 729 homes versus last April’s figure of 564 homes.

The median sold price for a single family home in the Naples in April was $247500 in a year over year comparison April 2009 saw the median sold price at $183028.

An indicator of future closed sales in addition to the current month’s pending sales is the total number of pending sales. The total number of pending sales includes not only the current month (729), but also an accumulation of those homes which have not yet closed from previous months. The total pending sales as of the end of April was 1442 homes. Of the 1442 homes, 765 were potential short sales and 184 were foreclosed homes (bank/lender owned).

CONDOS:

Condos available for sale as of April 30 – totaled 3889. Of this total 423 are potential short sale condos and 90 are foreclosures. This translates to 13.4 months of inventory versus last year’s 28.0 months and months 14.6 months.

A total of 443 condos closed in April versus last April where 267 condos were sold.

Pending sales for the month of April was 541 versus last April’s figure of 397.

The median sold price for a condo in the Naples area was $185000 compared to last year’s median of $164900.

An indicator of future closed sales in addition to the current month’s pending sales is the total pending sales. In April a total of 1082 condos were pending sale. Of this number, 540 were potential short sales and 88 foreclosures.

Other southwest Florida real estate markets have been updated for the Estero real estate market and Bonita Springs real estate market.

The statistics used for this post were taken from the Sunshine MLS on April 1st using data obtained for the month of April. The April data is preliminary at this time, the final statistics are generally available on the fifth business after the end of the previous month.

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Naples Annual Median Sold Prices – Homes

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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

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.

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Naples Median Sold Prices – Condos

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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

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.

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Naples Real Estate Market Statistics – April

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The Naples real estate market for the month of March is continuing to show strengthening. The buyer’s market continues, however, it weakening especially since last year.

HOMES:

Homes available for sale, as of March 31 – totaled 3784. Of this total 659 were potential short sales, and 136 were foreclosures. This translates to 10.8 months of inventory (normal market is between 5 and 7 months) versus last year 21.1 months. This statistic most clearer reflects the higher level of sales activity of homes in the Naples area.

A total of 366 homes closed in March. Last March a total of 318 homes were closed. [Read more...]

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