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.
