The Naples condo real estate market is still languishing in the volume of sales, however based upon the overall view there does appear to be some light at the end of the tunnel for sellers willing to price their properties reasonably. For a buyer, it does bear closely watching the market, as there could be a bottoming out of the market as pending sales reflect.
Sales Volume:
During November, 103 condominium units were closed. This figure is far less than in 2005, where 252 units closed. During the previous month of October a total of 104 condos closed. Volume is slightly down from the months of September and August where closed sales ranged from 136 to 120 units, respectively.
Median Sales Price:
In November the median sales price of a condominium in Naples was $322,500. The previous year the median was $379,000 or a reduction of about 15%. In looking at the median prices paid in August and September ($322,000 and $329,500, respectively), there is appearance of the stabilization taking place in the condo market.
Average Sales Price:
The November average sales price was $610,876 versus the last year’s $536,394. The average sales price increase represents the higher priced condos being sold. The average sales price in October was $554,419.
Average Days on Market:
The average number of days on market for November was 125 days. Last year the average days on market was 61 days. This represents over a doubling of the average marketing time. Over the previous 3 months the days on market average between 117 and 123 days.
Pending Sales:
In November, 130 condominiums had offers and were placed in a pending sales or under contract status. During October the number was 136 – therefore, almost a similar level of activity. The median list price was $324,450 in November, while in October it was $288,500. The average list price in November was $572,127 versus October’s average of $494,611. Average days on market for November was 114 or 8 days less than October’s 122 days.
Overall, the condominium real estate market may still have a narrow corridor for price reductions with sellers being more cognizant of how their property is priced in comparison to other properties both within their community as well as within the Naples area (micro and macro views). For buyers attention needs to be paid to the pending sales information in order to catch the market prior to an acknowledged market turn around has taken place.
The statistics for this update are from the SunshineMLS.
To view Naples Florida condominiums for sale, please do not hesitate to visit my website adeltarealty.net.
If you have any questions or comments about this article, you are encouraged to post them for a prompt response.
Nice post. I “dugg” it.
Thank you for the compliment it was greatly appreciated.