Naples Real Estate Market Condo Update – October 2006

The Naples condo real estate market maybe showing some signs of improvement within the near future.

The October closed sales for condos in the Naples area was 104 units, which was a slight dip from the previous month (September) where 136 units sold.  However, the market is still not near the October 2005 market where 207 units were closed.

The median price for a condo in Naples during the month of October 2006 was $279,500, while the average price was $554,419.  Comparing this to the previous month (September), shows dips for both the median and average prices, $329,950 and $856,656, respectively.  During September there were a number of multi-million condo units sold in the Gulf Shore Blvd. area, which caused the average price upwards, as well as the median price.  In October 2005, the median and average prices were $370,000 and $510,709, respectively.

In looking at the average days on market – in October 2006 they were 123 days, five days longer than September 2006 (118 days), but a whoping 71 days longer than October 2005 (52 days).

So where is the improvement?  The improvement is seen in the pending sales which took place during the month of October.  There were a total of 145 units, which were placed under contract, with an average list price of $493,207 and median list price of $289,000.  The improvement is in the volume of pending sales, which is attributable to sellers being more realistic in their pricing expectations.