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Naples Condo Market Update

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June Activity:

Listings:

During the month of June 490 Naples condos were listed for sale. For the same month in 2007, 654 condos were listed for sale; this represents a decrease of 25.1 percent. The decrease from 2006 was 38.4 percent from the 795 new listings. In May 2008 there were a total of 556 condos listed for sale. The lower number of new listings has an impact on the reduction of the number of month’s supply of available condos in the Naples, along with the activity of closed sales and pending sales.

Closed Sales:

A total of 173 condos were sold during June 2008. Comparing the same month in 2007 there were a total of 204 condos sold, the reduction [Read more...]

Filed Under: Naples Condos, Naples Florida Real Estate, Naples Market Update, Real Estate News Tagged With: , , ,

Naples Condos Absorption Rate

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The number of months of inventory for Naples condominiums for sale has been significantly reduced since February 2008. Using the four time frames of 12, 9, 6 and 3 month moving averages. The 12 month moving average in February was calculated to be 37 months of Naples condos for sale. As of the end of June the calculation was 32 months or a reduction of 5 months. The 9 month moving average shows a reduction of 14 months, while the 6 month moving average shows a reduction of 20 months. The 3 month average shows a reduction in the months of Naples condos for sale of 16 months. At the end of June, there was a slight up tick of one month from May.

inventory of naples condos for sale
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The downward progression for the four moving averages reflects the volume of Naples condos sold or pending sale increasing (reduction of condos for sale) as well as the reducing volume of new condo listings coming on the market.

An absorption rate is defined in the glossary for real estate terms and defintions.

Buyers should be aware of the number of months of condominiums for sale in the Naples area to determine how the market is under going subtle changes and the reduction of the more select residences on the market for sale.

Sellers likewise should be mindful of the absorption rate, as they might want to determine the specific absorption rate for homes or condominiums on the market within their price range to reduce the number of days on market for their properties.

Filed Under: Naples Condos, Naples Florida Real Estate, Naples Market Update Tagged With: , ,

A Friend in Need – Helping Other People

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Yesterday, I was informed of a very close and dear friend, Charles Richey, had been hospitalized with Guillain-Barre Syndrome. This particular disease afflicts the nervous system and the inflicted individual looses the use of all their limbs and ability to swallow.

Charles has helped me with my website on many occasions and has always been there to just to talk or give me encouragement when things were rough for me. There are many real estate agents through the United States that have benefited from his assistance. In addition, Charles, is very active in the Las Vegas area with animal rescue organizations. Many times when we talk he will tell me about a new dog that he has staying with him until a home can be found.

Charles does not have any health insurance at this time and with the overall real estate market not as strong as it has been, he will be incurring substantial hospital, physician, and after inpatient care – if you have been hospitalized you may have some idea of what Charles will be facing in the future.

On the Internet, we meet many people and may not meet them in person. So when a call goes out to help another- the internet is a power vehicle to get the word out. I have been lucky to meet Charles and his wife Jacqui in person and have had dinner with them.

You may not know Charles Richey from Las Vegas, but perhaps you know someone that has been striken with this disease and can offer comforting words of advice for this family or if you are so inclined to assist Charles you can visit this site or click on the graphic below.

Donate to the Charles Richey Fund

Thank you for reading this post and any assistance you can offer Charles Richey from Las Vegas.

Filed Under: Ave Marie Real Estate, Bonita Springs Condos, Bonita Springs Florida Real Estate, Bonita Springs Homes, Bonita Springs Market Update, Estero Condos, Estero Florida Real Estate, Estero Homes, Estero Market Update, Homes for Sale in Naples FL, Naples Condos, Naples FL Realtor, Naples Florida Real Estate, Naples Florida Relocation Realtor, Naples Homes, Naples Market Update, Pelican Bay, Real Estate Financing, Real Estate News, Real Estate Tips, Uncategorized Tagged With:

Naples Condo Market Conditions March 08

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Market conditions and trends are important for both condominium buyers and sellers in determining their actions in the Naples real estate market, as well as, cyclical variations. The market conditions for Naples condominiums cover both the month of March 2008 and the first calendar quarter of 2008, ending March 31, 2008. The monthly analysis reflects activity during March with comparative data for the previous years of 2007 and 2006. The quarterly analysis covers the first three calendar months of 2008, therefore, giving a more comprehensive picture of the current market conditions and trends.

MARCH ANALYSIS

NEW LISTINGS:

New listings during the month of March 2008 totaled 664 condo units. In 2007 the total number of units is 856 and in 2006 the total number was 1067. The number of new listings for condos is lower than in the previous March’s shows a positive sign in the real estate market conditions. The affect of less condo listings enter the market will eventually cause the available inventory of condominiums to start to shrink. This can be seen by looking at the absorption rate based upon the current closed sales versus new listings, which equates to 3.2 months.

PENDING SALES:

The pending sales in March were 292 units, which exceeded the March 2007 number of 287 units and the March 2006 figure of 251 units.  The March pending sales of 292 units is the highest monthly number since August 2005, where the pending sales were 325.

CLOSED SALES:

During March 207 condo units were closed. Lower than March 2007’s 217 and 2006’s 214 the decrease in volume is not significant. The number of closed sales is being affected by lenders using stricter guidelines in addition to the time to respond to possible short sale sales contracts. Looking back at the months of January and February the number of pending sales totaled 358 condominiums. Most real estate transactions from date the property goes under contract or pending, the transaction closes between 30 and 60 days with an average of 45 days, so the number of closed sales appears to be fairly good.

MEDIAN SOLD PRICE:

The median price of a Naples condo sold in March was $279500 versus $310000 in March 2007 and $366500 in March 2006. The price reduction between 2008 and 2007 is 9.8%, while it is 23.7% between 2008 and 2006.

INVENTORY:

Currently there are about 5586 condominium units on the market for sale; a slight increase over February’s 5582 units. The months of inventory for sale are about 36 months versus 37 months in February. This is another positive sign of the condominium real estate market changing. 

QUARTERLY ANALYSIS

NEW LISTINGS:

During the first quarter of 2008 a total of 2401 condos were listed for sale. This compares very favorably to the 3087 condominiums placed on the market during the first quarter of 2007 and extremely favorably to the 3565 units in 2006. In addition the first quarter of 2008 had less new listings than the second and fourth quarters of 2006. Based upon the quarterly closed sales and new listings the absorption rate is 4.8 months.

CLOSED SALES:

During the first quarter of 2008 a total of 505 condominiums were sold, while 482 condos sold in 2007 and 595 in 2006. Other than the second quarter of 2007 the volume of closed has been the highest since the second quarter of 2006.

MEDIAN SOLD PRICE:

During the first quarter of 2008 the median price paid for a Naples condominium was $300000 versus $325000 in the first quarter of 2007 and $377500 in the first quarter of 2006. The price decline as a percentage is 7.7% between 2008 and 2007, while between 2008 and 2006 the percentage is 20.5%. The median price for the most current three quarters has been increasing from $275000 in the 2007 third quarter and $290000 in the fourth quarter. Three straight quarters of the median price increasing maybe a sign that the prices are bottoming out or have bottomed out and should be watched especially by buyers as well as sellers.

If you have any questions please do not hesitate to either post them as a comment or e-mail me.

 

Filed Under: Naples Condos, Naples Florida Real Estate, Naples Market Update, Real Estate News

Naples Condo Market Update February 08

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The February Naples condo market update reflects signs of the market strengthening as less condos are coming on the market, and pending sales increased over 2007 and 2006. These are subtle signs of changes taking place in the market and does bear watching by those thinking about purchasing a condominium residence.

New Listings: During February 2008 a total of 689 Naples condos came on the market. This was a decrease from of 163 (19.1%) from the same period of last year where 852 condos were listed for sale. February listings reflected a decrease of 445 (39.2%) units from February 2006 listings of 1,134. The reduction of the number of new listings coming on the market represents a strengthening of the Naples condominium market, as fewer units are coming on the market, which will eventually reflect an overall reduction in condominiums for sale. The absorption rate for new listings in February equates to 5.5 months. The 5.5 months represents a reduction from 5.8 months in 2007 and 7.0 months in 2006. For those considering purchasing a condominium, they should step-up their search to focus on the neighborhoods or communities they desire to purchase in.

Pending Sales: During the month of February 257 condominiums in Naples had accepted offers to purchase. The volume of pending sales is greater than the 232 in 2007 and 236 in 2006. This does represent a greater buyer interest in the Naples condo market, as values are being seen in the market and buyer confidence returning. Pending sales over a period of 30 to 60 days become closed sales – expect to see an increase of closed sales in future months.

Median Sold Price: The median price paid for a condo in Naples was $312,000 which is a decrease of 10.9% in February 2007 and cumulative decrease of 17.9% since 2006. The decrease in the median price reflects the higher number of pending sales as more buyers are finding values in the Naples market.

Closed sales: The number of closed Naples condos in February were 125, versus 147 and 161 in the same month of 2007 and 2006, respectively. The reduction of liberal loan programs starting in August 2007, could be reflected by the lower closed sales for this February.

The number of months of Naples condos currently for sale numbers approximately 5,582 units or about 37 months of inventory.

Filed Under: Naples Condos, Naples Market Update, Real Estate News
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