On August 14th Zillow reported some statistics comparing year to year median prices for single family homes sold during the second quarter of 2007 to the same quarter within 2006. Zillow’s report stated that smaller homes dropped as a percentage less than medium sized homes or large sized homes. The medium sized homes also dropped less than the large sized homes.
Small homes are defined as homes with less than 1,200 square feet of living area. Medium sized homes are between 1,200 and 1,900 square feet of living area. The large sized homes are over 1,900 square feet.
Within the Naples real estate market the median price of a home decreased 9.3% from the second quarter of 2007. The small homes in Naples actually saw the biggest decrease of the three different sizes of homes – median value fell 18%. The medium size home median value dropped 14.7%, while the large home median price almost remained the same with a dip of 1.5%.
The median price for sold homes in the second quarter of 2006 were: $311,000, $374,900, and $772,500, in order from small to large.
The median price for the second quarter of 2007 were: $255,000, $320,000, and $760,664.
There will be separate analysis and commentary for the Bonita Springs Florida real estate single family home market and the Estero real estate single family home market.