During the month of February 2009 a total of 228 homes were sold with a median sold price of $211,300 for the Naples area.
The number of homes sold when compared with February 2008 shows an increase in sales volume of 85 homes or roughly 59.4 percent.
The February 2009 homes sold also represents an increase over February 2007 by 81 homes or roughly 55.1 percent.
In addition the 2009 homes sold figure is 25.3 percent higher than February 2006 by 46 homes.
The median price of a single family home sold in the Naples area does reflect a devaluation from the median sold price of $400,000 in February 2007 or $188,700, which translates to roughly 47.2 percent.
In February 2006 the median sold price was $445,000. The devaluation is $233,700 or roughly 52.5 percent.
The $211,300 median sold in February is higher than the median price paid in the months of November, December and January, where the median sold prices were $204,000, $204,500, and $188,200, respectively.
Noteworthy is that the areas of Golden Gate Estates ($102,500), Golden Gate City ($79,900), Naples Park ($184,000) and Naples Manor ($60,000), where there is a high volume of foreclosures and potential short sales when removed from the sold homes the median sold price was $395,000 in the Naples area or roughly 34.7 percent from the median sold price in February 2008, when deducting the above referenced areas. The median sold prices for the referenced areas are shown in parenthesis.
For buyers the above data is important to keep in mind when looking for homes in the Naples area.
Within the immediate 4 months of median sold prices relatively close, it could suggest that prices are bouncing at the bottom of the market. The bottom of the market can be impacted by the current economic conditions being experienced without the United States.
Pending sale for the month of February 2008 was 484 homes. A pending sale is where a seller and buyer have agreed to both price and terms to sell the home and has been removed from the homes available for sale. The 484 pending home sales was the highest since May 2005. Over the past four months there has been a steady increase in the number of pending sales. Pending sales represent future sales of homes.
New listings coming on the market in February was 848 homes which is less than in previous February’s dating back to 2006. In February 2008 – 996; February 2007 – 1002; and February 2006 – 1,139.
In summary, the month of February the number of homes closed increased over the prior three years, median sold price has declined from previous years but the largest declines are in four neighborhoods, the volume of pending sales is the highest since May 2005, and fewer new listings came on the market than in the past three years.