The statistics of the Naples real estate market segment for single family homes should the median sold price of homes increased 24 percent over June 2009. The volume of homes sold increased slightly less than 1 percent and the number of new listings declined 6 percent in a year over year analysis. The number of months of homes to be sold declined to 9.8 months from June 2009′s 14.7 months.
Median Sold Price:
During the month of June 2010, the median sold price of a home in Naples was $245000. The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within the local Naples real estate market.
In June 2009, the median sold price was $198000. In the year over year comparison the median sold price increased $47000 or roughly 24 percent.
In June 2008 the median sold price was $345500. In comparing June 2008 to June 2010 the price declined $100500 or about 29 percent.
Closed Sales:
In the month of June 2010 the total homes sold was 421. In June 2009 a total of 419 homes were sold – very similar volume of sales. In June 2008 a total of 283 homes were sold. The increase over 2007 was 138 homes sold or about a 49 percent.
Of the 421 homes sold, 21 percent were approved short sales, 25 percent were foreclosures, and the traditional sales were 54 percent.
The breakdown of the median sold prices was discussed in the median sold price section above.
Pending Sales:
During June 2010 a total of 498 homes had an offer accepted by the seller. In June 2009, 512 homes were pended. The decline from June 2010 represents a decrease of 14 homes – an insignificant change.
In June 2008 a total of 278 homes were pending sale. The increase between June 2010 and June 2008 was 220 homes or 79 percent.
The total number of homes pending sale in the Naples real estate market is 1150, traditional sales account for 26 percent, foreclosures for 14 percent and short sales 60 percent. Traditional and foreclosures takes a shorter amount of time from offer acceptance to closing, while short sales can take about 6 months from the time of offer acceptance before they can close, if they do close – the reason for the high percentage of short sales in a pending sale status.
Listings:
The new listings for the month of June 2010 were 704 homes in the Naples real estate market. The number of homes listed in June 2009 was 750. The decrease in the number of new listings of homes was 46 or about 6 percent. In June 2008, the new listings were 820, representing a reduction of 116 homes or a decline of 14 percent compared with June 2010.
At the end of June a total of 3618 homes were for sale representing 9.8 months of homes to be sold. Traditional listings represented 75 percent, short sale 20 percent and foreclosures 5 per cent of the total listings.
In June 2009, 4104 homes were for sale representing 14.7 months of homes to be sold. The decline in the number of homes for sale is 486 or 12 percent, while the 4.9 month decline in months of home to be sold by 33 percent.
In June 2008, 5354 homes were for sale representing 30.5 months of homes to be sold. The decline in the number of homes for sale is 1736 or 32 percent, while the decline of 20.7 months, represents a decline of 68 percent.
The large decline in the months of homes to be sold is attributed to the increase volume of homes sold during the past months.
The months of homes to be sold is watched to determine the strength of the real estate market for both buyers and sellers. When the number of months is in excess of 6.5 months it is considered a buyers’ market, the higher the number of months the stronger the buyers’ market or the weaker the sellers’ position. When the number of months is less than 5.4 months, it is considered a sellers’ market, the lower the number of months the stronger the sellers’ market or the less favorable to a potential buyer. It is considered a neutral market when the number of months of homes to be sold is between 5.5 and 6.4 months.