The Naples real estate market for condos shows a stable median sold price at the end of May, while the months of inventory and available condos for sale are declining. The number of condos being purchased continues to increase over the previous 2 years. Pending sales are also higher than in the previous 2 years. Overall, the buyer’s market of the past 2 years continues to weaken, while the prices have remained stable.
Median Sold Price:
During the month of May 2010, the median sold price of a condo in Naples slightly decreased over the last May by less than 1 percent to $166666 from May 2009’s median sold price of $167000. (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 a local real estate market.
In May 2008 the median sold price was $262500.
The year to date median sold price for 2010 continues at $165000. During 2009 the median sold was $164900. The median sold price of $165000 is nearly equivalent to the median sold price in 2002 of $166000. The important significance of the median sold prices is that 2002 was the year, just prior to when liberal loan guidelines came into vogue and caused the price as well as the demand for real estate to increase abnormal in the Naples real estate market, as well as, in other local real estate markets across the country.
Listings:
The new listings for the month of May 2010 were 714 condos in the Naples real estate market. The number of condos listed in May 2009 was 727. The decline of new condo listings coming on the market condos was 2 percent. In May 2008, the new listings were 846, representing a decline of 16 percent.
At the end of May 12.7 months of inventory existed. This compares very favorably with May 2009’s 25.4 months and May 2008’s 32.5 months.
The graph below shows the change in the months of inventory from January 2008 to the end of May 2010.
Condos available for sale at the end of May were 3842. The condos for sale have declined 17 percent from May 2009’s figure of 4634 and a decline of 24 percent from May 2008’s figure of 5055.
Of the 3889 condos listed approximately 12 percent were potential short sales, 2 percent were foreclosed (bank owned), and the remaining 86 percent were traditional listings.
The graph below shows the changes in the number of condos for sale in the Naples area.
The graph below shows the composition of listings according to the type of transaction.
Closed Sales:
In the month of May 2010 367 condos were sold. In May 2009 a total of 288 condos were sold. The year over year change was an increase of 27 percent increase. In May 2008 a total of 223 condos were sold. The change in the volume of condo sold was an increase of 65 percent.
Of the 367 condos sold, approximately 16 percent were approved short sales, 13 percent were foreclosures, and the traditional sales were 71 percent.
A graphic presentation for the composition of the closed sales is shown below.
Pending Sales:
During May 2010 a total of 360 condos had an offer accepted by the seller. In May 2009, 334 condos had offers accepted. The increase from May 2009 was 8 percent.
In May 2008 a total of 223 condos were pending sale. The increase between May 2010 and May 2008 was about 65 percent.
The total number of condos pending sale in the Naples area as of the end of May 2010 was 918.
The graph below reflects the composition of these pending sales.