Preliminary statistics for the month of April for the Naples real estate market shows the local market is continuing to recover. The market is showing a decline in the months of inventory available for sale, pending sales increasing, closed increasing, and the median sold price increasing from last April. The buyers’ market is remains; however, it continues to erode.
HOMES:
Homes available for sale, as of April 30 – totaled 3621. Of this total 647 were potential short sales, and 127 were foreclosures. This translates to 10.0 months of inventory (normal market is between 5 and 7 months) versus last year 18.6 months and last month’s 10.5 months. This statistic most clearly reflects the higher level of sales activity of homes in the Naples area. A 12 month moving average is used to calculate the closed sales, which is divided into the currently available homes for sale.
A total of 393 homes closed in April. Last April a total of 344 homes were closed.
Pending sales for the month of April was 729 homes versus last April’s figure of 564 homes.
The median sold price for a single family home in the Naples in April was $247500 in a year over year comparison April 2009 saw the median sold price at $183028.
An indicator of future closed sales in addition to the current month’s pending sales is the total number of pending sales. The total number of pending sales includes not only the current month (729), but also an accumulation of those homes which have not yet closed from previous months. The total pending sales as of the end of April was 1442 homes. Of the 1442 homes, 765 were potential short sales and 184 were foreclosed homes (bank/lender owned).
CONDOS:
Condos available for sale as of April 30 – totaled 3889. Of this total 423 are potential short sale condos and 90 are foreclosures. This translates to 13.4 months of inventory versus last year’s 28.0 months and months 14.6 months.
A total of 443 condos closed in April versus last April where 267 condos were sold.
Pending sales for the month of April was 541 versus last April’s figure of 397.
The median sold price for a condo in the Naples area was $185000 compared to last year’s median of $164900.
An indicator of future closed sales in addition to the current month’s pending sales is the total pending sales. In April a total of 1082 condos were pending sale. Of this number, 540 were potential short sales and 88 foreclosures.
Other southwest Florida real estate markets have been updated for the Estero real estate market and Bonita Springs real estate market.
The statistics used for this post were taken from the Sunshine MLS on April 1st using data obtained for the month of April. The April data is preliminary at this time, the final statistics are generally available on the fifth business after the end of the previous month.
About Glenn Ginsburg
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