The Naples real estate market for homes is starting to show signs of strengthening in many aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Naples area and do not represent the more important micro-market views which can vary greatly between the North Naples, Naples West, Naples Central, Naples South, Pelican Bay, Pelican Marsh, The Vineyards and Golden Gate Estates areas. [Read more...]
Naples Homes Market Update – March
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Listings:
The listings for the month of March 2009 were 938 homes in the Naples area. The number of homes listed in March 2008 was 761. The increase of new listings of homes was about 23 percent. In March 2007, the new listings were 971, representing a drop of 33 homes or decline of 3 percent.
In February 2009 the new listings were 848.
Of the 938 homes listed approximately 20 percent were potential short sales, 27 percent were foreclosed (bank owned), and the remaining 53 percent were traditional listings.
Median list price for potential short sales was $200000, foreclosed properties were $109900, and traditional listings were $479000.
Closed Sales:
In the month of March 2009 the sale of homes were 296. In March 2008 a total of 183 homes were sold. The year over year was 62 percent increase. In March 2007 a total of 213 homes were sold. The increase over 2007 was 83 homes or about a 39 percent.
Of the 296 homes sold, approximately 9 percent were approved short sales, 25 percent were foreclosures, and the traditional sales were 66 percent.
The breakdowns of the median sold prices are discussed in the median sold price section below.
Pending Sales:
During March 2009 a total of 659 homes had an offer accepted by the seller. In March 2008, 288 homes were pended. The increase from March 2009 represents an increase of 371 homes or about 129 percent.
In March 2007 a total of 274 homes were pending sale. The increase between March 2009 and March 2007 was 385 homes or about 141 percent.
Median Sold Price:
During the month of March 2009, the median sold price of a home in Naples was $183,500. 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 March 2008, the median sold price was $365000. In the year over year comparison median sold price declined $181500 or roughly 50 percent.
In March 2007 the median sold price was $495000. In comparing March 2007 to March 2008 the price declined $311500 or about 63 percent.
Median sold price for approved short sales was $190000, foreclosed properties were $96000, and traditional listings were $235,000.
Naples Condos for Sale – April
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The graphical presentation of condos for sale in the Naples area shows; at the close of business on March 31st or the opening of business on April 1st, there were a total of 5228 condos for sale in the Naples area. In March 2008, there were a total of 5586. Between the years, there has been a reduction of approximately 358 condos for sale or about 6 percent.
The condos for sale at the end of February or the opening of business on March 1st was 5207. An increase from the end of February to the end of March was an increase of 21 condos.
During the month of April the end of “the season” occurs. As time moves forward the number of condominiums for sale may show a reduction in the number for sale as represented in the graph below, for the months of April to November in 2008.
Condos for Sale in Naples - February 2008 to March 2009
The number of available condos for sale, is one component for the calculation of months of condos available for sale. The other component is the average closed sales for the immediate past 12 months. It would appear at this time the months of inventory of condos for sale should be lower than it was in February.
Other factors influencing the condo market in addition to closed sales are pending sales. Pending sales reduce the number of available condos.
Naples Homes Inventory
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The actual number of Naples homes for sale remained level from September to October, with fewer homes for sale by 3. The total available homes was 5247 in September versus 5244 in October. However, due to the level of closed sales the months of inventory for Naples homes for sale has decreased one month from the beginning of September (29 months) compared to October (28 months). Since the beginning of February 2008 with 38 months of inventory, the months have dropped 10 months to its present level. The reader should review the graph as not only does it measure the absorption rate based upon a 12 month moving average, but reflects the 3, 6, and 9 month moving average.
The real estate market for Naples single family homes still remains a strong buyers market. A neutral market is generally around 6 months of inventory.
Below the presentation is a discussion of the meaning for the various absorption rates and how they may influence your decision for selling or buying real estate.
- Graph for the months to absorb the current number
of Naples single family home listings.
Naples Condo Market Update
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August Naples Condo Activity:
Listings:
During the month of August 458 Naples condominiums were listed for sale. For the same month in 2007, 560 condominiums were listed for sale; this represents a decrease of 18.2 percent. The decrease from 2006 was 32.7 percent from the 680 new listings.
In July 2008 there were a total of 499 condominiums listed for sale.
The available for sale Naples condominiums have dropped from 5582 in February 2008 to 4675 at the end of August. This represents a reduction of 907 or 16.3 percent.
The number of months of inventory or the absorption rate is presently 29 months down from February’s 37 months.
