Naples Florida Home Sales Market Report - Nov. 2007
There is both good news and bad news for single family homes sold in the Naples area during the month of November 2007.
New Listings:
A total of 832 Naples homes were listed in November. When compared to last November, the number of homes listed was 885 – reduction of about 6.0%. In November 2005, 908 homes were listed – reduction of about 8.4%. Hence, the rate of new listings is slowing, at least looking at November. Could a trend be developing? The reduction in homes coming on the market will eventually have an impact on the number of months of home inventories available for sale.
Median Price Paid:
In the month of November the median price paid for a home in the Naples area was $405,000. In November 2006, the median price paid a home in Naples was $435,000 or reduction in the median price of about 7%. Looking at November 2005, the median price paid was $471,000 – the reduction in the median price is about 14%. The reduction in median price is most likely due to homes being sold in areas where sub-prime mortgages were used to finance the purchase.
Closed Sales:
The closed sales for homes in the Naples during November were 118. In November 2006, the number of closed was 152 and 295 in November 2005; the respective reductions are about 22% and 60%. The reduction in the volume of closed sales appears to be bad news; however, considering the reduction in “liberal” loan programs and more restrictive underwriting criteria, this could be somewhat positive.
Pending Sales:
The volume of pending sales (homes where the seller accepted a buyer’s offer) came in at 178 contracts. The 178, is a reduction of about 3% from 2006’s 184, but a whopping 26% below 2005’s 243 pending sales. Although the drop from 2005 levels is large, the drop from 2006, not good, is positive due to the elimination of “liberal” loan program and stricter underwriting guidelines.
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