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.
Listings:
During the month of May a total of 689 homes were listed for sale. In May 2008, the number of homes listed for sale in the Naples area was 840. In addition the 689 homes listed for sale was less than the 852 homes in May 2007. The downward trend of new listings is continuing.
The listed homes in May 2009 was the lowest number of homes listed since October 2005. The noteworthy item about this fact, is that in October 2005, was the start of the real estate erosion even though the median sold price of homes peaked in January 2007 with January 2006 as the next highest median sold price month.
Pending Sales:
During the month of May 2009, a total of 590 homes had offers accepted by sellers (pending). The figure for pending home sales in May represents a substantial increase over both May 2008 and May 2007 were the pending sales were 297 and 206, respectively. The increase represents 108 percentage upwards change over May 2008 and a 186 percentage increase. The increase in pending sales for May can largely be attributable to the lower median sold prices of homes.
Over the past three months the number of pending sales in the Naples area have been higher than in previous years, dating back to at least March 2005, even though the real estate market erosion could be earmarked back to October 2005.
Closed Sales:
There were a total of 419 closed (sold) in May 2009. In a year over year analysis, the 419 sales is higher than May 2008 and May 2007, where 272 and 222 sales respectively took place. The sales in May represents a 54 percent increase and 89 percent over May 2007 and May 2008, respectively.
The closed sales in May, represents the highest number of homes sold since June 2005.
Since January 2009, the number of homes sold has been on a strong upward trend. This is the continous of an upward trend starting in March 2008.
The increase is largely due to the lower median sold price of homes in the Naples area.
Median Sold Price:
The median sold price (the sold price at which half the homes sold and half below) for May 2009 was $185000. This figure may not be good news for existing homeowners or sellers, but it is good news for prospective buyers. However, prospective buyers need to be aware that since November 2008, the median sold price for a home in Naples has been ranging from $204000 to $177,200. Over the past 3 months the median sold price has been showing a slight upward trend.
The median sold price in May represents a 50 percent decline from May 2008 when the median sold price was $370,000 and a 58 percent decline from May 2007 when the sold price was $437500.
The lower median sold price has a direct affect on the increased volumes for pending sales and sold homes. The lower volume of new listings could have an eventual impact on the median sold prices, as the volume of new listings coming on the market for homes declines. Can the current statistics represent a stablization of the Naples home real estate market or has the bottom of the real estate been realized? Only the national economy and time will tell.
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