Naples Single Family Home Market Report 3rd Qtr 07
Presented below are graphs reflecting the Naples real estate market activity along with narrative explanations for the 3rd quarter of 2007 compared to the same period in 2006. The volumes for closed sales, pending sales, and new listings are also included.
MEDIAN PRICE PAID:
The single family home Naples Florida real estate market reflected a dropped in price from the 3rd quarter of 2006 to the 3rd quarter of 2007 of about 4.8%. The median price paid for a Naples home in 2006 was $433,000 versus $412,000 in 2007. The trendline is fairly flat for the 15 month period.
CLOSED SALES:
Closed sales of single family homes in Naples for the 3rd quarter of 2007 was 450 versus 551 in 2006 for the same timeframe. This reflects a volume decrease of 101 homes or about 18%. The volume reduction may have been affected by the credit crunch experienced in the later parts of the quarter.
PENDING SALES:
The volume of pending sales for the 2007 3rd quarter also reflected a down trend compared to the same three months in 2006. In 2006 the pending sales were 571 versus 457 in 2007. The decrease was 114 homes or about 20%. The decrease is related to the number of loan programs being substantially reduced in reaction to the subprime mortgages and credit crunch during this period in 2007.
NEW LISTINGS:
The volume of new listings for single family homes in the Naples area was lower in the 3rd quarter of 2007 than in the comparable quarter in 2006. The new listings in 2007 were 2342 versus 2419 in 2006. A lower volume of new listings can favorably affect the inventory of existing homes for sale. The graph below depicts this activity.
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