Summary – The Naples real estate market shows the number of pending sales in February for both homes and condos reached a 48 month high. The volume of new listings was lower than the previous four Februarys. With the closing period (defined as the period of time between offer acceptance and closing) of 30 to 60 days, the activity of pending sales and new listings bears watching as to how prices will be affected. Continue reading
If you are on the looking for a reasonably priced property in Naples real estate market, you can find some great deals. These foreclosed properties are located in some of the best residential areas in Naples and are available at unbelievable prices to what they previously sold for, which makes them an ideal investment option for home or vacation home buyers or those buyers looking for a future retirement home.
Purchasing a foreclosed property in Naples has multiple advantages for prospective buyers. Buyers can now find a property in one of the best residential hot spots in the country at a moderate price (prices sometimes as low as 2001 or 2002). Listed below are some of the reasons: Continue reading
The homes for sale in Naples continue to show signs of improvement. While still a buyer’s market, the homes available for sale increased slightly as well as the months of inventory over the month previous month.
The month of March started with 3890 homes available for sale in the Naples area. Last March 5298 homes were for sale in a year over year comparison it is a decline of 1408 homes available for sale. This represents a decline of about 27 percent. The month of February started with 3814 homes for sale 76 fewer homes than March. Continue reading
The condos for sale in Naples continue to show signs of improvement. While still a buyer’s market, the condos available for sale are declining as well as the months of inventory declining.
The month of February started with 4114 condos available for sale in the Naples area. In a year over year comparison it is a decline of 1028 from last February’s 5142. This represents a decline of about 20 percent.
The graph below shows the comparison between the years of 2008 thru 2010.
The months of inventory, a measure of judging current demand for condominium housing, Continue reading
The homes for sale in Naples continue to show signs of improvement. While still a buyer’s market, the homes available for sale are declining as well as the months of inventory declining.
The month of February started with 3814 homes available for sale in the Naples area. In a year over year comparison it is a decline of 1538 from last February’s 5352. Continue reading
The real estate market in Naples for single family homes is not as strong a buyer’s market as last year both the number of homes listed for sale and months of inventory is lower than last year. Buyers and sellers need to monitor the months of inventory to determine how favorable or not favorable the market is for them.
As of the first of January there were a total of 3,630 homes for sale. At the start of January 2009 a total of 5,296 homes were listed for sale. This represents a reduction of 1,666 homes or roughly 32 percent. Continue reading
As prospective buyers run towards the purchase of less expensive condominiums in the Naples area – their attention has not been to the financial stability of the association. In other words they are running into condominium complexes that could be facing a financial distress situation. Warnings regarding the apartment to condominium complexes and their potential financial distress situations have taken place over several months, starting with the doubling of quarterly association fees of a North Naples condominium complex. Continue reading
Naples Florida homes for sale at the beginning of October was 3698 last year. There were 5244 homes for sale in September. This represents a reduction in the total number of homes for sale by 1546 or about 30 percent,. During the month of August. There were a total of 3777 homes for sale. The 3698 available homes for sale represents a decrease of approximately 2%.
The graph below shows shows the active number of listings for the period January 2008 to September 2009.
The composition by type of listing is shown below in the pie chart.
The breakdown by type for the above:
Traditional - 2814
Potential short sales - 760.
Foreclosed - 124.
The breakdown by type of potential real estate transaction for August is shown below in the pie chart.
The breakdown by type for the above:
Potential short sales 773.
A factor, which supports an improvement in the Naples real estate market for single-family homes is the months of inventory. The current months of inventory is slightly below 12 months whereas in August. The months of inventory was likely above 12 months last year the number of months was 27. This represents a reduction in excess of 50 percent.
The line graph below reflects the months of inventory over the period of January 2008 two September 2009.
During the one of October historically, there is a sick depth against increase in the number of new listings that come on the market. The question is will wield the number of active listings as well as the months of inventory available for sale. Continue to show declines.
The new listings for the month of August 2009 were 468 condos in the Naples real estate market. The number of condos listed in August 2008 was 513. The decline of new condo listings coming on the market condos was 9 percent. In August 2007, the new listings were 564, representing a drop of 96 condos or decline of 17 percent.
In July 2009 the new listings were 557.
Of the 468 condos listed approximately 20 percent were potential short sales, 12 percent were foreclosed (bank owned), and the remaining 68 percent were traditional listings.
Median list price for potential short sales was $129000, foreclosed properties were $86200, and traditional listings were $239500.
In the month of August 2009 the number of condos sold was 204. In August 2008 a total of 171 condos were sold. The year over year was 19 percent increase. In August 2007 a total of 122 condos were sold. The increase over 2007 was 82 condos or about a 67 percent.
Of the 204 condos sold, approximately 11 percent were approved short sales, 21 percent were foreclosures, and the traditional sales were 68 percent.
A graphic presentation for the composition of the closed sales is shown below.
The breakdowns of the median sold prices are discussed in the median sold price section below.
During August 2009 a total of 341 condos had an offer accepted by the seller. In August 2008, 184 condos had offers accepted. The increase from August 2009 represents an increase of 157 condos or about 85 percent.
In August 2007 a total of 110 condos were pending sale. The increase between August 2009 and August 2007 was 231 condos or about 210 percent.
The total number of condos pending sale in the Naples area as of the end of August 2009 was 4095. The graph below reflects the composition of these pending sales.
Median Sold Price:
During the month of August 2009, the median sold price of a condo in Naples was $163500. 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 August 2008, the median sold price was $216000. In the year over year comparison median sold price declined $52500 or roughly 24 percent.
In August 2007 the median sold price was $285000. In comparing August 2007 to August 2008 the price declined $121500 or about 43 percent.
Median sold price for approved short sales was $123900, foreclosed properties were $63600, and traditional listings were $218900.
The difference between the list price and sold price for approved sales was about 81 percent, foreclosed properties 95 percent, and traditional listings 90 percent.