August Naples Condo Activity:
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.
Additional detailed information will be posted to explain where the listings and identification of where distressed properties and non-distressed properties are located for a better understanding of the Naples condo real estate market for both buyers and sellers.
A total of 157 condominiums were sold during August 2008. Comparing the same month in 2007 there were a total of 122 condominiums sold, the higher volume of 35 condominiums represents an increase of 28.9 percent. In August 2006 a total of 121 condominiums were sold or an increase of 29.8 percent (or 36 more condominiums).
In July 2008 a total of 155 condominiums closed or 2 more condominiums.
Condominiums with a sales price of less than $100000 represented about 9.3 percent of the total 157 condominiums closed versus 1.6 percent in August 2007.
Condominiums with a sales price between $100000 and $200000 represented another 35.4 percent compared with 2007 where the percent was 16.4 percent.
Condos sold with sales price of between $200000 and $300000 represented 20.5 percent of the closings versus 34.4 percent in 2007.
Eight developments within the Naples area accounted for 31.7 percent of the August condo closings – Park Shore (11.8 percent), Pelican Bay (4.3 percent), Vanderbilt Beach (3.1 percent), Cypress Woods Golf and Country Club (2.5 percent), Falling Waters (2.5 percent), Fiddlers Creek (2.5 percent), Pelican Marsh (2.5 percent), and Stratford Place (2.5 percent).
Distressed properties (short sales, pre-foreclosure, and foreclosures) represented 17.9 percent with median price of $135000.
In August 2008 200 condominiums were placed under contract or pending for closing (pending sales are where a buyer and seller have agreed on the price and terms of a purchase and the condominium is no longer available for sale). The 200 condominiums is an increase over the 110 condominiums (81.8 percent) in 2007 and 131 condominiums (52.7 percent) in 2006.
August 2008 was higher than the 155 condominiums in July 2008 and greater than the 173 condominiums in June 2008.
Median Price Paid:
During the month of August the median price paid for a condo was $215000. In the previous year, 2007, the median price paid was $285000 or a reduction of 32.6 percent. In 2006 the median price was $319900 or reduction of 32.8 percent compared to August 2008.
Non-distressed condominium sold for median price of $231500, compared with a median sale price of $135000 for distressed (short sales, pre-foreclosure, and foreclosed) condos.
In July 2008 the median price paid was $250000 down 14.0 percent on a month to month basis.
Referring back to closed sales the areas comprising the largest percentage of closings in August shows the following:
- Park Shore – $1425000 an increase in value of 46.2 percent from the 2007 median price of $957500.
- Pelican Bay – $572500 a reduction in value of 40.2 percent from the 2007 median price of $957500.
- Vanderbilt Beach – $950000 an increase in value of 60.3 percent from the 2007 median price of $592500.
- Cypress Woods Golf and Country Club – $149500 a reduction in value of 19.2 percent from the 2007 median price of $185000.
- Falling Waters – $173,700 a reduction in value of 15.3 percent from the 2007 median price of $205000.
- Fiddlers Creek – $279999 a reduction in value of 41.7 percent from the 2007 median price of $480000.
- Pelican Marsh – $422500 an increase in value of 1.8 percent from the 2007 median price of $415000.
Short sale condos had a median price of $180000, while foreclosed condos sold for a median price of $133000.
The analysis of the median price paid shows sellers and buyers should not only be aware of national, state, or area (city or town), but also by development or neighborhood to make an informed decisions in the condo real estate market.