The Naples condo market during the month of April showed significant improvement in a year over year comparison. The median sold price increased 9 percent, closed sales increased 76 percent, pending sales increased 76 percent, and the number of condos for sale declined 22 percent. Still a buyer’s market, but much weaker than last year.
Median Sold Price:
During the month of April 2010, the median sold price of a condo in Naples increased over the last April by 9 percent to $179000 from April 2009’s median sold price of $164900. The $179000 median sold price is the highest since December 2008. (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 April 20087 the median sold price was $248000.
The year to date median sold price for 2010 is presently $165000. During 2009 the median sold was $164900. The median sold price of $165000 is nearly equivalent to the median sold price in 2002 of $166000. The important significance of the median sold prices is that 2002 was the year, just prior to when liberal loan guidelines came into vogue and caused the price as well as the demand for real estate to increase abnormal in the Naples real estate market.
The new listings for the month of April 2010 were 651 condos in the Naples real estate market. The number of condos listed in April 2009 was 695. The decline of new condo listings coming on the market condos was 6 percent. In April 2008, the new listings were 734, representing a decline of 11 percent.
Condos available for sale at the end of April were 3889. The condos for sale have declined 22 percent from April 2009’s figure of 4954 and a decline of 27 percent from April 2008’s figure of 5323.
Of the 3889 condos listed approximately 11 percent were potential short sales, 2 percent were foreclosed (bank owned), and the remaining 87 percent were traditional listings.
The graph below shows the changes in the number of condos for sale in the Naples area.
The graph below shows the composition of listings according to the type of transaction.
In the month of April 2010 the number of condos sold was 469, the highest in the immediate past 4 years. In April 2009 a total of 267 condos were sold. The year over year change was an increase of 76 percent increase. In April 2008 a total of 243 condos were sold. The change in the volume of condo sales is an increase of 93 percent.
Of the 469 condos sold, approximately 11 percent were approved short sales, 12 percent were foreclosures, and the traditional sales were 77 percent.
A graphic presentation for the composition of the closed sales is shown below.
During April 2010 a total of 554 condos had an offer accepted by the seller and was the second highest month in the past 4 years only eclipsed by March 2010 – 624. In April 2009, 267 condos had offers accepted. The increase from April 2009 was 76 percent.
In April 2008 a total of 243 condos were pending sale. The increase between April 2010 and April 2008 was about 122 percent.
The total number of condos pending sale in the Naples area as of the end of April 2010 was 1082.
The graph below reflects the composition of these pending sales.