The Naples Board of Realtors® recently released the April 2011 real estate statistics. The overall Naples market for the 12-month period ending April 2011, saw a decrease in the number of closed sales in all price ranges except for the 1 million plus range. The median price range decrease to $175,000.00 from $180,000.00 during this time frame.
Let's take a moment to view this data by the percentage of closed sales by price range, area, and months needed to absorb the inventory. The time frame for this will be the 12-month period ending April 2011.
Condominiums By Price
% Total Sales
Months Needed to Absorb Inventory
Condominiums By Area
% of Total Sales
When I view these numbers, the first thing that stands out to me is that the under $300,000.00 market is rapidly approaching a "normal market" of 6 months inventory. I can also see that with 76.7% of the closed sales between $0-$300K, buyers in this price range have a TON of competition.
The Naples Beach area still has an inventory of 19.7 months. As condos in the Naples Beach area normally cost more because they are closer to the water, this tells me that we still could see a slight dip in prices along the beach.
30% of the total closed condo sales occurred in the North Naples area. The Central Naples area shows an inventory that could take 9.3 months to absorb. This area I feel is approaching the "normal market" of 6 months also.
Single Family Homes By Price
Single Family By Area
When I look at these numbers, I can see that once again the under $300K price range is hot and the Central Naples and East Naples areas are approaching that "normal market" of 6 months of inventory.
If you are looking to purchase a property in Naples under $300,000.00, your days are numbered. If you are a Seller with a property in the Naples Beach area with a listing price between $500,000.00 - $1 million, you will probably seeing price reductions in your future and a market time of close to a year.
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Should you be thinking of selling your home in Naples and would like a candid assessment of what it would take to sell your home in today's market, I would be happy to provide you with a free market evaluation. Feel free to give me a call at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com.
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About the author:
Lynn Wilber is a Real Estate Professional who lives in Naples. Her 33 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers. For more information, please contact Lynn Wilber or call 239-594-2780.
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