August 2008 Naples Home Sales Report & Waves From Hurricane Ike
The Naples Board of Realtors released their statistics for August 2008 sales. View these statistics by click here--->Statistics Please note that when you get to this new window with the 3 page statistical report, the pages will appear very small; just click on the circle with the + sign in the upper part of the page to make the pages larger.
The positive news is that pending sales have increased! Single Family Homes in the East Naples area lead the way with the highest number of pending sales in the 12 month period ending August 2008, while in Condominiums, the North Naples area was the leader in pending sales in the same period. Both Single Family Homes and Condominiums in the under $300,000.00 range are by far the largest portion of pending sales.
The median sales price for Single Family Homes in the above period is $386,000.00. The median sales price for Condominiums during this same time is $270,000.00.
While prices may still be down, inventory levels are decreasing. Single family homes show an existing iventory of 20.71 months, while Condominiums have an existing inventory of 19.11 months. A normal market will usually have an inventory of 6 months.
Decreasing inventories and increasing pending sales are good news. Season may see our inventories increasing again. Some sellers may think that they can finally get the price they desire when season rolls around. I would tell these sellers to only sell if they really have to sell. Please do not put your home on the market in the "hopes" someone will pay the price you, not the market, has determined.
Hurricane Ike was causing some unusual waves in Naples normally calm waters this week. Here's some photos:
Here's a shot of sunset last Saturday, Sept. 6th. While Naples will always have the threat of storms, we still have some dynamite sunsets!
The Florida Sales Reports for existing Single Family Homes and Condominiums have been released. Please remember that when ever you see high lighted text in this blog, you can click on the text to be taken to the information.
You can see from these reports that comparing August 2007 to August 2008 that Realtor® sales are still down as well as median sale prices through out the State. The Naples Board of Realtors® is still not allowing a line item for the Board but they do contribute numbers to this report. Time to get those pencils sharpened up to calculate Naples' figures.
My office has seen a sharp increase in pending sales for September of this year compared to last September. Most of these pending sales, I would guess, are in the under 300K price range. As of today, there have been 506 pending sales reported to the Sunshine MLS for all of Naples. 341 of those pending sales are listed at under 300K.
People keep asking me my opinion on the current economic crisis and how it will affect real estate in Naples. In my opinion I can foresee that baby boomers who were planning to retire may decide to put off that decision due to the decline of their investments. These same baby boomers may decide to wait to purchase a second home or retirement home until their investments come back. We will most likely see a drop in pending sales until people feel more confident.
This will mean that Naples Sellers will have to become more aggressive in their pricing. I have said it before and I will say it again, if you do not "have to" sell your house, DO NOT put it on the market. Sellers who do not have to sell, increase our listing inventory and extend our absorbtion rate. (The ratio of the number of properties in an area that have been sold against the number available.)
Buyers, if you have the money to make a buying decision in Naples, FL, now is the time to do it.
This morning I drove over to Naples Memorial Gardens to view the replica of the Vietnam Veterans Memorial and pay my respects to the fallen. I have never had the opportunity to view the actual Memorial in Washington D.C., so I did not want to miss this opportunity as today is the last day for viewing. There was also an exhibit of the Quilt of Tears, a tribute to all who have been victims of exposure to Agent Orange.
It has been a gray drizzly day in Naples. As I walked by the names on the Wall and saw all the drops of rain on the Memorial, I thought about the oceans of tears that have been shed for all fallen G.I.'s. I am 56 years old and remember the Vietnam War. I have been in a somber mood since I returned.
Where do Naples Realtors® travel for vacation? This Naples Realtor® has been in the Boston, MA area the past few days visiting family in Roslindale, MA. My sister-in-laws own a two family home that backs to the arboretum. The leaves haven't really begun to change yet. When they do, I am sure there will be an explosion of color around their home.
September 18th found all of us at the Taste of Roslindale. Restaurants from around the Roslindale area, supplied "tastes" of their menus. Proceeds from the event benefited three different charities. What a fun night! Besides incredibly huge portions of "tastes", there was music and a silent auction. I still can not get over the amount of food that was served at the event. For those of you who are Costco food sample grazers, you would be spoiled forever after attending this event.
As we were the last ones occupying a table at the end of the event, my sister-in-laws were able to take back this lovely center piece that was donated by a local florist shop named Dandelions.
The next day, my sister-in-laws, Nancy and Mary Ann, took us apple and peach picking.
This activity, I thought would provide me with some movement to burn off the calories I was consuming on the trip. What ever calories I burned were filled up again by the wonderful peach cobbler my sister-in-laws prepared.
While there, we prowled the North End of Boston. I have to tell you I wish Naples had better public transportation. Within mere minutes of boarding the Orange line with our "Charlie cards", we were whisked away to the North End. As I passed my "Charlie card" through the turnstile, I pondered if young people today even get the humor of a MBTA card being named "Charlie" or even know of the Kingston Trio?
The North End of Boston provided us with tons of choices to eat. All of us had a delightful meal at The Daily Catch on Hanover Street four years ago. I am thrilled to report that the food is just as fantastic as we remembered. While the restaurant may not have the ambiance that some people like, the food at this place is out of this world! Thank you Daily Catch for a WONDERFUL meal. The scrod I had melted in my mouth.
After dinner we traveled across the street to Mike's Pastery. OH-MY-GOD! I had a chocolate chip, chocolate covered cannoli that was to die for and a cup of cappacinno. After that wonderful meal at The Daily Catch, I couldn't finish the cannoli.......but I did bring it home for later!
Can you tell the Floridians were cold in this picture???? Boston had a cold snap while we were in town.
What else did we do while in Beantown? My husband, Don, who is a computer analyst, helped my sister-in-laws find a CD player, a DVD player, and a sound system. He also helped install everything for them. I was able to relax and read my novel Those Who Save Us by Jenna Blum. This book was hard to put down and I thoroughly enjoyed it.
Our last night found us at the Village Sushi and Grill. Besides having sushi as an appetizer, I had the Spicy Calamari Stir Fry. What a treat!
Sunday found us at Logan flying our way back to Naples with Jet Blue. We arrived home by 4:00 PM and were in the Gulf of Mexico by 5:45 PM. Monday found me back at work, shifting through tons of e-mail.
We had a wonderful time visiting with Nancy and Mary Ann and exploring Roslindale and Boston. This wasn't our first visit to the area and certainly will not be our last. We may, however, choose to go in warmer weather!
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