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!
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