The January 2009 Florida Sales Reports have recently been released. Existing Single Family Homes showed a 24% increase in the number of Realtor® Sales from January 2008. The median sales prices were down 33%.
Existing Condominiums showed a 13% increase in the number of Realtor® Sales from January 2008. The median sale price was down 40%.
Please note that the Naples Board of Realtors® does not contribute statistics to this Statewide report.
If I had a nickel for every time some one asked me if I thought the Naples market had hit the bottom, I could retire from real estate. I actually have a crystal ball on my desk here in my office but I have to tell you that it is ALWAYS cloudy!
My best guess it that all the new construction that was built in the last few years in the Eastern part of Naples is going to take a while to hit bottom. There is still a tremendous amount of inventor out there.
Properties on the water or close to the water may still go down a tic but due to their location, I can't see them tanking. I think we may be seeing the bottom coming up for these properties.
The Naples market still continues to be driven by the under $300,000.00 market. If you are in this price range, you have active competition from other buyers.
The Chicago Tribune recently published an article describing Naples as a peaceful spot where families can enjoy their spring break vacations. From the looks of the beaches in Naples recently, I would say we do have many young families enjoying their spring breaks. I find it delightful to see these families with young children enjoying our beaches. Kids just seem to love chasing sea gulls on the beach.
March is normally a busy month in Naples. We will have more snow birds coming down to enjoy our warm weather. My office has seen an increase in sales contracts written this year compared to the same time period last year. What will this March bring us? Oops! My crystal ball is STILL cloudy!
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