The Naples Board of Realtors released the March 2008 real estate market statistics on Friday. The good news is that the number of pendings sales for March 2008 is up from March 2007. This indicates to me that buyers are starting to make buying decisions instead of just "looking".
The median sales price for condominiums and single family properties is down from 2007. March 2008 average market time for single family homes is at 183 days, while the average market time for condos is at 196. This market time is similar to March of 2007.
What I did find interesting in viewing all these statistics is that the days on the market for overall market in the Naples Beach locations has decreased from 235 days in March of 2007 to 182 days in March of 2008. The days on the market for the condominiums in the Naples Beach area also decreased from 250 days in March of 2007 to 171 days in March of 2008! The only other overall market area that showed a decrease in days on the market was the East Naples area.
We see from these numbers that market times in two areas are decreasing. One area is an area near the beach. The other area has properties that are priced under $300,000.00. If the market is starting to hit bottom, it would seem to make sense that properties along the beach would start to rebound first along with the lower end of the market.
This past week I have been busy showing properties and my listings have been receiving more showings. When I call for client reaction on my listings I am now hearing that the buyer put an offer in on a unit. Now granted, it wasn't my listing, but a buyer had made a decision to buy! I had been getting tired of hearing client reaction of "Buyers left without making a buying decision."
On another note, if you own a condo in Florida, you may want to check with your condo associations to see if a windstorm mitigation survey done on the roofs of your association's buildings. If one has been done, you can request a copy of this survey from your association and submit it to your homeowner's insurance company to see if they will allow you a discount on your insurance. Taking the time to inquire about this could result in substantial savings.
If you own a home in Florida, you should check with your home owner insurance provider to inquire if this discount would be available to you if you hired a certified windstorm inspector to perform the survey.
That is all for now. The weather in Naples has been gorgeous the last few days. This photo was taken Friday night at sunset. If you owned a place in Naples, you could enjoy sunsets like this.......
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