The Naples Board of Realtors® released the August 2012 real estate statistics recently. The good news is that the iventory has been deceasing and median prices have been increasing. Let's take a look at the statistics comparing the 12-month period ending August 2011 to the 12-month period ending August 2012.
Sold Price Ranges
% of Sales
Months of Inventory
$0 - $300K
$300K - $500K
$500K - $1M
$1M - $2M
A "normal" real estate market is said to have 6 months worth of inventory. Condos under the $300K price range are rapidly approaching a "normal" market. The percentage of sales are still being driven by the under $300K market.
SINGLE FAMILY HOMES
$300K - $500K
The "normal" market has appeared in the under $300K single family home market. The $300K - $500K has a 9.97 month inventory. This price segment is slowly coming to a "normal" market inventory.
An article on September 13, 2012 in the Naples Daily News discussed how foreclosures are on the rise in Collier County. There has been a back log of foreclosures due to the slow down in filings because of the "robo-signing" problems. If these foreclosures begin to come on the market, we will see the inventory start to rise again.
There has also been an interesting article talking about a new housing development that may be coming to Naples. Signature Communities has talked about putting in a gated community, Lighthouse Point, with some commerical and office space at the southeast corner of Goodlette-Frand Road and Central Ave. Minto Communities is planning on building Sabal Bay in east Naples. Minto is also planning on building Bonita Isles in Bonita Springs.
While I am thrilled to read about new construction starts in Collier County, I'm still concerned about the shadow inventory of short sales and foreclosures that will be coming on the market. These properties could drive inventories back up.
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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 34 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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