The Florida Sales Report for September 2008 has been released for Single-Family Existing Homes and Existing Condominiums. (Please remember that whenever you see highlighted text in this blog, you can click on it to be taken to the reports.) The great news is that the number of sales Statewide is up 24% for single-family existing homes and 11% for existing condominiums, comparing September 2007 to September 2008. Statewide year-to-date numbers show a 9% decrease in single-family sales and a 13% decrease in existing condominiums.
Statewide sales prices have decreased year-to-date 18% for existing single family homes and 17% for existing condominiums. Comparing September 2007 to September 2008, existing single family homes decreased in value 22% and existing condominiums decreased 17%. Please keep in mind that the Naples Board of Realtors contributes data to this report but there is no line item for Naples.
The Naples Board of Realtors released their September 2008 sales report. Both the reports for single family homes and condominiums show an increase in both pending and closed sales. This is also good news. When you review the reports, you will see that a HUGE portion of both the pending sales and closed sales are all under $300,000.00!
41% of all the single family homes closed in the 12 month ending period of 9/2008 in Naples were UNDER $300,000.00. 58% of all the condominiums closed sales in the 12 month ending period in Naples of 9/2008 were UNDER $300,000.00! Hey guys pay attention! If you have been hoping to own a home in Naples, you better get off the fence and buy something........NOW!
If you have a home on the market between $500,000.00 - $1,000,000.00 and "really don't have to sell", pay attention! Condominium closed sales in the 12 month ending period in Naples of 9/2008 in this price range only represented 14% of the total sales closed. Single-family closed sales in the 12 month ending period in Naples of 9/2008 in this price range only represented 17% of the total sales closed. I say to sellers in this price range.......Look at the odds! If you "really don't have to sell", get your home off the market until the market improves!
When will the market improve? If I still had my Ouija board it might say, "Who knows!" Bottom line is that Naples has roughly enough inventory in both condos and single family homes to last about 27-29 months. The properties that are selling are taking about six months to sell and close. Mr. and Ms. Seller, even if your property is priced at market, it still might take six months to sell! Do the math. If your price range only represents 14-17% of the market, it is going to take longer than six months to sell, even if it is priced well.
It has been my experience in the last 30 years of selling real estate that election years have always been rotten for real estate. This year we have the double whammy of the problems with our economy. Most people I meet, whether they are in the real estate market or not, are afraid. People have seen their portfolios drop. Many of Naples' buyers are retirees. These buyers may have to postpone retirement because of the effect of our current market conditions. Two people who have been close to me joked that they will probably have to work until they are 80. One of them commented that at least they are optimistic that they will even reach 80, though they will most likely be working as Wal-Mart greeters.
In one of my past postings, I wrote about another friend who talked about buying when there is "blood in the streets". If you have the funds to buy a place in Naples, now is the time!
Naples, FL is a beautiful place to live. Being able to see sunsets like this give me great peace, even in this crazy market.
ContactUs Think Lynn Wilber when buying or selling in SW Florida !!! Downing-Frye Realty, Inc. is a Florida licensed real estate brokerage