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The Naples Board of Realtors recently released the home sale statistics for February 2009. Not surprisingly, the market is still being driven by sales under $300,000.00. The overall market statistics show that in February 2009 there were 808 pending sales. This is a HUGE increase from the 479 pending sales in February 2008! Out of the 808 pending sales in Feb. 2009, a whopping 587 sales were under $300,000.00!
The overall market does show a slight dip in the average days on the market. Even though the listing inventory has dropped a bit, there is still a 27.9 month backlog inventory of listings in the overall market. Listing inventory for the overall market under $300,000.00 is at 20 months, while the overall market between $500,000.00 - $1,000,000.00 shows a 41.2 month inventory. A normal market is said to be one that has a 6 month inventory of listing inventory.
On another note, back in January my brother, Patrick was in for a visit. Patrick is the one in the white hat in this photo. My husband, Don is in the orange hat.
While Patrick and I were enjoying breakfast on the lanai and reading the paper together, I heard Pat say, "This is not going to be good." He was referring to the article he read in the paper about Chinese drywall. Well, Pat's words proved to be true. Chinese drywall that was used in some new construction in SW Florida has caused corroding of air conditioner coils and other copper and metal surfaces. This drywall is also known to emit a sulfur odor throughout the house.
From what I have read, during the real estate boom hurricane Katrina struck and builders could not get enough drywall for their new construction. Some builders made the decision to purchase drywall that had been made in China to make their deadlines. The result of those decisions have now lead to a huge mess and no doubt many law suites. The Naples Daily News published an article the other day by Tara McLaughlin, entitled Foul smell from Chinese drywall causing health problems, some say What will happen to all the homes that were built with Chinese drywall? I am sure it will take a while to sort out all this mess.
March 12th found Don and I taking a walk down to the beach for sunset. I snapped this photo to share with you!
It always amazes me how so many people are drawn to the beach for sunset. The minute the sun sinks into the water, you can hear people applaud. While the Naples real estate market may take a while to come back to "normal", there are still some fantastic buys in all price ranges. If you owned a home in Naples, you could be enjoying sunsets like this on the beach with your group of friends!
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