I am not surprises that the number of pending sales for the Overall Real Estate Market of July 2009 in Naples, Florida increased 121% from July 2008. This has been one of the busiest summers I have had in the 13 years I have been selling real estate in Naples. The market continues to be driven by pending sales under $300,000.00. Closed sales under $300,000.00 in July 2009 accounted for 69.45% of the market. If you are a Buyer and hoping to find a home in Naples, Florida under $300,000.00 you have a ton of competition!
The Overall Market saw a 16.7% decrease in the number of Closed Sales in the $500,000.00 - 1 million dollar price range in the 12-month period ending July 2008 to the 12-month period ending July 2009. The Median Closed Sales Price in this same time period saw a decrease of 25.6% in the Naples Beach area. In my opinion, I think one reason there has been a decrease in the number of closed sales in this price range is because buyers are unaware of the stricter loan requirements. A down payment on a second home in Florida now requires at least a 25% down payment.
All areas in Naples saw a decrease in inventory from July 2008 to July 2009 except for the Naples Beach area which saw a 7.07% increase in inventory. The average days on market in this area increased from 206 days in July 2008 to 231 days in July 2009.
The good news is that the inventory in the Overall Market in Naples has decreased 12% in July 2009 compared to July 2008. There is more good news in that the Overall Market inventory has decreased to 18.8 months. A "normal" inventory is considered to be 6 months.
The Florida Sales Report for the 2nd Quarter of 2009 for Existing Condominiums and Single Family Homes both show an increase in the number of sales and a decrease in median sales price.
My administrative assistant, Adam Bialy, has been working diligently helping me organize the various programs I use for my Buyers and Sellers. Both Adam, and my husband Don, are of tremendous help to me.
Tropical Depression Ana seems to be working her way into the Gulf of Mexico over the next few days. Hurricane Bill's 5 day forecast seems to be taking the storm over Bermuda. As I type this, I can hear the thunder rumbling outside indicating to me that our late afternoon thunder storms are just beginning to start. So much for heading to the beach later this afternoon! The past two days I finished work only to be rained out at the beach. If you look closely at this photo, you'll see a wall of water headed my way.
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 31 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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