The Naples Board of Realtors released the statistics for their October 2008 Sales Reports. These reports look at the overall market, single family homes and condominiums and compare the month of October 2007 to October 2008. It also compares the 12 month period ending 10/2007 to the 12 month period ending 10/2008.
In the Overall Market, median sale prices have decreased 21.31% in the 12 month period ending 10/2007 to the 12 month period ending 10/2008. Our inventory has increased to 10,815 listings, which gives us an inventory that could last 27 months. The good news is that the average market time has decreased slightly. The number of pending sales and closed sales have both increased.
Of the 464 pending sales made in the overall market in October of 2008, 72.62% were all under $300,000.00. 12.06% were between $300K - $500K. 8.40% were between $500K - $1M. 3.22% were between $1M -$2M. 3.66% were over $2M.
Single Family Homes showed a 25.80% decrease in median sale prices with 73.48% of October 2008 pending sales under $300K
Condominiums showed a 15.48% decrease in median sale prices with 70.86% of October 2008 pending sales under $300K
The North Naples area leads the way with the highest amount of sales in both condos and single family homes in the 12 month period ending 10/2007 to the 12 month period ending 10/2008.
The Naples Daily News reported this morning that many home owners in Southwest Florida owe more then their homes are worth. They wrote that the Naples/Marco Island area showed an increase of 194% in foreclosure filings from October of 2007 to October of 2008.
While all of the above might sound like a prediction of doom and gloom, the market is what the market is. If you are a buyer hoping to buy a place in Naples under $300K, you have a ton of competition because over 70% of the pending sales being made are under $300K. If you are a seller priced between $500K - $1M only 8.40% of buyers out in the market are purchasing in your price range. Bottom line is that it is going to take you longer to sell in that price range.
Naples is truly a beautiful place to live. Today was a gorgeous day with a high in the 80's. After living in Chicago for 43 years, that is not a day that goes by for me here in Naples that I do not marvel at the beautiful days. If you are searching for a wonderful place to live, you can find it here in Naples.
ContactUs Think Lynn Wilber when buying or selling in SW Florida !!! Downing-Frye Realty, Inc. is a Florida licensed real estate brokerage