The Naples Board of Realtors just released the May 2011 real estate statistics. In the 12-month ending May 2011 report, compared to the 12-month ending April report, the good news is that the inventory in the over $300,000.00 price range has decreased. Don't get too excited because you have to ask yourself if the decrease in iventory is because of the number of closed and pending sales or Sellers taking their properties off the market. I'll discuss this more a bit later.
Let's take a moment to view this data by the percentage of closed sales by price range, area, and months needed to absorb the inventory. The time frame for this will be the 12-month period ending May 2011.
Condominiums By Price Range
% Total Sales
Months Needed to Absorb Inventory
Condominiums By Area
% of Total Sales
The median sale price for condominiums fell from $170,000.00 to $158,000.00 in the twelve month period ending May 2011.
At first glance, the condo inventory seems to have shrunk. If you look closely you'll see that the inventory for condos at the April was 4,372. In May that number was 4,118. This indicates 254 units were taken off the market. If you look at the number of pending and closed sales for this same time period, that figure comes to 88 units. This leads me to believe that 166 Sellers took their condos off the market.
Single Family Homes By Price
Single Family By Area
The most important figure on these two charts is the number of months of inventory for the under $300,000.00 price range. A "normal" real estate market is said to have 6 months of inventory. Single family homes under $300,000.00 have just reached a "normal" market. If you have been looking for a single family home in Naples under $300,000.00, based on the above figures it appears your ship is sailing away from you.
Would you like to own a home in Naples? Search here, once at the search page, you can search by development or map area, save your search and new listing updates will be e-mailed to you.
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.
Care to share a comment with us? Just click on the post a comment link at the bottom of this blog entry. Comments are always welcome.
Want to subscribe to this blog? Just click on the Subscribe link at the bottom of this blog entry.
Please note that I receive no compensation for mention of any businesses or events.
About the author:
Lynn Wilber is a Real Estate Professional who lives in Naples. Her 33 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.
YouTube | Linkedin | Google |Website | Twitter | Facebook
ContactUs Think Lynn Wilber when buying or selling in SW Florida !!! Downing-Frye Realty, Inc. is a Florida licensed real estate brokerage