The Florida Association of Realtors recently released the first quarter 2008 sales report for Single-Family Existing Homes and Existing Condominiums. Both these reports show that Statewide the number of sales and median sale prices are down. When viewing these reports, please make note that the Statewide figures includes data from the Naples Board of Realtors but there is no line item on the charts with Naples' figures.
The Naples Board of Realtors released statistics comparing April 2008 to April of 2007. The Overall Market Statistics show that the number of pending sales and closed sales are still up in the under $300,000.00 price range. In the 12 month period ending 4/2007 to 4/2008 over all median prices have decrease by 10.5%. Naples overall market is still doing better than the overall Florida state figures.
The Single Family Home Statistics show the number of pending sales and closed sales are up. In the 12 month period ending 4/2007 to 4/2008 Single Family homes median prices decreased in value by 6.92%. Considering the median sales price has decreased in value 15% Statewide, Naples is doing better.
The Condominium Statistics show the number of pending sales are up. In the 12 month period ending 4/2007 to 4/2008 Condominiums median prices have decreased 14.83%. In this same period the bulk of the closed sales, 53.97%, have all been under $300,000.00 and 29.60% of these sales have been in North Naples. A close second at 28.77% of the sales are in the Naples Beach areas.
Condos are staying on the market an average of 210 days, while Single Family homes are staying on the market 177 days.
With 53.97% of all condo sales under 300K, I'd say that if you are searching for a condo in Naples in that price range, you might run into some competition for a well price condo and might to want to start making some decisions.
I have said this before but I will repeat myself. If you are looking to purchase a place in Naples, I would advise you to buy as large of a place that you think you can afford. Now is not the time to purchase a "stepping stone" home. Your money will get you a better price on a larger place in today's market.
If you owned in Naples you could join us down by the beach for sunsets like this:
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