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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.
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Happy Holidays! Will you be spending the holidays in Naples? While Naples might not have the snow some people long for at Christmas, we do have sandy beaches, blue skies and plentiful sunshine!
The Naples Board of Realtors® recently release the real estate statistics for November 2011. While the number of closed sales for the overall market in the 12-month period ending November 2011 showed an increase in closed sales, 5,834 of the 8,335 closed sales were all under $300,000.00. The overall market during this time frame also showed a decrease in price from $180,000.00 to $175,000.00. Inventory in the overall market is at 10.97 months. A "normal" market is said to have 6 months of inventory.
People keep asking me what might happen with the Naples FL real estate market in 2012. For years I have kept a crystal ball on my desk and I have to tell you it is always cloudy! My guess is that the Naples FL real estate market will still decline in price a bit. Until we get closer to the illusive "normal" market, I can't see increasing prices.
I have been in this business for 33 years. I have seen many election years come and go. In my opinion every election year has not been a banner year for real estate. That's just my opinion. It is not based on any facts, just my observations.
Should you have to sell you Naples home, while location, location, location is always an important factor; in this market the factor is price, price, price! If you have been thinking of adding an incentive to help sell your home, you might want to read this: Home Sale Incentives Work at Right Price.
If you are looking to purchase a home in Naples, and hope find a home under $300,000.00, you'll have a lot of competition. Roughly 70% of all the sales made in Naples are under $300,000.00. Only 15% of the overall market is between $300,000.00 -$500,000.00. If you can stretch your price range, there are some great buys in this price range.
Wherever you may be for the holidays, I hope you are surrounded by family and friends. Please accept my best wishes for a happy and healthy 2012!
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.
Can you believe that it is almost Thanksgiving? Yikes! Where did time fly to this year? I find it hard to believe that the holidays will be upon us so quickly this year.
Work has kept me quite busy this year. Numbers in some areas seem to indicate it is still a Buyer's Market. In other areas, Sellers still face a long wait for a contract. Let's take a look at the Naples Florida September 2011 real estate statistics for condominiums.
Condominiums By Price Range- September 2011
Price Range
% Total Sales
Months Needed to Absorb Inventory
$0-300K
75.9%
8.39
$300K-$500K
11.3%
16.8
$500K-$1M
8.0%
21.2
$1M-$2M
3.5%
17.6
$2M+
1.4%
10.8
Condominiums By Area- September 2011
Area
% of Total Sales
Naples Beach
23.5
13.7
North Naples
29.7
9.0
Central Naples
19.3
8.4
South Naples
17.2
10.7
East Naples
10.2
5.1
Just a quick glance at these figures still show us that the market is still being driven by sales under $300,000.00. The East Naples market shows an inventory take would take only 5.1 months to absorb. A "normal" market has 6 months worth of inventory.
Median sale prices decreased from $167,000.00 to $160,000.00.
Single Family Homes By Price Range- September 2011
63.2%
6.4
16.5%
11.9
11.1%
16.0
5.0%
21.7
4.2%
23.3
Single Family Homes By Area- September 2011
15.5
12.1
22.9
11.7
20.0
8.6
13.0
9.7
26.7
7.7
A quick glance at these numbers show us that Central, South and East Naples are rapidly approaching a "normal" market inventory for single family homes.
Good news is that the median price range for single family homes actually increased from $205,000.00 to $212,000.00. It seems that the single family home market is stabilizing faster than the condo market.
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
76.3%
9.31
10.7%
19.79
8.3%
24.14
3.6%
20.44
1.2%
26.85
Condominiums By Area
22.1
17.33
30.1
10.45
20.2
17.3
11.39
10.1
14.79
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
63.9%
6.88
16.0%
13.51
11.0%
17.26
23.46
4.1%
26.86
Single Family By Area
15.0
13.9
22.4
12.4
20.7
9.2
12.7
11.4
28.1
8.2
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.
Think Lynn Wilber when buying or selling in SW Florida !!!
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