Sunday, September 21, 2008
Naples is now Under Valued!
We had two very positive articles about Naples Real Estate in the local paper this week. Friday's article even went as far as to say that Naples is now "under valued"! Allow me to share a few statistics with you that I think you will find interesting. Total Closed Residential Sales in Naples YTD, per the multiple listing service is 3,425. Currently there are 10,183 Active residential properties listed in the MLS. This means that at the current rate approximately 1 in 3 properties of the current inventory will go under contract. This is a broad stroke of the market. Of course, specific neighborhoods vary, but as a rule, this is an important statistic. If 1 in 3 listings will sell (and inventory is expected to increase in the coming months as it always does in preparation of season) pricing is more crucial than ever. In 2007 there was a total of 3,910 residential closings in Naples. 1,251 were listed under $300,000. In 2008 YTD there have been 1,604 closed residential sales listed under $300,000! The article in the paper pointed to the fact that if you took the "under $300,000" listings out of the equation, our market is actually up 5%. Residential Closed sale units in Naples in the last 4 years peaked in March of 2005 at over 1,000 closings for the month. The average number of per month closings in the past 12 months is 354, and continues to look like it will remain on an upward trend. (I have only used closed residential sales in Naples, not Marco Island or Bonita Springs in my calculations-I have not used closed lots either). Call us today with any questions or comments. Anyone of us on The Harris-Peppe Team would be happy to do a specific search and or a no obligation market analysis to assist you: 239-370-0574 direct. The number of sales is up, prices are at record lows and all indicators are that they have leveled out. There has NEVER been a better time to buy in Naples Florida! There remains an excellent inventory in all price ranges. Take advantage of this opportunity to own a piece of paradise! This is one agent who truly believes we are in for a fabulous season!