Wednesday, September 30, 2009
3rd Quarter Stats
Naples Real Estate 3rd Quarter StatisticsTotal closed residential sales in Naples were up 38% in the 3rd quarter of 2009 as compared to July 1st - September 30th, 2008. Closed sales in 2008 3rd quarter totalled 1,148 vs. 1,588 total residential closings this year in the 3rd quarter. Under $300,000 again showed the highest increase: 3rd quarter 2008 saw 657 closings in this price range vs. 1,103 total closings of residential listings priced at or below $300,000 for the 3rd quarter of 2009. Some of this can be attributed to a greater inventory in this price range: price reductions (listings that were originally priced above $300,000) and an increase in new listings in this price point. Downward pressure continues in this price range due to the number of sales vs. the number of listings: consider supply and absorption rate. In the 3rd quarter of 2008 Previews listings accounted for 114 of the total closings, while in the 3rd quarter of 2009 only 96 of the closings were listed at or above $1 million dollars. To put this in perspective, there are currently 1,438 residential listings in Naples in SunshineMLS priced at or above $1 million dollars...that's estimated to be about 17% of the inventory, yet only about 5% of the total residential closings. Currently, the median sale price in Naples is approximately $170,000 vs. an estimated $250,000 one year ago. The average sale price for the past 12 months is just over $365,000. Pendings, those listings presently under contract, generally thought to best portray what is currently happening in any given real estate market, shows 740 total pendings per the SunshineMLS for residential sales in Naples. 529 of those are listed at or below $300,000, continuing that trend. 47 of the 740 pendings are Previews Properties, homes or condos priced at or above $1 million dollars. Residential new listings by the month have averaged 1,670 since September 2005. That's over 20,000 new listings every year! New listings peaked in January of 2008, then again in January of 2009. However, in August 2009 the SunshineMLS hit a low of approximately 1,200 new listings coming on the market, less than any other month going back 4 years. At this writing there are 8,049 total residential listings in Naples multiple listing system. For additional information, or for a personal evaluation of your Naples home with no obligations, please call any member of The Harris-Peppe Team Today. This data is derived from the SunshineMLS. It is based on information deemed reliable but not warranted or guaranteed. It is provided for you as a service of The Harris-Peppe Team, Coldwell Banker Previews agents at the 5th Avenue South office in downtown Naples Florida.