Naples Real Estate Update

It's hard to believe that it is already June! Here's a brief recap of some of the more interesting data about the local real estate market: Currently there are 1,792 residential properties under contract. This includes listings still Active with Contingencies and those Pending. Of those, 1,103 went under contract in May! 812 of the 1,103 are listed at or under $300,000. which is nearly 74%. A total of 58 Previews listings (those priced at or above $ 1 million) also went under contract. Overall, "pendings", which usually are the best barometer when determining the "temperature" of the market, are up significantly. Also, in May there were 689 total residential closings in Naples. Year-to-date there have been 2,628 as compared to 1,938 in the same time period in 2008, a 36% increase in closings in 2009! From January 1st, 2008 - May 31st, 2008 there were 303 Previews listings sold vs. 2009 year-to-date when only 202 listings over $ 1 million have sold. Even though the number of sales continues to increase there remains downward pressure on pricing, even at the top of the market. Please call The Harris-Peppe Team if you have any comments or questions regarding the local real estate market in Naples Florida. We hope to hear from you soon, and we look forward to earning your business. 239-370-0574 Thanks and make it a great day! The source of this information was derived from data obtained in sunshinemls.com and is thought to be accurate but not guaranteed.