Naples Real Estate Update

We are well into August now and July stats are in, and it is mostly good news!

The Harris-Peppe Team is busy! We are showing homes daily, writing offers and several of our listings have gone under contract. Many of the prospects we are working with are saying they believe the bottom is here or close...They're right! Here is a recap of what is happening in the Naples MLS. Looking back at July, our market was very strong considering the economy and the financial environment. Some of this can be attributed to the first time home buyers taking advantage of tax credits, but certainly not in the numbers other parts of the state and around the nation are experiencing. A lot of the buyers we are working with will be retiring in 5 to 7 years, but they are buying now because they recognize the time is right! In July 2009 there were 665 residential closings in Naples according to the SunshineMLS database. They ranged from condos selling for less than $100,000 to a single family home in the prestigious Port Royal community for $6,995,000. 44 of the 665 closings were Previews Properties (listed at or above $1 million). The median sold price in June 2008 was just under $240,000. In June 2009, it fell to just under $180,000, which is up from March 2009 when it hit a 4 year low of $165,000. 340 of the 665 closings were cash transactions, not uncommon in Naples. 70 of the 665 closings were Short Sales with a median price of $144,900, and 202 of the 665 closings were Foreclosures with a median price of just under $100,000. 997 Residential properties went under contract (Pendings) in July 2009 as compared to 563 in July 2008. Currently there are 8,199 Active residential listings in Naples. Listing inventory generally peaks each year in January, so we do expect this number will increase as we get closer to the end of the year. However, it is important to note that our absorption rate is now calculated at an 18-month supply vs a 37-month supply just one year ago! Like any commodity, a home's value will follow supply and demand trends. The increase in REO properties will continue to apply downward pressure on the properties in the lower price points. It remains a price driven market all the way around. Buyers want to see value! One thing we will always have going for us regardless of all these numbers...it's warm and balmy in Naples Florida in February! Thinking about becoming one of "snowbirds", call today 239.370.0574 or register for our best buys online at http://www.naplesrealestate.com/