Naples Real Estate Market Update

There's a lot going on in the Naples real estate market. Here's a brief recap.

• The average sale price in Naples is $357,010. In April 2009 the average sale price was just under $350,000. In March of 2010 it went above $400,000 for the first time since November 2008.

• In January through April 2009 there were 11,243 new listings taken in Naples compared to the first 4 months of 2010 when 10,441 new listings were placed into the MLS. Presently there are 7,676 active listings. Of those 1,441 are Previews Properties (those listed at or above $ 1 million dollars). Conversely, 43.4% of the current inventory is priced below $300,000.

• There were 1,384 listings that went under contract in April 2010 as compared to April 2009; an increase of approximately 17%. Of those that pended last month, 73.4% were listed at or below $300,000. This price range continues to drive our market.

• 18% of the active listings in Naples are Previews Properties vs. only 303 of the 4,373 closed sales TYD having been listed at or above $1 million dollars which translates to only 3% of the closings.

For the purpose of conducting property searches, Naples is divided in NA zones (Naples Areas) numbered from 1 through 48. In reviewing the averaged closed sale statistics over the past 12 months only two NA zones showed an increase in average sold price; that being NA 02: Vanderbilt Beach, and NA 07: Aqualane Shores and Port Royal. It is always favorable when the high end of the market shows signs of recovery.

Interest rates are holding fairly steady, although it has been predicted that they may rise intermittently over the next 6 months and level out around 7%. This may get some hesitant buyers off the fence, but won't effect us as much as could be expected as 68% of our office's closed sales YTD have been cash transactions.

As always, Chip & I welcome your comments and questions. We can be reached at 239.370.0574 (direct). We look forward to hearing from you and hope to earn your business.

*Information has been derived from the Naples multiple listing system, SunshineMLS, and are deemed reliable but not guaranteed.