Naples Real Estate Statistics for August 2010

Is it possible that I am calculating the August real estate sales data? --Hard to believe it is already the 1st of September. Holiday decorations are already adorning the stores...kids are back in school...football pre-season has begun...We're working on our 2011 business plan and marketing budget! Where has 2010 gone? Never mind that...where did the entire decade go?

Typically, this is the quietest time of year in Naples--August figures reflect that. 

Pendings are down approximately 15% comparing August 2010 to august 2009.

The calculations below are based on the 12 months ending August 31st, 2010.

Facts and figures are derived from data obtained from the local multiple listing system: 

• New listings taken August 2010: 1,336. Priced at or above $1 million: 126
• New listings taken August 2009:  1,213. Priced at or above $1 million:  79
• Pending sales August 2010: 798. Pended listed at or above $1 million: 29
• Pending sales August 2009: 951. Pended listed at or above $1 million: 42
• Closed sales August 2010: 547. Closings that were listed at or above $1 million: 34
• Closed sales August 2009: 592. Closings that were listed at or above $1 million: 34
• Closed sale finance trends: 149 of the 547 closings got some type of conventional financing, whereas 398 of the 547 closings were cash transactions.

Here is a list of the Average Residential Sold Prices in specific GEO areas where we do most of our business, as of August 31st, 2010, comparing the past 12 months to the previous 12 months:

• NA 05 Crayton Area Aug 2009-Aug 2010: $850,310 vs prior 24-12 months: $970,272
• NA 06 Old Naples Aug 2009-Aug 2010: $1,058,244 vs prior 24-12 months: $1,048,758
• NA 07 Port Royal/Aqualane Aug 2009-Aug 2010: $5,177,272 vs prior 24-12 months: $ 4,216,020
• NA 08 Royal Harbor Area Aug 2009-Aug 2010: $507,638 vs 24-12 months: $711,573

Here is a list of today's current inventory in these GEO areas and other pertinent facts:

• NA 05 Crayton Area:  Current Inventory: 603 active listings. Closings in the past 12 months: 433. List Price to Sale Price percentage ratio: 89% Average Days On Market: 253.  
• NA 06 Old Naples:  Current Inventory 272 active listings. Closings in the past 12 months: 150. List Price to Sale Price percentage ratio: 91%.   Average Days On Market: 210. 
• NA 07 Port Royal/Aqualane:  Current Inventory:  108 active listings.  Closings in the past 12 months: 55. List Price to Sale Price precentage ratio: 86%. Average Days On Market: 277.
• NA 08 Royal Harbor Area:  Current Inventory: 198 active listings. Closings in the past 12 months: 90. List Price to Sale Price percentage ratio: 91%. Average Days On Market: 228.  

Basic economics state that supply and demand create value. The inventory is down for 7 consecutive months in Naples. Here are a few other factors that are influencing our present real estate market.

• Decreasing property values.
• An oil spill which effected 82 of the over 1,200 shoreline in the state of Florida.
• Historically low interest rates.
• Unemployment.

In some cases, sellers are beginning to hold tighter to asking prices, while buyers are still looking for sellers to be more negotiable. Each offer must be considered individually, as even within the local market in Naples, there are communities that continue with unusually low activity, while others have a much shorter *absorption rate. *As an example, GEO area NA 22 [south of Immokalee Road, and West of CR 951] has a 97% List price to Sale price percentage ratio, a current inventory of 349 active listings and 390 clsoings in the past 12 months. Obviously, if you have a questions about a specific GEO area, please call us directly at 239.370.0574.   

Keeping all of this in mind, The Harris-Peppe Team continues to stay busy. Our website http://www.naplesrealestate.com/ has contributed to nearly 50% of our closings YTD. We have been successful in all price points, but especially the high-end market in the past few months.    Although we do expect a quiet couple of months ahead, this is when we "sharpen the saw", and optimistically anticipate all the potential in the coming season.

~Have a safe and happy September, and remember...if you know anyone looking to buy or sell in Naples Florida, please let us know. A personal referral is one of the highest compliments we can ever receive!

Thank you,

The Naples Real Estate Blogger