Olde Naples Beach
Where do you find out what's really going on - you have to ask an agent who is out there every day- selling and listing.
What is another source ? Well the numbers confirm the activity ... READ the latest sales report and talk to a local agent.
Third quarter closed and pended sales continued to show increases over prior years as has been
the case throughout the year. This trend is expected to continue in the fourth quarter and to gain
momentum throughout 2010.
Closings and Inventory
Third quarter closings are the highest for third quarter since 2005, and the third highest third quarter on record.
A 47% increase over third quarter 2008 makes this the seventh consecutive quarter to post gains over same
quarter, prior year. Properties priced below $250,000 continued to comprise 63% of all closings, a figure that
has been consistent throughout this year. Current inventory of properties priced under $250,000 is down 16%
from Q3 2008, with single family homes showing a 32% decrease and condominiums a 4% decrease. All price
segments show inventory decreases over Q3 2008 except condominiums in the $2,000,000 - $5,000,000 range,
which showed a 12% increase in available product.
NEW LISTINGS / CLOSED SALES AND PENDED SALES
The number of new listings placed on the market in the third quarter showed a 6% decline over the same
period 2008. All price segments showed declines over prior year with the exception of the under $250,000
category, which posted a 21% increase in the number of new listings taken when compared with Q3 2008.
The ratio of new listings to pended sales remains at approximately the same level as second quarter 2009,
which was its highest since mid-2005. With approximately one sale for each 1.4 new listings taken, the
market continues to show strong signs of recovery.
SUMMARY
During the third quarter there were 140 pended sales over $1,000,000, representing a 15% increase over Q3
2008. This is the category which we have been watching for some quantifiable data to support that recovery
has begun in this segment. Although one quarter does not establish a trend, activity levels remain strong.
The continually increasing number of showings during the third quarter, which is historically the slowest in
southwest Florida, would seem to indicate that this trend will continue and increase in the coming months.
Decreasing inventory, fewer new listings and higher sales activity continue. It is important to note, however,
that price remains the driving force in the current market, and well priced properties in all categories are
attracting significant buyer interest.
Disclaimer: All information from Sunshine MLS. Accuracy is deemed correct but not warranted.
Report provided by John R. Wood Realtors Market Research Department.
