Report Shows Strong Condo Sales and Reduced Median Price
NAPLES, Fla. - February 14, 2008 - January home sales were up slightly compared to a year ago, including an 11 percent increase in condo sales, announced in a report released by the Naples Area Board of Realtors® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
According to NABOR President Arlene Carozza, a Realtor® and corporate trainer with Amerivest Realty, while overall pending sales decreased year-to-date, the report includes many positive indicators of market activity.
"The momentum we saw last month is continuing and sales are being made, especially in the condominium market and single-family homes under $300,000." Carozza stated.
The report, which provides single-family home and condo data, price ranges and geographic segmentation by zip code, also includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
- Overall home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, were up by three units, 264 in January 2008 compared to 261 in January 2007.
- Condo sales were 142 in January 2008 compared to 126 in January 2007, an 11 percent increase.
- Overall home sales in the less than $300,000 category saw the largest increase with 103 in January 2008 compared to 81 in January 2007. Pending sales increased 42 percent from 128 to 182.
- Overall home sales in the $500,000 - $1million category saw a slight decrease with 50 in January compared to 60 for the same month last year. Pending sales dropped from 92 in January 2007 to 65 this year.
- The overall median sales price decreased 7.3 percent year-to-date.
Tom Bringardner, president of Premier Properties, acknowledges that reduced pricing in the low end of the market has spurred sales in that segment. "This has helped to absorb some of the excess inventory and will assist in returning the market to normal conditions," he said.
According to Phil Wood, president of John R. Wood Realtors, a seven percent reduction is far less than national media stories would lead one to believe. "The perception is that home prices in Naples have decreased 30 to 40 percent and this is not the case," explained Wood. "The fact is that Naples area properties continue to retain their value, even in the down market of the last two years."
I have family that own a home in Naples and they have it on the market now for a couple of months and still nothing its over 500,000. Beautiful home new construction. I also own land in Naples, Golden gate estates area. How are the lots selling now. I own 2.75 acres.
Hi Valerie,
While market time has increased it is hard to say why the home hasn't sold just yet. There are so many factors and without knowing where it is and other details I couldn't even begin to comment. However a couple of months for that price range is not a long time with all of the inventory. We have reportedly a couple of years worth of inventory and so the bargains have been moving pretty quickly of late. In general the 4 -$600k price range has taken a hard hit. With so much to choose from buyers are taking their time but they are out there.
I am familiar with the Golden Gate Estates Area. Presently there are 366 Active Lot listings from 2.5- 2.75 acres 4 u/c and 1 is pending - the prices are all over the place depending on where it is. 3 of the 4 currently under contract are priced under $60,000. It is not the time to sell your land. There are currently 1322 Active Lot listings in the Estates alone. Hold on to it and wait things are turning around. I hope this helps and have a terrific weekend. I appreciate the comment!