The first sign of a recovery in the Naples Florida real estate market has shown itself. Pending Sales of residential properties listed above 2 million for the first 3 quarters of 2007 have exceeded the first 3 quarters of 2006:
Pending Sales 2mil+:
2006 = 250
2007 = 257
Gain = 3%
Volume = 900 million
Further analysis of median price for the market segment shows that it bottomed out in the 1st & 3rd quarters of 2005. With overall Naples inventory near 11,000, we may be looking at a market that will move from a buyer's market to a more balanced market in early 2008.
Reported by Joe Ballarino, President & Founder, Amerivest Realty.
Naples, Florida News By Amerivest Realty
November 3, 2007
Naples Market Recovery Lead by Luxury Market
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The expired/terminated listings trend is still rising which may also indicate that sellers are reaching their bottom price point and are going to wait it our until there is a market pricing change before they relist their properties. I also feel that the amount of foreclosures and short sales has shown us that sellers are really at their bottom price. Once these are gone from our market I feel that then we will see an upturn.
But for now, phones are ringing, emails enquiries are coming in, things are already starting to pop for the 2008 season!
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