Median Price has been on a steady tumble in Southwest Florida due to the current economic crisis. Here are the latest numbers:
January 2006: $450,000 (market peak)
January 2007: $407,000
January 2008: $380,000
January 2009: $190,000
Lower median prices leads to new highs in activity based on Pending Sales numbers:
January 2006: 721
January 2007: 587
January 2008: 501
January 2009: 885 (market peak)
It’s clear that buyers have determined that these prices are too good to ignore. The only question to be answered is how much lower can prices go when demand is returning.
The numbers above were compiled from the local MLS system for the combined Naples and Bonita Springs geographic areas by Joe Ballarino, President & Founder of Amerivest Realty.
