Naples Market Recovery Lead by Luxury Market

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 Season Sales Off 7.7%, Prices Down 10.6%

This morning I pulled year to date Naples, Florida statistics from Sunshine MLS (the local MLS system) to determine how the 2007 season compared to 2006. I compared numbers from January 1 to May 31 for each year and found the following:

Number of Pending Sales
2006: 2651
2007: 2448
DOWN 7.7%

Median Price Average:
2006: $443,300
2007: $396,440
DOWN 10.6%

So what does it mean? These numbers are no where near the poor pending numbers when comparing 2006 to 2005, a time where pending sales dropped 53.1%. Even better news is pricing, 2006 to 2005 had seen a gain in median prices by 27%, however we have only given 10.6% back.

This market rewards sellers who price their property correctly and severely penalizes those who don't. With residential inventory over 11,000 units, buyers can find great value if they do their homework.

Of course I recommend hiring a Realtor, our value is really apparent in a normal market like today.

Joe Ballarino
President & Founder
Amerivest Realty

March Pendings Sales Match Last Year

The number of pending sales in March of 2007 came within 1 unit of the number of pending sales in 2006 for Naples Florida. This should be the signal of the end of a falling market, one in which since September 2005 saw steady declines in pending sales. Here's the numbers: