First Quarter 2011

Posted on April 01, 2011

The first quarter of 2011 is officially behind us. It’s been a much busier ‘season’ than any we’ve experience since 2005. Prices are leveling off in most price points, and inventory remains low. Economists predict we are at or near the bottom. Homes and condos are selling, but it is only the most competitively priced properties that have gone under contract in the past 90 days in any given community. Realistic sellers can still expect a sale in the next two months as lingering ‘snowbirds’ wait out their return to their northern homes. Combine the late Easter with the inclement spring weather up north, and I believe we will also have some “be-backs” right into the late spring looking for the ‘end-of-season’ bargains.

Here are some local Naples Real Estate 1st Qtr 2011 Statistics that I thought you might find interesting:

Presently there are 7,546 Active Residential listings in the Naples MLS. Down approximately 5% over the same time last year.
Current Listings: 3,261 are Single Family Homes & 4,285 are Condominiums.
1 Qtr 2011 there have been 926 total closed single family home sales. Based on that number we could possibly close over 3,700 homes by the end of the year, making our present inventory of single family homes less than a 1 year absorption rate overall.
Of the 926 closings, 583 were listed at or below $300,000-that is approximately 63% of the single family homes closed.
92 of the 926 closings were homes listed at or above $1 million-approximately 10%
1st Qtr 2011 there were 1,114 total condominium closings.
836 were listed at or below $300,000-over 75% of the closings.
63 of the 1,114 condos closed YTD were listed at or above $1 million, less than 6% of the total closings. Currently condos listed at or above $1 million comprises 11.8% of the total condo inventory. However, it is the luxury condominiums which have seen the greatest increase in number of closings when compared to the 1st Qtr of 2010, up nearly 8%.
Total closed residential sales 1st Qtr 2010=1,945 vs 1st Qtr 2011=2,040
38% of the closings have been conventionally financed. Most buyers are still paying cash.
The Median sale price in Naples is presently approx. $186,000.
The Average sale price in Naples is presently approx. $349,000.
In contrast, the Average sale price in Naples zip codes 34102 & 34103 is $1,199,242.
NA06: Old Naples average sale price is up an estimated 12% in the past 12 months vs. the previous 12 months.
NA05: The Crayton Road area average sale price is up approx. 3%.

Perhaps the best barometer in determining the real estate climate is measuring “Pendings“. [see chart above]. This best demonstrates the trend line. Sales are UP, and well priced listings are selling fast! Call The Team today to discuss in more detail any specific neighborhood that you are interested in and we will gladly assist you. 239.370.0574

Thank you and make it a GREAT day!

The Naples Real Estate Blogger