October, which is typically a big listing month, saw a 7% decrease in listings taken when compared to last October. New listings this year totaled 1,696, in October 2007 new listings totaled 1,818.
This information is based on data derived from the Naples Multiple Listing System known as SunshineMLS, and only Residential listings in Naples were used for the results.
The really good news is our “Pending” sales were way up last month when compared to October 2007: 332 pendings vs. 567 in October 2008. That’s a huge jump in units! Sales pended are always the best barometer to determine what is happening in the market now.
In October 2007, 38% of the sales which pended were priced below $300,000. Comparably, 74% of the sales which went under contract in October 2008 were listed below $300,000. This is in direct correlation to the increase in the number of listings available in the under $300,000 price range. In addition, last October 14% of the sales which pended were listings priced over $1 million. This October listings priced over $1 million made up for less than 6% of the pendings. Many of the high end buyers we are working with are waiting to see how things settle out, but they are actively looking. Our listings saw a 422% increase in showing activity last month. ~and This will certainly result in offers.
Please let us know if you would like us to do a more specific analysis of a particular neighborhood or condominium. It is always our pleasure at The Harris-Peppe Team to answer questions without any obligation. We welcome your comments and look forward to earning your business.