Pending home sales are at their highest point since 2005!
It has always been my contention that the best barometer to judge the “temperature” of the market is by studying pending sales. In a report recently released by the Naples Area Board of Realtors, January 2009 showed the highest number of sales pending since 2005. This is a key indicator of buyer activity. The first quarter of 2009 came and went quickly. -and We have been very busy showing and selling real estate…At yesterday’s weekly business meeting here at the Coldwell Banker Fifth Avenue office, our broker announced that we, The Harris Peppe Team, were the top agents for written business for the first quarter!
Here are some *statistics and comparisons that I think you will find interesting:
1st Quarter Pendings 2008: 1668
1st Quarter Pendings 2009: 2775
2008 Pendings with a list price over $1 million: 231
2009 Pendings with a list price over $1 million: 154
2008 Pendings with a list price under $300,000: 773
2009 Pendings with a list price under $300,000: 2068
Total 1st quarter closed units 2008: 965
Total 1st quarter closed units 2009: 1285
Median Closed Sale Price in the past 12 months: $247,327.
Average Closed Sale Price in the last 12 months: $484,213.
Available inventory in all price points in January 2008: 12,086
Available inventory in all price points in January 2009: 11,308
All indicators point to the fact that we are at, or near, the bottom; however many predict that the number of short sales and foreclosures could continue to effect the lower price points (particularly in the under $500,000 range). When looking at the pending numbers of the Previews Properties (listings priced at $ 1 million or above) it is quite obvious that they are also feeling the downward pressure of pricing. The listings that are most likely to sell are those which are the most aggressively priced. The buyers are out there, of that I am certain, but never before has perceived value played such an important role in determining which home will sell.
There has never been a better time to buy real estate in Naples Florida! Please feel free to call or email us today for a more detailed report of any specific community in the greater Naples area. We look forward to hearing from you soon and hope to earn your business. Thank you and make it a great day! 239.250.4370
*Statistics were calculated using data provided by SunshineMLS and reflects Naples residential properties.