At this morning’s weekly sales meeting, at the Coldwell Banker Fifth Avenue Previews office, our broker shared with us the following statistics from the Naples area MLS:
May 2008 vs. May 2009
The number of pendings of residential listings priced under $300,000 is up 193%. The median price in this same price range is down -39%. Pendings of residential listings in the $300,001-$500,000 are up 9%, and the median price is only down -1%.One of the most dramatic changes is in the $500,001-$1 million list price range where prices are up 1%, but the number of listings pending is up 24%. Listings priced over $1 million dollars saw a 13% increase in the number of properties going under contract last month and the median price was down a mere -3%.
The median sales price of closed sales comparing May 2008 to May 2009 changed from $314,000 to $174,000. But, when you take the closed sales with list prices at or under $300,000 out of the equation the median closed sale price changed from $557,000 to $550,000.
Months of Inventory has been on the decline since February 2008. In May 2008, the Naples inventory had a 35.36 month supply. In May 2009, that supply decreased to 23.15. Inventory is down–Sales are up–interest rates are stable–NOW is a great time to buy!
Call us today for a more detailed analysis of your neighborhood, or of any community or condominium that you might be interested in. The Harris-Peppe Team is looking forward to hearing from you and hoping to earn your business. 239-370-0574