May 2011 vs. May 2012
Well, here it is, the 1st of another month. Time flies when you’re having fun! May has been a very good month all the way around. We took a few well priced, saleable new listings…we showed homes to some fabulous customers and wrote a few offers…negotiated a few sales…and managed a few days off, including presently being on our boat, bringing her home from the east coast of Florida via the keys.
I thought you would like a Naples Real Estate Update, so I did some general research and compared [this] May to May 2011. Here’s what I came up with:
Closed Sales Comparison:
In May of 2011 there were a total of 911 residential closings in Naples vs. 1,043 in May 2012. That’s a nice solid increase considering listing inventory is way down.
May 2011 approximately 14% of the closings were listed as short sales vs. 12% in May 2012.
43% of the closed residential sales in May 2011 were single family homes as opposed to condos and villas vs. 44.5% in May 2012. It is pretty typical that condo sales out number single family home sales, but that they usually run a little closer to 50/50…could be the diminished sfh inventory.
64% of the closed sales in Naples in May 2011 were listed at or below $300,000 vs. 61% in May 2012.
A little over 10% of the closings in May 2011 were listed at or above $1 million vs. 12.3% in May 2012. Luxury Real Estate Sales are up in Naples!
The majority of the residential sold financing types, approximately 70% both years, continues to be Cash transactions.
Current Listing Inventory Statistics:
Currently Naples has 5,346 active residential listings [single family homes as well as all condos and villas].
Of the 5,346 listings, there are only 346 short sales, less than 7% of our inventory.
40.3% of the current inventory is single family homes.
42% of the current inventory is listed below $300,000. Compare that to the 61% of last month’s closing being in this price range and it becomes very evident how diminished the inventory is in this price range.
17% of the current inventory are homes and condos for sale priced at or above $1 million. That also is just over a one year supply! A one year supply in any neighborhood or price point is a healthy market.
That’s just a brief overview of today’s Naples Real Estate Market. Please call a member of The Harris Peppe Team today to assist you with any questions you may have about our local market, or to assist you with any of your real estate goals and objectives.
Thank you, and make it a great day,
The Naples Real Estate Blogger
*all data derived from the Naples multiple listing system: SunshineMLS and is deemed reliable but not guarenteed.