Late last year the Naples Area Board of Realtors formed a focus group and established a committee to create some positive press after the real estate editors seemed to have it out for all of us. Shortly thereafter, the first of many articles began appearing in our local paper and slowly, but surely, the confidence of the buyers in the Naples Real Estate market returned. –With more closed sales in the first quarter of 2009 since the 1st quarter of 2002, it’s safe to say the pent up demand of the last couple of years is finally giving way. Overall, the market year-to-date has seen a 30% increase in the number of units sold when compared to the same 4 month period last year. However, if you take the closed sales listed below $300,000 out of the mix the closed sales results are as follows:
$300,000-$500,000 down 15%$500,001-$1,000,000 down 27%$1,000,001-$2,000,000 down 51%$2,000,001+ down 28%
This will give you and idea of how much the “under $300,000” market is driving the closed sale numbers up! The closed sales in this range also have the majority of the foreclosures and short sales, but it is also this range that has seen the greatest price adjustments! The higher price ranges haven’t adjusted as readily to the downward pressure of the market…Those listed right ARE selling…in ALL price points…the listings that are staying ahead of the curve are the ones going under contract…a listing which compares the most favorably to its competition is the single most important factor being considered when buyers are making decisions!
We are happy to read the positive press…even though it may be only one factor in the equation–Lower inventory and interest rates have played keys rolls, too. In any event, it certainly looks like the trend is towards an even more robust 2nd quarter.