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. Harris Peppe Wells is looking forward to hearing from you and hoping to earn your business. 239-370-0574
