Naples Bonita Springs Estero Florida

The Naples Area Board of Realtors (NABOR) issued their data for October 2008. For Overall Market Statistics, compared to the same period year-over-year:

Pending Sales: UP, 24.2%

Sales Volume of Closed Sales UP, 13.2%

Median Sold Price DOWN, 21.3%

Inventory UP, 1.2%

Average Days On Market (DOM) DOWN, 11.7%

But... the median sold price for single-family homes in the following price categories:

$300K - $500K UP, 5%

$500K - $1M UP, ...ever so slightly

Prices in the two categories above $1M were down also, but not by much. The overall market statistics are being dragged down, for pricing, by the less than $300K category which dropped some 26%. This category, however, lifted the sales volume overall data with a 264% increase. All this is largely due to short sales and foreclosures.

Does this signal the bottom of the market? That depends. As you see, real estate is not just one market. If you are looking in the greater than $300K range for single-family homes, you might the market is turning.

What do you think?

The report with all the data is available at www.BobPisa.com

Click here for Naples report.

Click here for Bonita Springs and Estero report.

Naples single-family pending home sales trend

Make no mistake, people want to buy Naples and the surrounding Bonita Springs and Estero area. The pending home sales trends indicates how many home are under contract waiting to close. True to form, the actual closed sales track it fairly well as one might expect.

In October, however, the closed sales activity did not. The economy, the stock market, the mortgage/banking debacle, and the pending elections all appear to have stalled a few recently. This is a common phenomena during times of uncertainty - do nothing.

I'm confident that after the elections and with the stock market appearing to stabilze somewhat, that we will see the closed sales activity ramp up in concert with the pending sales.

Please visit www.BobPisa.com

Mediterra is one of north Naples finest addresses. Bonita Bay Group adds incentives for new buyers in Mediterra in addition to Twin Eagles (see previous post).

This non-resident plan, becomes effective on November 1, 2008 and will continue through the end of April 2009 for new home contracts executed during this time period:

For the first 20 buyers of any new Homesite, Spec or Model Purchase a $100,000 credit towards a Golf Membership and Master Association dues paid through 2010. A CO must be in place prior to April 30, 2009.

For the first 10 buyers of any new Villa Purchase a $100,000 credit towards a Golf Membership and Master Association dues paid through 2010.

For new Coach Home Purchases, a $40,000 credit towards a Sports Membership and Master Association dues paid for the first year of end user ownership.

For more details homes for sale listings, go to www.BobPisa.com and contact me.