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
Elayna Fernandez - Marketing Naples FL