Market Update For April and May 2010 at Naples
An overall analysis of the housing market of Naples, during the months of April and May 2010, brings cheers for the simple reason that home buying activity is picking up; inventory of unsold properties diminishing, although the median home prices are somewhat decreasing.
Understandably, due to the housing bubble engulfing all the markets of US, and Florida being the third most-hit State in the Top Ten of them by the foreclosure crisis, the Naples market is not functioning normally as it was.
First the month of April - The Naples Board of Realtor's home sales report for April 2010 brings encouraging news that in the overall Naples market, the inventory of available properties for sale has decreased by 12.
62 percent, compared to April 2009.
Taking for analysis, the 12 months period from April 2009 to April 2010, it is really good to see that there is a whopping 52.
73 percent increase in the number of closed sales.
The home buying activity has certainly picked up at Naples.
But has Naples gained its "normal" market? It is difficult to say so, because based on the present number of residential properties in the unsold inventory, it would take 13.
78 months to deplete the inventory, market watchers observe, whereas it should not take more than 6 months for a normal Naples housing market.
As for median home prices, comparing the month of April 2010 with April 2009, one can observe that there is an increase of 22.
35 percent alright, but during the 12 months period from April 2009 to April 2010, there is a decrease in the median home prices by about 18.
01 percent.
Looking closely at the break-up of total 8,052 home sales during the last 12 months period, as published in local real estate sites, would bring forth some more facts as follows: Price range of Naples homes Percentage of sales $000K to $300K 70.
53% $300K to $500K 13.
79% $500K to $1M 9.
48% $1M to $2M 3.
83% $2M + 2.
39% Considering the sale prices in the normal Naples market, it is still to come back to normalcy, as a majority of Naples homes sold were in the price range of $300,000 and below.
Experts in the Industry say that it is still going to take some more time for Naples to get back to what it was, prior to the foreclosure crisis.
Next - coming to Naples housing market statistics for May 2010, it again provided a bit of good news for single family owners.
There is a 9 percent increase in the overall market with regard to median home prices, comparing May 2009 to May 2010.
Obviously, this increase was driven by the single family segment of the market.
However, the 12 months period ending May 2010 still show a decrease in the median home prices, compared to the previous 12 months period ending May 2009.
Finally, the BP oil spill in the Gulf is causing great concern to Naples housing market.
Although Naples beaches are crystal clear as of now, experts apprehend about summer sales, once the spill expands to reach them.
Understandably, due to the housing bubble engulfing all the markets of US, and Florida being the third most-hit State in the Top Ten of them by the foreclosure crisis, the Naples market is not functioning normally as it was.
First the month of April - The Naples Board of Realtor's home sales report for April 2010 brings encouraging news that in the overall Naples market, the inventory of available properties for sale has decreased by 12.
62 percent, compared to April 2009.
Taking for analysis, the 12 months period from April 2009 to April 2010, it is really good to see that there is a whopping 52.
73 percent increase in the number of closed sales.
The home buying activity has certainly picked up at Naples.
But has Naples gained its "normal" market? It is difficult to say so, because based on the present number of residential properties in the unsold inventory, it would take 13.
78 months to deplete the inventory, market watchers observe, whereas it should not take more than 6 months for a normal Naples housing market.
As for median home prices, comparing the month of April 2010 with April 2009, one can observe that there is an increase of 22.
35 percent alright, but during the 12 months period from April 2009 to April 2010, there is a decrease in the median home prices by about 18.
01 percent.
Looking closely at the break-up of total 8,052 home sales during the last 12 months period, as published in local real estate sites, would bring forth some more facts as follows: Price range of Naples homes Percentage of sales $000K to $300K 70.
53% $300K to $500K 13.
79% $500K to $1M 9.
48% $1M to $2M 3.
83% $2M + 2.
39% Considering the sale prices in the normal Naples market, it is still to come back to normalcy, as a majority of Naples homes sold were in the price range of $300,000 and below.
Experts in the Industry say that it is still going to take some more time for Naples to get back to what it was, prior to the foreclosure crisis.
Next - coming to Naples housing market statistics for May 2010, it again provided a bit of good news for single family owners.
There is a 9 percent increase in the overall market with regard to median home prices, comparing May 2009 to May 2010.
Obviously, this increase was driven by the single family segment of the market.
However, the 12 months period ending May 2010 still show a decrease in the median home prices, compared to the previous 12 months period ending May 2009.
Finally, the BP oil spill in the Gulf is causing great concern to Naples housing market.
Although Naples beaches are crystal clear as of now, experts apprehend about summer sales, once the spill expands to reach them.
Source...