Wednesday, July 12, 2006

Naples Real Estate Market - Single Family Homes

The median price for closed sales in June '05 was $505,000 (492 sales). In June '06 the median price for closed sales is $455,000 (224 sales). Thus, prices have dropped by about 10%, since last year.

The next question - will the prices continue to drop? Pending sales can tell us what "future" closed sales will be. As you are probably aware, a pending sale is one that will close between 4 and 8 weeks from the time the sales contract is signed. The pending sales as of this morning have a median price of $499,000 (385). But, we need to factor in the difference between list and sales price, because pending sales generally do not sell for list price. Based upon the difference between sales price and list price was about 94% in June 06. Using that factor - the closed sales for the future should be about $469,000.

The single family home market may have reached the bottom, due to the projected median priced closed sales in the range of $469,000 versus the June '06 median closed sales price of $455,000.

The statistics compiled within this report are from the SunshineMLS, and does exclude Marco Island and manufactured homes.

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