April 2009 Real Estate Market Report for Naples, Bonita and Estero Florida
In my continuing effort to keep you updated on the most current conditions pertaining to the Real Estate Market, here is the most current information that is available. I invite your comments.
Closings and Pended Sales continued at a brisk pace as they have for the past several months. Properties priced below $250,000 continue to sell at an accelerated pace over other price ranges. Remember, that this category not only includes the bulk of short sales and foreclosures, but in many cases, also reflects sellers pricing to the current market, rather than holding on to 2004 and 2005 asking prices. Also, many of these properties are the ones priced much higher a year or so ago, so represent some great values.
It is noteworthy that the median sales price has essentially remained the same for four consecutive months. With less than a 3% variation in one of the months, median sales price has held steady at $190,000 since January 2009. This is in contrast to a $302,500 median price in April 2008, and may indicate that we have reached the bottom in pricing. As we have always stated in this report, pricing is very neighborhood and segment specific, so be sure to get current information on properties in which you may have an interest.
Another important fact to note this month is that with the exception of only two price segments, inventory is down in all segments when compared with April 2008. Condominiums and single family homes in the under $250,000 category and condominiums and homes in the $2,000,000 - $5,000,000 segment actually recorded increases in available inventory over 2008. All other categories show decreases, with the largest decreases in condominiums priced between $250,000 and $500,000 (down 25%) and single family homes priced between $500,000 and $750,000 (down 35%).
The market continues to strengthen and offers some great buying opportunities. Prices in general are below 2002 levels and represent the greatest values since pre-2000.
It is noteworthy that the median sales price has essentially remained the same for four consecutive months. With less than a 3% variation in one of the months, median sales price has held steady at $190,000 since January 2009. This is in contrast to a $302,500 median price in April 2008, and may indicate that we have reached the bottom in pricing. As we have always stated in this report, pricing is very neighborhood and segment specific, so be sure to get current information on properties in which you may have an interest.
Another important fact to note this month is that with the exception of only two price segments, inventory is down in all segments when compared with April 2008. Condominiums and single family homes in the under $250,000 category and condominiums and homes in the $2,000,000 - $5,000,000 segment actually recorded increases in available inventory over 2008. All other categories show decreases, with the largest decreases in condominiums priced between $250,000 and $500,000 (down 25%) and single family homes priced between $500,000 and $750,000 (down 35%).
The market continues to strengthen and offers some great buying opportunities. Prices in general are below 2002 levels and represent the greatest values since pre-2000.
posted by Roger Brunswick, PA, Realtor at
8:58 AM
0 Comments:
Post a Comment
<< Home