Posted on Wednesday, September 26, 2012
In a slight reversal of recent trends we see some softening in single family sold price trends offset a bit by increases in condo prices. Let’s take a look at the detail. This morning in the Sunshine MLS we find sold prices for single family homes fell from $550,000 to just under $450,000 for the period May through August – although the annual trend is still up. This average price decrease was offset somewhat by an increase in average condo unit sold prices over the same period.
I would not read too much into the data for the last few months as we are working through our summer “off-season” but … with rates low, supply down and consumer confidence back up we were expecting better. There is a cautionary tale in these numbers. We will keep an eye on this for you. Also remember results vary widely by individual location within Naples so ask us about sub-area specifics.
These price decreases buck a national trend of increasing prices. Florida Realtors reported on the Case Shiller data (http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=281570) and “found a 1.5 percent price increase in its 10-City Composite, and a 1.6 percent increase in its 20-City Composite. For the third consecutive month, all 20 cities and both composites recorded positive monthly changes. It would have been a fourth month had April prices not fallen by 0.6 percent in Detroit.”
Well I guess this means those Naples single family homes are more affordable and worth a look. It is great news the condo market is coming back a bit as we need lower supply and price firming here. As always the only “data” which really matters is the data around your property – the one you wish to sell or the one you wish to buy. Ask us about specific trends within Naples – but now you have the big picture for this morning.
All the best to you and ask if you have any questions.
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 NaplesBestAddresses.com Facebook: NaplesBestAddresses Youtube http://www.youtube.com/user/naplesbestaddresses?feature=results_main