Naples Home Market Conditions January 08

The Naples single family home market conditions is continuing to show a trend of less listings coming on the market in January 2008. Pending sales are also showing an improvement in the number of homes having offers which are being accepted by the sellers. The number of closed sales were down from previous years as well as the median price which was down 7.9% in comparison to last January.
New Listings - during the month of January 2008, a total of 1,127 single family homes in Naples were listed for sale, up from the 629 listings in December. This compares favorably with 1,411 listings in January 2006, and 1,340 listings in January 2005. Traditionally, the month of January has the highest number of new listings. As the number of new listings coming on the market reduces, the inventory of homes will decrease through sales or sellers deciding to remove their houses from the market.
Closed Sales - the volume of closed sales for Naples homes in January 2008 totaled 111, down from December’s 143. This is slightly less than the 140 homes sold in January 2007 and the 204 homes in January 2005. Although the number of closed is less than 2007, the impact of the elimination of sub-prime borrowers purchasing homes in 2007 is not being reflected in this analysis. The national average for sub-prime borrowers is about 16%, so the decrease in closings may not be as significant as the number reflect. January closings are usually one of the lowest of year.
Pending Sales - for the month of January came in at 195 homes for Naples, up from 146 pending sales in December. In 2007 and 2006, the pending sales were 220 and 244, respectively.
Median Purchase Price - the median price paid for a Naples home was $450,000 in January, which is up (7.9%) from December’s median price of $417,000. The median prices paid in 2007 and 2006 were $584,500 and $580,000, respectively.
Resource: www.adeltarealty.net