The inventory level of available properties in the greater Naples area is the lowest its been in over six years, and no one can predict exactly how tight the market will get. The Naples home price gap between list price and the sales price continues to narrow, indicating that properties are priced accurately for local market conditions. With inventory dwindling, sellers have had more control as they wait for offers nearer to the list price. “The real estate market continues to clear. Prices haven’t done much but inventory is down, and this progress from an economic standpoint,” said Dr. Shelton Weeks, Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University.
June 2012 activity:
Overall Median Closed Sales Price +9 percent:
June 2012 = $190,000 June 2011 = $175,000
Overall Inventory down 12 percent:
June 2012 =6,310 properties June 2011 = 7,208
Closed Sales $500,000–$1-million price category +12 percent
Closed Sales $1–2-million price category +10 percent
This is encouraging news for homeowners in Naples, Florida, who are concerned about their home value. Prices of homes in Naples have been a very worrying topic for many people, and although Naples home prices are steadying, it's going to be a while before we see the economic growth from pre-2006. If you live out in the Golden Gate area of Naples, where many home prices hit an all-time low, these low priced homes are being bought quickly, last year there was a lot to choose from, now, it's almost a race to buy a bargain home. With inventory becoming tighter, eventually homes out in Golden Gate Estates will also begin to level off and give home owner's piece of mind.
by Joe Epifanio