Naples Real Estate Sales Update - January to March 2008

The January thru March Naples real estate market statistics for both homes and condominium sales are listed below. Naples, known as the "Crown Jewel" of SW Florida's Gulf Coast, is a truly cosmopolitan, quaint, and cultural city that has transformed itself into a dynamic international and world renown destination.

Naples Sales Data

Naples Home Sales Jan-Mar 2008*:

• 385 Closed Sales
• Average Sales Price - $882,107
• Median Sales Price - $450,000
• Average Days on Market - 192
• Price/Sq. Foot - $305.01

Naples Condominium Sales Jan-Mar 2008*:

• 506 Closed Sales
• Average Sales Price - $562,358
• Median Sales Price - $304,995
• Average Days on Market - 195
• Price/Sq. Foot - $272.64

In comparison with 2007 sales data, we've seen a 3% increase in the number of home sales and a 8% increase in the number of condominium sales. The average price of homes decreased by 21% and the average price of condominiums decreased by 9%. Average days on market fell by 1% for homes and rose by 15% for condominiums. In addition, pending sales for both property types also rose 25% & 6%  in the month of April and thus will help make for a good beginning to the second quarter sales numbers.

Like most cities in Florida, Naples has an excess of inventory. The upside is that buyers have a wide variety of homes or condominiums from which to choose and in many of its more well known communities like Hammock Bay and Tibruon, there are some really well priced properties available. Unfortunately, a mistake many potential buyers make is to think they could not possibly afford to purchase a property in Naples. The reality is another matter all together. The city offers a wide variety of living options and price ranges. For example, there are well over 1,200 condominiums currently on the market for under $300K and over 1,000 homes for under $400K.

So, if you would like to explore more of what the Naples Real Estate market has to offer, please contact us at Gulf Coast Associates, Realtors® and we'll be happy to assist you.

*Sales Statistics for Naples Proper Only
Data from NABOR & SWFL MLS

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