Latest Naples home prices and sales statistics are impressive

Naples housing market suffered the same amount of trouble for the last 4 years, what the entire U.S. national real estate underwent, because of the foreclosure crisis. Yet it has the unique history of attracting home buyers in large numbers, when the pressure started easing up during the last 5 to 6 months, slowly though.

Over the decades, Naples has transformed itself from a sleepy fishing village, considered by holiday crowd as a resort community in those days, to become a more active, vibrant and throbbing cosmopolitan community of the modern age. So there is no dearth in aspiring investors and home buyers, even in these hard days of real estate.

The noticeable change brought forth by the housing bubble is plummeting home prices, compared to those peak years, making the home buying in Naples a lucrative proposition. As per latest statistics for the half year ended June, an amazing 52 percent decline has been possible in median home prices, based on Naples  single-family home sales – from $474,450 in 2005 as the peak year, it now stands at $227,500.

Somehow, one can see the median home price has reached an un-inflated normal price prevailing during the year 2002, prior to the real estate boom. Also, comparing to the price-trend of last year namely $195,000, the present increase works out to 17 percent.

In respect of condominiums also, a good 54 percent reduction is found in the median sale prices. During the peak year of 2005 they were selling at $360,000, whereas for the month of June 2010 they prevail around $165,000 – not much of a change significantly from 2009.

Naples housing market reports that in the month of June, there were 421 homes sold, as against 419 homes sold in 2009 – almost no change in numbers between these two years, showing a steady market. Interestingly, at the initial period of foreclosure gloom setting in, namely 2007 and 2008, home sales in Naples were recorded as 138 and 283 respectively. And you can see this compares as a whopping 49 percent upsurge in home sales figures now.

By analyzing the homes sales in June 2010, the report says Short Sales are picking up to account for 21 percent; foreclosure homes sharing 25 percent of the total sales, while 54 percent of homes sales are from traditional re-sale properties of Naples.

Posted by Amitesh Kumar on Aug 1 2010. Filed under Housing. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry