Here's the latest market report prepared by the John R. Wood Inc. REALTORS COO, Dottie Babcock:
Additional notes included are as follows:
Although August is historically among the slowest months for sales in the Naples, Bonita Springs, Estero real estate markets, August 2008 actually had more sales than January, March or June 2008. The average number of sales for August, using the past nine years to compute the average, is 649. In August 2008, the number of pended sales is 729, well above the historical average, and the highest August recorded for the past three years.
While pended sales have increased over prior year in 6 of the 8 months in 2008, CLOSED SALES (due to some corrections in MLS numbers) now reflect increases over prior year in all 8 months.
Median and average sales prices continue to decrease, reflective of the fact that 71% of all closed sales are under $500,000, (with 36% under $250,000).
John R. Wood Realtors continues to lead the local market recovery with over 1100 closed sales in 2008. This places us well ahead of any other broker in the area!
Several of the neighborhoods in our sample tracking now have less than a one year inventory of available product, based on recent absorption rates.
As winter residents begin returning in October, we will undoubtedly see the seasonal increase in available properties for sale. We will also see a greater number of buyers in the market, likely resulting in greater competition for properties that are well positioned relative to price, condition and location. Price will remain the key to successful selling as the market continues to stabilize.
