Naples-Marco Sales Report SFH
Posted by Benjamin Dona on Saturday, November 9th, 2013 at 3:29pm.
Well, the sales report for the Naples-Marco Island MSA (metropolitan statistical area) may contain some disheartening news for buyers and some more welcome news for sellers. Comparing year over year for the same time, the data indicates that prices are dramatically rising, inventory is decreasing, and the time on the market is shortening.
In September of 2012 there were 310 closed sales - in September of 2013, there were 402. There were 545 homes that were listed in 2012 (same month) and 588 in September of 2013. Last year there were 3,215 homes for sale on the market while this year there are 2,541. That's a decrease of 21% from last year to this year.
The median days on market were 118 last year and only 74 days this year. The average sales price was $570,044 this year compared to $408,146 last year - a 39.7% increase. The median sales price last year was $245,000 and this year is $312,450 - a 27.5% increase. And, the months of supply last year was 8.5 and this year it's 6.3 - that's nearly 26% less homes on the market.
The upward trend continues in the distressed market sales also. Traditional (non-foreclosure or short sale) sales were 298 this year compared to 202 last year. The median sales price of a foreclosure last year was $130,000 - this year it's $160,000. That is a 23.1% increase in price. Short sale median prices were at $166,250 last year and at $230,000 this year. That is an astounding 38.3% increase in sold prices for short sales. "This pays to know, for buyers, so that you aren't waiting to hear back from a bank only to discover you are offering well under the market value that the bank will accept." Back up your offer with an accurate offering price - the bank is going to verify what the property is worth on the "open" market before deciding in any case.
The data backs up what we said two weeks ago - the time to buy is now if you can afford it and the time to consider selling might well be now if it's in your near plans.
*Sales Data Statistics from Naples and Ft. Myers MLS.
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