The below information gives you a history of the market and its trend, along with my opinion of where the market is heading.
2009 Market Summary (year-to-date):
84 closings for the year.
An average sale price of $1,037,432.
An average sale price per foot of $422.
A median sales price of $710,000.
An average time on market for sold homes of 231 days.
2010 Market Summary (year-to-date):
110 closings for the year.
An average sales price of $1,172,020.
An average sale price per foot of $503.
A median sales price of $665,000.
An average time on market of 245 days.
2011 Market Summary (year-to-date):
127 closings for the year
An average sale price of $980,323.
An average sale price per foot of $431.
A median sales price of $620,000.
An average time on market of 265 days.
Current active listings total 205
Closed and pending sales, last 12 months - 183, a 13 month supply. This is a continuation of the shrinking of supply for the Old Naples market segment.
The real estate market in Old Naples continues to improve. The unit volume of closings continues to increased and is on pace for an improvement of over 10 % from 2010 to 2011. We are seeing the typical mid summer slow down in activity. The Old Naples market snapshot is at a slightly above balanced market. The slight reduction in both median and average selling prices would indicate we have a slight oversupply of housing in the market. Our expectation is with the increasing unit sales, the continuation of the shrinking inventory, and the strong buyer interest in Old Naples. Old Naples will continue to have strong demand and relatively flat pricing through the end of the year.