I'd love to say it was so......But....The reality is you can do pretty much anything with numbers. Yes, it's possible to finness things so they represent what you want them to but we are not aware of any real price increases...anywhere in south Florida.
Home prices are NOT on the rise in Naples. Here are the latest Median Sold Prices for Naples:
April 2008: $300,000
April 2007: $390,000
12 months ending April 2008: $358,000
12 months ending April 2007: $398,000
One of the main reasons cited for the continued decrease in home prices is the short sales and foreclosures in the market. Foreclosures were up dramatically in the area during April (800% compared to last April). So until the inventory of short sales and foreclosures decline, we will not see an "overall" increase in prices. Of course, any community, location, type of home, and price range may see a quicker recovery than the others.
- Ted Epstein
If you review the sale price trend chart for all Naples areas, the trend is still moving slightly downward. To be more specific, one should review each geographic location, single family versus condo, etc. to get a really clear picture. There are a number of varying opinions about when our market will bottom. The trend line is definitely leveling indicating that it may be close to turning upward. Although no one can predict the future, I am encouraging buyers to find property in the best location, best condition and best price that fits their criteria and make offers. My opinion is that once the market starts to turn, the best buys will be gone.
In certain parts of Naples the inventory has been bought up and the prices are steady and there is a small rise due to the supply and demand. For example if you are west of 41, your home is better off than in Golden Gate Estate where there are a load of short sales. It all depends on what you are looking at also; single family homes are more stable than the condo market at the time, especially the older condos. Neighborhoods are also a big factor for example the higher end more desirable communities are more protected from the short sales and foreclosures that bring down property value. Contact me for a more in depth answer to your question, I would love to talk.
Sand Castle Realty Group
Prices are not on the rise, if anything they are still going down. What you are seeing is that homes are being sold. The reason is that people who are selling are being more competitive with their pricing. To sell a home it takes a combination of good pricing, good marketing and good location. Being in the the Greenwood area you have one of the criteria. If you would like the rest of the package please call me at 239-659-3272 or email me at firstname.lastname@example.org. Some people talk the talk and aren't able to walk the walk. I am not one of those.
Brian "Skip" Caron
Kellere Williams Elite Realty