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Naples Luxury Real Estate: Monthly Market Update September 2008

Naples Luxury Real Estate: Monthly Market Update September 2008

It’s not quite the sales volume we saw in 2005 (for obvious reasons), but the luxury real estate market in Naples continues to increase year after year.  The graph below shows the combined monthly sales volume of each development west of U.S. 41, from Vanderbilt Beach south to Port Royal.  While each individual community has experienced varying percentages of increase in 2008, the entire market has been realizing a 10% increase in sales volume since 2006.

Monthly Sales Volume for Naples Luxury Real Estate Market

The price per square foot varies greatly across the different price ranges, however, the days on market (DOM) and average discount from list price to sales price stays the same demonstrating the importance of pricing your home correctly.  Those sellers who are pricing their homes to the current market conditions are enduring fewer days on the market and realizing a greater sales price than those who start high and continually lower their asking price.

Sales for the last four months, West of U.S. 41

List Price

No. of Sales

Average Price/sqft

Average Days on Market

Average Discount

$0 – $499,999

63

$271

221

9%

$500,000 – $799,999

66

$358

227

8.64%

$800,000 – $1,199,999

46

$426

185

9.83%

$1,200,000 – $1,499,999

17

$501

167

11.99%

$1,500,000 – $1,999,999

34

$721

195

9.48%

$2,000,000 – $2,499,999

21

$656

263

12.13%

$2,500,000 – $2,999,999

19

$725

253

9.03%

$3,000,000 – over

27

$606

180

7.19%

As you start to break down the Naples luxury real estate market into individual communities, year after year, 2008 has realized more sales in almost all areas.  I would argue the numbers in Bay Colony and Naples Cay are down due to the lack of inventory on the market.  Any person looking for a beachfront condominium in Bay Colony would certainly agree.  Currently, there are only eleven units for sale in five beachfront buildings.

Year to Date Home Sales, 2007 Compared to 2008

Community

2007

2008

% of Change

Vanderbilt Condominium

24

28

16.7%

Vanderbilt Single Family

9

14

55.6%

Bay Colony

39

27

-30.8%

Pelican Bay Condominium

138

125

-9.4%

Pelican Bay Single Family

18

16

-11.1%

Naples Cay

10

7

-30.0%

Park Shore Condominium

75

105

40.0%

Park Shore Single Family

17

20

17.6%

Moorings Condominium

59

64

8.5%

Moorings Single Family

29

29

0.0%

Olde Naples Single Family

32

25

-21.9%

Port Royal Single Family

27

50

85.2%