The Naples Park area housing market shows stability despite the ending the of the homebuyer tax credit, financing challenges, and the news of the oil spill in North Florida.
Here are some figures on Naples Park Home Sales for the 3rd Quarter 2010.
Average List Price $ 181,581
Average Sold Price $ 178,331
Low Sold Price $ 62,000
High Sold Price $ 370,000
Mediam Sold Price $ 167,500
Single family closed sales decreased 32% with 26 sales in the third quarter of 2010 compared to 38 sales in the third quarter of 2009. Many believe this is a result of the gulf oil spill, ending of the home buyer tax credit, and financial turmoil overseas. September 2010 returned to pre July/Aug levels (see attached graphs).
The overall median closed price decreased 2% in the third quarter of 2010, to $167,500, down $3,300, from the $170,800 registered in the third quarter of 2009. The median price is the price where half of the properties sold for less and half sell for more.
FORECLOSURE MORATORIUM
As a result of the foreclosure moratorium there is uncertainty about the future real estate market. Some people believe that the lack of foreclosures may stimulate the sale of non-distressed and short sale properties. This may result in a slight increase in average sale prices. However, there is a possibility that when the foreclosure issues get resolved there will be an increase of those properties entering the market and putting a downward pressure on prices.
October 19, 2010
NAPLES PARK HOUSING MARKET 3rd QUARTER 2010
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