PENDING SALESYear over year sales increases indicate a healthy turn for real estate in Naples & Bonita Springs. The months of February, March, April & May all showed increases in terms of number of pending sales reported to the MLS system. Overall pending sales for the four months were up over 20% over 2007, with 3052 pending sales in 2008 compared with 2533 for the same four months last year. May had the largest gain at 40%, with 749 sales compared to 532 for the same period in 2007.
MEDIAN PRICES
Median prices showed a slight improvement, mostly likely due to the increased activity, however they are far below their 2007 levels.
These two graphs indicate that we are experiencing a smooth return to a more healthy balanced market. The adjustment is complete for sales activity as the bottom as come and gone. We expect to see activity continue at the current pace, just above 2007 levels, but well below the over heated market of 2005. Meanwhile, pricing is still finding it's bottom, although the upturn in May could indicate a bottom has been reached. Unfortunately, the view of the bottom can't be seem until it has passed, so we will know in a few months.
