The average Median Sales Price for the Overall Naples Market from January through July of this year is $605,527. Looking at the chart below, one could surmise from this update that the Naples housing market has levelled off finally. With the Median Sales Price point for each month dancing around $600K, are we going to be sticking around this level for a while? Interest rates seem to be sticking around 7% and housing inventory has been falling since March, two seemingly opposing forces that may cancel one another out. As with most things, details matter. Once we look at waterfront property, or new construction, the story starts to develop. Median Sales Price for new construction has been slipping the last couple of months while existing waterfront property is on the rise, especially waterfront property in ZIP 34102.
With most of the categories of the Naples housing market update being down, pending sales are up! So much so that the Median Sales Price in ZIP 34103 made up almost all of its losses from June. Bam, look at that spike! Buyers are out there, I talked to four at the 1660 Sandpiper St open house yesterday. Well, maybe three. Investors who throw out lowball offers in this market are not really buyers to me. Especially investors who won’t commit to working with one REALTOR®. I have been in this business long enough to recognize that type of investor who walks around a house, filling the air with preparatory phrases like “all the work that needs to be done and, oh, how much this will cost and how much of a risk this is…”. All the more reason to suggest that this home is probably not a good project for them. These investors often come back with better offers for the seller as the weeks go by. It’s almost as if that was part of the strategy from the beginning. A desperate listing agent might just try to convince their seller customer to reduce their price. Not this Naples agent.