Naples, Bonita Springs, and Estero Real Estate Market Report.

Attached are the October market stats for Naples, Bonita Springs, and Estero markets. The good news is that inventory is lower now than a year ago. The bad news is that inventory of single family homes and condominiums priced under $250,000 continues to increase, and is higher in 2008 than 2007. Since many foreclosures and short sales fall into this segment, it is likely that this will not change in the near term. Other than single family homes over $5 million, which also shows an increase, all other price segments have decreased from 2007 levels. Since October and November are typically the time of year when listings increase, it remains to be seen whether the pace of sales will also increase and extend this trend.

Also in the category of good news for the market is the ratio of pended sales to new listings taken. Year-to-date October 2007, there was one sale for every four new listings taken. In October 2008, that ratio has improved to one sale for every three new listings taken.

Excellent opportunities abound in the market and now is the time to take advantage of them. Be sure to ask John R. Wood agent Ed Gongola for specific information about communities you may be considering, or about your own community if you are thinking of selling.

Email me for a printable version of the report:

ed@edgongola.com