The Year in Review from Love The Dunes Team
2010 has ended, and, as is our practice, we want to give our readers a good picture of the Naples real estate market. Though the media is filled with Doom and Gloom reports, the real story in our market place turned out to be pretty good.
The total sales recorded in Sunshine MLS for Residential listings were 7833, January 1 through December 31. That’s a solid 10% growth year over year, with 2009 showing 7128 sales during the same period. Furthermore, the gains were present in every category. Condos showed the strongest growth, +18% and single family homes were up 3%. Since most of our readers live in high rises, I also checked that sub category, and found high rise sales were up 25% for a total 421 recorded transaction on Sunshine MLS.
Digging deeper, we found only one category showed year over year declines, and that was Single Family sales under $500,000. Single family homes over $1,000,000 were up 33% for the strongest sub category growth. There were eight sales in Port Royal over $10,000,000 and the highest recorded sale in MLS in 2010 was $22,000,000. Condominium sales were up in all categories, with the highest sale recorded in March in Bay Colony at $7,900,000.
In The Dunes, sales were up over 100% for high rise condos, with 46 in 2010 vs 22 in 2009. Low rise sales were only 2 this past year, vs 4 in 2009. The highest sale in The Dunes was a penthouse unit in Grande Excelsior at $1,750,000 and the low was $425,000 in Island Cove for a lower floor unit.
One last note of good news: current active listings are just over 8000, which equates to just over a year’s worth of inventory at the current of sales. That’s down from a 3+ year supply just a couple of years ago.
Who would dare make specific projections for 2011? Certainly, not this writer but I can report that momentum is good, calls and showings are up. For buyers, it is time to make the decision. For sellers, there is hope for a good result, as long as the listing price is in line with recent sales in the neighborhood and the broader category.
If you’d like further information, call The Love The Dunes Team at South Bay Realty, 239-289-1351 or stop by our Vanderbilt Beach office any day. One of us is always available to help you.
