As the year draws to a close and national news media report that pending home sales were up in October, it’s interesting to look at what’s happened so far this year in the local real estate market compared to last year.
The number of houses that have sold locally this year compared to last year is relatively steady. During the first 11 months of 2011, 103 houses sold in the Belmont Shore/Naples area, slightly up from the 100 homes that sold during the same time period last year, according to the Multiple Listing Service (MLS).
Sales prices are down, though, year over year. The average sales price was $875,290 for the first 11 months of 2011, down from $983,264 for the same time period last year. The average price per square foot was $486 this year, compared to $510 last year.
Condominium sales in the area are up a little, with 62 condos sold in the first 11 months of 2011 compared to 56 in the same time period of 2010. Prices, however, have also declined for condos, from an average sales price of $409,818 last year to $380,949 this year. The average price per square foot for condos sold so far this year was $332, compared to $356 last year.
One factor in the price decline is the continued presence of distressed sales in the market, including both short sales and foreclosures.
Information is from the Multiple Listing Service (MLS) and is deemed reliable but not guaranteed.