This summer produced a pretty quiet real estate market.  Since August 5^th, there has only been eight pending low rise sales in Pelican Bay.  We have only had 7 closed sales since that time.

In doing the statistics this time, I decided to include all the unsold units because I wanted to see a larger picture of what is failing to sell.  The Unsold/Expired category now includes all the terminated and withdrawn listings.  Many times if a unit fails to sell the listing agent will terminate the current MLS number and then re list the unit under a different MLS number with the lower price.  Since January 1^st , there have been 248 price changes for low rises in Pelican Bay.

When I included the terminated and withdrawn listings, the percentage of unsold properties was startling.  As of today, 70% of all the low rise listings are failing to sell.  The average asking price of these listings is $624,313.00. 

Let's take a look at low rise units in Pelican Bay by price range.  Of the 102 active listings there are currently 21 active listings between 450,000.00-499,999.00 with an average market time of 189 days.  Listings between $500,000.00-$549,999.00 have an average market time of 219 days, while listings between $550,000.00 - $599,999.00 have an average market time of 224 days. 

What is the market time for low rise units that are NOT selling?  Of the 125 properties that failed to sell, 26 of them were between $550,000.00 - $599,999.00 with an average market time of 226 days.

What has been selling?  Of the 52 low rise closed sales, 23 of them were under $549,999.00 with an average market time of 151 days on the market.  This shows us that 44.23% of the low rise market is under $549,999.00.  The closed sales indicate that if your current listing price is over $549,999.00 you will have a longer marketing time.

Of the 52 closed sales we have had so for this year, 33.4% of all 3 bedroom low rise units in Pelican Bay have sold versus only 17% of the 2 bedroom units.  83% of all the 2 bedrooms units in Pelican Bay are failing to sell, while 70% of all low rise listing are failing to sell.  Of the 102 active low rise units on the market currently, 40% of those listings are 2 bedroom units with an average asking price of $520,344.00.

The average sales price of a 3 bedroom low rise in Pelican Bay is $589,840.00.  The average asking price of a 3 bedroom low rise in Pelican Bay is $666,489.00.  The average price of a 3 bedroom that is not selling is $671,091.00. 

Hopefully I have not bored you will all these statistics.  It appears to me that the market is still trying to adjust.  I am looking forward to seeing what this season will bring.  The Euro is still strong against the dollar, while the Canadian dollar is on par with ours.  There are tons of baby boomers that still could enter this market.  All these factors could help the market here in Pelican Bay.  Keep in mind that while all of Naples has an inventory that could last for 31 months, low rises in Pelican Bay have an inventory that could last 19 months.  This places Pelican Bay in a stronger position then the general Naples market.

Here are the statistics as of November 3, 2007

If you owned in Pelican Bay you could........................