Low Rises in Pelican Bay saw 188 listings come on the market in 2007 with an average asking price of $626,289.00. There were a total of 58 closed sales with an average sales price of $574,816.00 reflecting a 14.220% decrease in sales price from the average sales price of $670,107.00 in 2006. Of the 58 closed sales that took place, 13 of them sold between $500,000.00 -$549,999.00.

 

In 2005 there were 119 sales with an average price of $600,768.00. 2004 had 138 sales with an average price of $445,833.00. Low Rises are still over the 2004 average sale price. The largest gain, 34.75%, took place between 2004 to 2005.

 

Of the 188 listings that came on the market, 71% of all those listings failed to sell. The average price of the unsold units was $624,667.00. Of the 58 closed sales that took place, 13 of them sold between $500,000.00 -$549,999.00.

 

Midrises in Pelican Bay had 47 listings come on the market in 2007 with an average asking price of $747,087.00. There were a total of 17 closed sales with an average price of $725,176.00 reflecting a .86% decrease in sales price from the average sales price of $731,467.00 in 2006. Of the 17 units that sold, 4 of them sold between $450,000.00 - $499,999.00.

 

Of the 47 listing that came on the market, 48% of those listings failed to sell. The average price of the unsold units was $669,581.00.

 

High Rises in Pelican Bay had 199 listings come on the market in 2007 with an average asking price of $1,718,332.00. There were a total of 108 closed sales with an average sales price of $1,617,143.00 reflecting a 11.838% decrease in the average sales price of $1,834,291.00 in 2006. Of the 108 units that sold, 21 of them were between $1,000,000.00 - $1,4999,999.00.

 

Of the 199 listings that came on the market, 33% failed to sell. The average price of the unsold units was $1,558,381.00. 

 

Detached Villas in Pelican Bay had 32 listings come on the market in 2007 with an average asking price of $1,571,900.00. There were a total of 19 closed sales with an average sales price of $1,620,526.00 reflecting a 2.267% decrease in the average sales price of $1,658,125.00 in 2006. 

 

Of the 19 listings that came on the market, 17% failed to sell. The average price of the unsold listings was $1,677,000.00.

 

Attached Villas in Pelican Bay had 41 listings come on the market in 2007 with an average asking price of $1,012,894.00. There were a total of 18 sales with an average closed sales price of $1,035,940.00 reflecting a 16.807% decrease in the average closed sale price of $1,245,227.00 in 2006. Of the 18 closed sales, 7 of them were between $1,000,000.00 - $1,499,999.00.

 

Of the 41 listings that came on the market, 40% of them failed to sell. The average price

of the unsold listings was $952,458.00.

 

Single Family homes in Pelican Bay had 50 listings come on the market in 2007 with an average asking price of $2,480,345.00. There were a total of 30 closed sales with an average closed sales price of $2,436,667.00 reflecting a 23.451% decrease in the average closed sale price of $3,183,182.00 in 2006. Of the 30 closed sales 12 of them were between $1,000,000.00 -$1,500,000.00.

 

Of the 50 homes that came on the market, 49% of them failed to sell. The average price of the unsold listings was $3,473,517.00.

 

 

If you are a buyer waiting for prices to come down, you may have missed the boat if you wanted to own a Single Family Home, a Detached Villa or a High Rise in Pelican Bay this year. The number of sales for the amount of inventory in these categories has lowered the expected projected time these properties will be on the market. While I am sure there still are some good buys today, I do not except buyers will find “steals.”

 

Low Rises, Mid Rises and Attached Villas in Pelican Bay still show a higher absorption rate and a higher percentage of unsold units. This leads me to believe that the prices on these categories might still need to adjust a bit. I think the problem is that there are a number of sellers who don’t “have to” sell but would “like to” sell. The “like to” sellers push up the number of active listings which extends the absorption rate. Currently it would take 29 months to absorb all the low rise listings on the market in Pelican Bay.

 

Let’s just look at Low Rises for a moment. With 71% of all low rise listings failing to sell, that tells me that there are a lot of unmotivated sellers on the market. A buyer will have to find the 29% that “want to” sell. There were 20 Low Rise 3 bedroom units that sold in Pelican Bay last year with an average selling price of $589,840.00. If a buyer was to see a 3 bedroom unit priced at $549,900.00, they should recognize that it could be priced below market depending on size, view, condition etc. Should they want to see if the market will come down…………..NO!

There are too many nervous buyers sitting on the fence trying to make up their minds to purchase today. My advice to these buyers is to find an experienced Realtor who can give them some pertinent statistics and back up those statistics with an informed opinion.

 

My advice to all sellers whether they are Pelican Bay or all of Naples is this: either price your home properly or do not put it on the market. An experience Realtor will be able to view your home, give you statistics, and tell you what price you should market your home.