Our Low Rise Statistics show that we currently have 102 active listings on the market with 13 pending sales and 32 closed sales. Since April 30^th, Low rises have seen a decrease in active listings and increases in closed sales and unsold listings. As of June 18, 2008, 58% of all Low Rises are failing to sell. The average price of an unsold low rise listing in Pelican Bay is currently at $622,861.00.

 

The bulk of Low Rises closed sales, 23 of the 32 closed sales, are all under $599,999.00. Since the beginning of the year there has only been one sale between $600,000.00 - $699,999.00. There were 7 sales between $700,000.00 - $1,150,000. 16 of those 32 closed sales were 3 bedroom units with an average sales price of $558,938.00. It is interesting to note that the average price of an active 3 bedroom listing is $637,929.00, while the average price of an unsold 3 bedroom listing is $641,968.00. I guess these sellers have not read my blog entry Strip Joints and Selling Houses. Average days on the market for closed sales is currently at 231 days. The average days on the market for active listings is slowly creeping upwards and is now at 202 days. The average list price to sale price differential is 8.04%.

 

Pelican Bay Mid Rises are not as abundantly on the market as are the Low Rises. There are only 20 Mid Rise active listings on the market in Pelican Bay as of June 18^th. While the average days on the market for active listings is higher (248 days) than low rises, only 39% of all mid rises are failing to sell vs 58% of all low rises. There has only been one sale between $650,000.00 -$699,999.00 and no sales between $600,000.00 - $649,999.00. The average list price to sale price differential is 6.98%.

 

Pelican Bay High Rises have seen the inventory on active listings decrease since April 30^th, however, the unsold units have increased from 57% to 66%. This leads me to believe that many sellers, not being able to obtain the prices they wanted, took their units off the market for the summer. Of the 42 closed sales since the beginning of the year, 11 of them were under $999,999.00, while 13 of them were between $2,000,000.00 - $2,999,999.00. Of the 76 unsold units, 20 of them were between $1,000,000.00 -$2,000,000.00. 70% of two bedroom units with an average price of $923,299.00 failed to sell.

 

Pelican Bay’s listing inventory has been declining; however the number of unsold units has been increasing. This seems to indicate that sellers are taking their residences off the market. I would guess that these sellers plan to wait until the market catches up to the price they would desire to sell.

 

Naples Statistics show that prices in Naples have decreased in both single family homes and condomimiums.

 

The Gulf water temperatures have been hovering around 90 degrees this week. We have been experiencing some showers, which are much needed. 

 

The canvas at the North Beach has been replaced and the Sandpiper has some great daily dinner specials should you be in town and desire to enjoy a sunset with your dinner. Memorial Day brought out a tremendous turn out for the Memorial Day BBQ. Friday, July 4^th, the Sandpiper will have an all day BBQ from noon until 8:00 PM. I hope the Sandpiper can keep up with the crush of people that I think will come out.

 

I wish you all a safe and happy 4^th of July holiday and I hope you can celebrate it in Pelican Bay.