National market still down, BUT…

The national real estate market may not be trending upward, but if there’s one thing we should remember it is that Florida – including Naples – is not like the rest of the country. As reported in the Naples Daily News:

FAR’s April report reveals a 20 percent increase in single-family existing home sales over the course of the month, with the number of home sales climbing from 9,330 homes sold in March to 11,200 sold in April.

While the numbers for the entire state are still slightly down from last year’s, Southwest Florida has actually experienced a significant increase in sales over the period. This could be due to more dramatic price corrections in the Naples and Fort Myers areas, compared with the rest of the Florida and the U.S.:

Over the past year, the median sales price has dropped 29 percent in the Fort Myers-Cape Coral area, compared to a 17 percent decrease across the state. Nationwide, NAR reports the loss to be 8 percent.

Numbers like these suggest that we may be ahead of national trends – which means the Naples market could begin to creep upwards upwards well before the national market.

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