Naples Florida real estate sales for both homes and condos were of 50% for the first 9 months of 2006. Inventory of properties on the market is up 300% to over a 21 months supply.
The Fort Myers Cape Coral real estate market hasn’t fared much better, although sellers have adjusted quicker than Naples sellers. Both markets will be hit hard. Fort Myers and Cape Coral has already adjusted. The end result will be similiar, the time it takes to recover will be different. Naples market will stay down longer because they’ve been slow to respond, Fort Myers and Cape Coral is already showing signs of recovery as buyers are coming into the market.
Affordability is up as prices have come down. When inventory levels start coming down and pending sales start going up we’ll have a more definitive answer, and until this happens we can’t say the worst is over just yet. We are seeing signs of increased buyer calls, and increased showings, which is a ppositive sign heading into season.
2007 is already starting off much better than 2006 did.