Inventory Hits 3 Year Low
Both home and condo inventory in the Naples area continue to steadily decline. The inventory is now at a 3-year low within Collier County (excluding Marco Island). The inventory decreased 9 percent in the second quarter of 2010 to 8,845 properties compared to 9,681 properties in the second quarter in 2009. Inventory within the Naples area has reached an equilibrium between supply and demand with only 11.3 months of inventory.
Condo Sales increased 31 percent with 1,270 sales in the second quarter of 2010 compared to 968 sales in the second quarter of 2009. The overall median closed price also increased 14 percent to $200,000 in the second quarter of 2010 from $175,000 from the second quarter in 2009.
Naples continues to see increases in sales and decreases in inventory, showing that there is still a good demand for homes in Naples. It is still a great time to buy a home or condo in the Naples area in any price range.
The full report from the Naples Area Board of Realtors for the second quarter can be found here.