According to a report released Friday by the Naples Area Board of Realtors, The Naples real estate market is strong as the overall inventory continues to decrease and the overall median closed prices stabilize.
The decrease in inventory seems to be equal in both single-family homes and condos, which local Realtors view as another positive sign. The single-family home inventory decreased 22 percent and condo inventory decreased 20 percent in August 2011, compared to the same month the previous year.
Judy Green, president & CEO of Premier Sotheby’s International Realty, stated, “We are gearing up for what we believe will be a very strong season”.
In August, every median closed price for properties were positive except for properties under $300,000, according to a NABOR report, which is attributed to distressed properties that are in foreclosure or short sales.
The total median closed price for single family homes and condos was $177,000 for the 12 months ending in August. That was a 4 percent decrease from $185,000 during the same period last year, according to a NABOR report. The median is the price at which half the homes sell for more and half for less.
The median closed price for properties over $300,000 grew 2 percent to $550,000 for the 12 months ending in August, compared to $540,000 during the same period last year, according to a NABOR report.
The total median closed price increased 9 percent. It was $170,000 in August, up from $156,000 in August 2010.
In the 12 months ending August, overall pending sales grew 5 percent with 10,107 contracts, compared to 9,607 during the same period last year.
In the 12 months ending in August, there were 4,880 pending condo sales. That was up 12 percent from 4,371 condo sales in the previous year, which is viewed as another positive sign.
Single-family home pending sales increased 5 percent to 457 contracts in August, up from 436 contracts in the same month the previous year.
Yet, single-family closed homes sales saw a slight decline with 314 in August, down from 323 in August 2010.