The Naples beach area leads the way to market recovery with strong summer sales according to the recent report from the Naples Area Board of Realtors. Overall pending sales in the Naples beach area increased 13 percent with 112 contracts in July this year, compared to 99 contracts in July 2009.
The Median Closed price for single-family homes in the Naples beach area increased 123 percent. The Naples beach median closed price for single for single-family homes increased to $1,117,000 in July this year, up from $500,000 in July 2009. Condo pending sales saw a 6 percent increase with 328 contracts in July 2010 ,compared to the 309 contracts last year in July.
The available inventory declined 7 percent to 8,731 this July compared to 9,359 in the same month last year. Decreases in supply and increases in median price indicate the market is continuing to recover.