Sales outpace new inventory
The first quarter of 2009 ends on a high note, as the real estate activity in the Naples area continues to increase, according to a report released by the Naples Are Board of Realtors (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
The increase in sales indicates that the Naples real estate market is making a comeback. An upward swing in the local market has boosted consumer confidence, attracting buyers who had been cautious due to watching national trends.Over the last 12 months, overall sales continue to hold steady with a slight increase to 5,091. Kathy Zorn, Broker/Owner of Florida Home Realty of Collier County, acknowledges that, “The first quarter of 2009 shows a 30% increase in overall home sales for the last 12 months. Single-family home sales also saw a 52% increase. This is encouraging.”
Significant increases in the number of buyers actively looking at residential property are being reported by area realtors, noting that realistic pricing adjustments have spurred buyers to get off the fence.
Overall home sales for properties under $300,000 saw a 113% increase, with 964 sales in the first quarter of 2009 compared to 452 in the first quarter of 2008.
Single-family homes sales under $300,000 increased 242% with 510 in the first quarter of 2009 compared to 149 in the first quarter of 2008.
The overall median closed price decreased 36% to $237,000 for the 12 month ending March 2008. The inventory in the under $300,000 single -family home market has a current 14 month supply, down from 45.6 months of inventory in March 2008. ”There is a narrow window for qualified buyers looking for homes under $300,000,” stated Mike Hughes, Vice-President of Downing-Frye Realty.
Pending sales in the under $300,000 price range continues to lead the way in March 2009 increasing 194% with 808 compared to 275 in March 2008. The average days on the market decreased 14% to 159 compared to 185 in March 2008.
Courtesy of NABOR
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