Naples May Market Report
May 2010 – There are no signs of a seasonal slow down in the Naples area, as home sales surged in the first quarter of 2010 according to a report released by the Naples Area Board of REALTORS (Nabor), which tracks home listings and sales within Collier County (excluding Marco Island).
In the $1 million to $2 million price segment, the number of pending sales doubled with 146 contracts in the first quarter of 2010 compared to 73 contracts in the same quarter a year ago. The average days a property was on the market decreased 10% in this price segment in the first quarter of 2010.
Condominiums are leading the market improvement as overall pending sales increased 75% in the first quarter of 2010 to 1,679 contracts compared to 957 contracts in the first quarter of 2009.
Condo closed sales in the $500,000 to $1 million price range increased to 96 closed sales in the first quarter of 2010 compared to 48 closed sales in the first quarter of 2009.
Overall pending sales saw a 55% increase, with 3,346 contracts in the first quarter of 2010 compared to 2.160 contracts in the first quarter of 2009.
Overall closed homes sales under $300,000 increased 40% with 1,393 sales in the first quarter of 2010 compared to 992 closed sales in the first quarter of 2009.
Single family pending sales increased 30% with 1,667 contracts in the first quarter of 2010 compared to 1,203 contracts in the first quarter of 2009.
The available inventory decreased 15% to 9,557 properties in the first quarter of 2010 compared to 11,211 properties in the same quarter a year ago.
According to Mike Hughes, Vice PResident of Downing Frye Realty, “Our transactions for April 2010 were up 70% over last April. We’ve already closed over 1,000 transactions this year. Buyers have recognized the values and are jumping on board. If there was ever a time to secure a great location at a great price, this is it, and apparently the word is out.”
Source: Naples Area Board of REALTORS
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