NAPLES REAL ESTATE SHOWS STABILITY IN AN UNCERTAIN ECONOMYReport Shows Inventory Decreased 19 Percent
NAPLES, Fla.-August 12, 2011- Key indicators such as pending sales, inventory and the median closed price show signs of real estate stability during challenging economic times, 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).
Overall pending sales increased two percent with 776 contracts in July 2011 compared to 760 contracts in July 2010. The median closed price for properties over $300,000 increased two percent to $550,000 for the 12 months ending July 2011 compared to $540,000 for the 12 months ending July 2010.
“The fact that we are not seeing volatility in the residential real estate market is positive. Home prices and sales are level but seem to be trending upward, inventory is declining, the average days on the market are declining, all indicators of the stabilization process,” said Tom Bringardner, President/CEO of Premier Commercial, Inc.
“The decrease in the percentage of non-traditional sales, foreclosures and short sales, is contributing to the stabilization and is good news for the real estate industry,” said John Steinwand, President of Naples Realty Services.
In July 2011 the Naples area saw 87 foreclosed sales compared to 250 in July 2009.
According to Kathy Zorn, Broker/Owner of Florida Home Realty, “There were more closed sales recorded in the first seven months of 2011 (8,110) than there are available in our current inventory (7,010) which sends an encouraging message to consumers that our market is stabilizing.”
The July report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
• Overall pending sales for the 12 months ending July 2011 increased 3 percent with 10,030 contracts compared to 9,785 contracts for the 12 months ending July 2010.
• Single-family home pending sales increased 3 percent in July 2011 with 447 contracts compared to 432 contracts in July 2010.
• Condo sales for the 12 months ending July 2011 increased 3 percent with 4,108 sales compared to 3,995 sales for the 12 months ending July 2010.
- Since March 2007, NABOR's inventory has been reduced by over 5,000 units.
- In April of 2007, NABOR started tracking the months of inventory. In the first month of tracking, April 2007, NABOR reported 34.78 months of inventory. Since the first month of tracking, the inventory has been reduced substantially over the years and demand has picked up. As a result, as of July 31, 2011, NABOR is reporting 8.83 months of inventory, which is the lowest since we started tracking months of inventory.