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Paradise Coast Real Estate: Buyers decend on Naples area, Real Estate sales continue to rebound

“Buyers descending on Naples area as home sales continue rebound”

Naples Daily News—Friday, August 15, 2008

Home sales continue to recover as more take the steps to purchase.

The Naples Area Board of Realtors has reported that home sales in Collier County have continued to rise in July. Overall sales are up 31 percent when compared to a year ago, with single family home sales increasing 22 percent and condominium sales up 43 percent. The July report also noted that pending sales—those that have yet to close—grew by 75 percent. Pending sales on higher priced homes–$500,000 to the 1 million category, rose to 62 percent in July.

Since buyers are making offers and following through with purchases of property, the inventory of homes is continuing to shrink. The selection of quality properties at unbelievable prices is slimming. Second-home buyers from up north made purchases this summer after viewing the properties this past winter and waiting for the prices to drop in the slower summer months. In communities such as Bay Colony, Pelican Bay and Bonita Bay there is less than a year’s worth of inventory for single-family homes.

Many Paradise Coast Realtors report that they are seeing the market turning around. The coastal areas, Olde Naples, Moorings, Park Shore, Pelican Bay, Bay Colony and Vanderbilt Beach, are the first to come back, with other areas gradually following.

To see NABOR’s full report, go to www.naplesarea.com.