The Naples Area Board of Realtors recently released a report stating that May home sales in the Naples area saw an increase of 101 percent with 1,029 pending sales in May compared to 511 in May 2008. “The report tracks home listings and sales within Collier County, excluding Marco Island.”
For the 12 months ending in May 2009 home sales increased 36 percent to 5,446 compared to 4,005 for the 12 months ending in May of last year. The report also showed a 10 percent decrease in the amount of homes on the market compared to May 2008.
NABOR President Brett Brown said,”the numbers reflect a trend toward decreasing inventory, leveling prices and speedier turnarounds on home sales that took shape in November.”
“Overall median sale prices halved since last May, down from $314,000 to 174,000. The median for houses priced above $300,000, a group that accounts for a little over half of Collier homes for sale, decreased 1 percent.”
Brown also stated that the foreclosure & short sale market can’t be ignored. “In Naples there were 1,118 foreclosed properties in May 2009, according to RealtyTrac, an online marketplace for foreclosure properties and those properties will start to generate sales as interest rates go up and incentives, like the First Time Home Buyer tax credit, remain.”
Other area real estate brokers believe the expediting of foreclosure and short-sale processes has helped sweep properties off the market quickly and curb a build-up of houses on the market.
In the under $300,000 market the number of pending sales is 5,160 in the 12 months ending in May, a 177 percent increase from the same time last year.
John Steinwand, principal broker at Naples Realty Services Inc. said, “the market has been slowly recuperating and fortunately for buyers there are still foreclosures and short-sales to get them their piece of Florida at a very attractive price.”