“Summer has been hot for Naples Realtors.” Home and condo resales were up nearly 40 percent in August. According to the Naples Area Board of Realtors August report, there were 545 sales, up from 395 in August of 2008. The report tracks Realtor sales made through the Sunshine Multiple Listing Service(MLS), in Collier County excluding Marco Island. Brett Brown, NABOR’s president said,”the sales show a boost in consumer confidence in the local market and people see the compelling reason to purchase
properties at this point with interest rates being low.”
Pending sales increased 47 percent from August,2008 to August,2009. Foreclosures and short sales continue to drive the market. In the Naples area, the median price of a home continues to drop. In August it was $170,000, down from $235,000 a year ago. Out of a total of 545 home and condo sales in August, 396 sold for less than $300,000. North Naples saw the most sales at 132, next was East Naples with 130 sales in August.
Mike Hughes, vice president of Downing-Frye Realty in Naples said,”June, July and August were very strong months, his company had 188 pending contracts this August, last August they had 116.” “Choice properties continue to sell quickly as more buyers come off the fence to take advantage of lower interest rates and prices,” Hughes said. “Most of us feel the interest rates will climb over the next couple of years,” he said.
Properties are being snatched up by investors and first-time buyers wanting to take advantage of the $8,000 federal tax credit that will soon expire. “The inventory of homes and cndos on the market shrank to 9,163 last month, down 13 percent from 10,532 a year ago.”