Overall inventory continues to fall and currently stands at approximately a nine-month supply.
Market activity continued at an active pace during the month of June, as buyers began returning for the summer “buying season”. Inventory continued to drop and the median sales price is up substantially since the beginning of the year.
Closed sales are up over prior year in all price segments with the exception of properties priced above $5,000,000, which remains approximately even with the same period in 2010 (17 closed year-to-date 2011 versus 16 in 2010). Closed sales between $1,000,000 and $5,000,000 are up 15% over the first six months of 2010. Median sales prices have increased 18% since January 2011.
Pended sales above $1,000,000 posted a 25% increase for June 2011 over June 2010. Year-to-date pended sales are approximately even with the same period in 2010, and the third highest on record for the period.
The number of new listings placed on the market in June was the lowest for the month since 2004. Available inventory in Naples, Bonita Springs, and Estero markets stand at 7,589 units (4,027 condominiums and 3,562 single family homes). This represents a 22% decrease from July 1, 2010.
See the full report here: Market Report June 2011