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Sales are steadily increasing as inventory continues to decline

Real estate sales activity continues to increase with single-family home sales and the Naples Beach area is leading the way 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).

For the 12 months ending September 2011, all Naples geographic areas showed an increase in pending sales compared to the same 12 months in 2010. Properties in the Naples Beach area remain in the highest demand with 1,776 contracts for the 12 months ending September 2011 compared to 1,471 contracts for the 12 months ending September 2010.

Single-family pending sales in the $500,000 to $1 million price category increased 30 percent in the third quarter, and the average days a property was on the market decreased 11 percent. The sales activity is shifting from the low end market to higher priced properties

Naples Real Estate Market Observations

Closed Sales

Closed sales units through September are up 5% over the same period 2010, and the highest for the period since 2005. The Median sales price year-to-date remains approximately the same as 2010 and just slightly higher than 2009. Although the number of closed sales is down slightly from September 2010, they remain among the highest for the month during the past 12 years.

Pended Sales

The number of pended sales recorded in September is the highest since March and among the highest on record for the month. Year-to-date pended sales priced between $1,000,000 and $5,000,000 are up 11% over the same period 2010. Sales above $5,000,000 remained level.  Monthly Pended sales priced between $1,000,000 and $2,000,000 are up 30% over September 2010. Properties priced above $2,000,000 maintained the same level as prior year.

New Listings

The number of new properties placed on the market through September is down 13% when compared with the same period 2010, and the lowest for the period since 2004. The number of new listings taken in September is down 9% from September 2010 and 31% from the peak for the month which occurred in 2006.  Total available inventory in the Naples, Bonita Springs, Estero market on October 1, 2011 stands at 7,459 units (4,052 condominiums and 3,407 single-family homes). This represents a 24% decline from October 1, 2010.