Naples Real Estate Sales up 87 Percent
Downing-Frye Realty is now posting a newsletter to keep everyone up to date on the market. Here is the current issue.
October 2009 – Buyer conditions couldn’t be better in the Naples area as August culminated in strong sales, 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).
Overall pending sales, which are a key indicator of buyer activity, increased 87 percent with 862 contracts in August 2009 compared to 461 contracts in August 2008.
The report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation, and includes an overall market summary. In detail:
Overall closed sales saw a 38 percent increase with 545 sales in August 2009 compared to 395 sales in August 2008.
Single-family pending sales increased 86 percent with 483 contracts in August 2009 compared to 260 contracts in August 2008.
Single-family pending sales for properties less than $300,000 saw a 106 percent increase with 344 contracts in August 2009 compared to 167 contracts in August 2008.
The available inventory decreased 13 percent to 9,163 in August 2009 compared to 10,532 in August 2008.
According to Mike Hughes, Managing Broker of Downing-Frye Realty, “The average days a property was on the market decreased 21 percent to 160 in August 2009, down from its peak of 202 days on the market in May 2008. This decrease demonstrates that buyers are motivated.”
Condo pending sales increased 89 percent with 379 contracts in August 2009 compared to 201 contracts in August 2008.
Hughes also said, “Pending sales contracts for September 2009 have outpaced last September by about 20% with sales of properties below $500,000 continuing to lead the way. September, which is usually a slow month, showed positive activity. Looks like the active summer season has spilled over into the fall.”
Source: NABOR, Naples Area Board of Realtors