Naples numbers show stronger homes market
The Naples real estate market is strong as the overall
inventory continues to decrease and median closed prices stabilize, according
to a report released Friday by the Naples Area Board of Realtors tracking home
listings and sales
- The overall inventory is at its lowest level since NABOR
started tracking inventory in January 2007, said Brenda Fioretti, NABOR
president and managing broker of Prudential Florida Realty.
- The available inventory in August is 6,930 properties, a 21
percent decrease compared with 8,745 properties in August 2010.
- The decrease in inventory seems to be equal in both
single-family homes and condos, which local Realtors view as another positive
sign. The single-family home inventory decreased 22 percent and condo inventory
decreased 20 percent in August, compared to the same month the previous year.
- In
August, every median closed price for properties was positive except for properties
under $300,000, according to a NABOR report. Fioretti attributes that to
distressed properties, which include foreclosures and short sales.
- The
total median closed price for single family homes and condos was $177,000 for
the 12 months ending in August. That was a 4 percent decrease from $185,000
during the same period last year, according to the NABOR report. The median is
the price at which half the homes sell for more and half for less.
- However,
the number of foreclosure sales decreased almost 50 percent from 179 sales in
August 2010 to 88 sales in August of this year, which means foreclosures are
moving off the market, Fioretti said.
- Several
analysts have predicted that sale prices will continue to drop in Naples in the future.
- The
median closed price for properties over $300,000 grew 2 percent to $550,000 for
the 12 months ending in August, compared with $540,000 during the same period
last year, according to the NABOR report.
- The
total median closed price increased 9 percent. It was $170,000 in August, up
from $156,000 in August 2010.
By Tracy X. Miguel
tmiguel@naplesnews.com