According to the press release issued on June 12, 2009 by the Naples Area Board of Realtors (NABOR), the headlines read:
SALES UP IN ALL AREAS
Report Shows 10 Percent Inventory Reduction
Just last month (see previous post) NABOR recorded a 16% decrease in inventory for properties over $300,000. Now, for May 2009, NABOR is reporting an overall decrease of 10% between May 2008 and May 2009. There is nothing like consistency...the number of properties sold has been increasing month-over-month consistently, the pending sales contracts have been increasing consistently, prices have been declining consistently (although there is now data that suggesting the free fall has ended), and now it appears the inventory is declining consistently.
The press release goes on to further highlight:
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Pending home sales for properties under $300,000 saw a 177 percent increase year-over-year
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The average days on market (DOM) decreased 24 percent to 155 year-over-year
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Single-family home sales increased 53 percent year-over-year
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Single-family pending homes sales increase 110 percent year-over-year
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Condo sales saw a 24 percent increase year-over-year
As for the over $300,000 category, over the last several months the precipitous drop in prices has ended with only 1 percent decrease in the median price over the last 12 month period according to the president of local real estate company, Tom Bringarder.
I like the outlook very much, I've been busy... please visit www.BobPisa.com for more detailed information in the Local Area Information section.
