RISING SALES, DECLINING INVENTORY
Naples Area Real Estate Transactions Released
So reads the headlines from the January 15, 2010 press release from the Naples Area Board of Realtors (NABOR) reporting in the December 2009 results. NABOR reports home sales in all of Collier County excluding Marco Island.
The press release reiterates that the favorable market conditions boost sales and continue to decrease inventory. NABOR's Media Relations Director is quoted to say that the inventory decreased nine pecent on the under $300,000 segment and as much as 25 percent in the $300,000 to $500,000 range.
Other points in the press release are:
- Overall condo pending sales increased 69 percent with 4,243 contracts in 2009, compared to 2,505 contracts in 2008.
- The days a property was on the market in 2009 decreased 11 percent to 160 days on the market, compared to 179 days in 2008.
- The overall median closed price decreased 35 percent to $178,000 in 2009 from $274,000 in 2008.
- Excluding the $300,000 and under segment, comprising a majority of foreclosure related property sales, the overall median price for the market declined only 7 percent from $565,000 in 2008 to $525,000 in 2009. The median refers to the middle value in a set of statistical values that are arranged in ascending or descending order, in this case prices at which homes were actually sold.
- The fourth quarter of 2009 showed overall pending sales increasing 92 percent with 2,455 contracts, compared to 1,276 contracts in the same quarter of 2008.
- Sales steadily move to higher priced ranges for both single-family pending and closed sales increased in all price ranges below two million.
- Single-family home sales in the $300,000 to $500,000 price range increased 43 percent with 163 sales in the fourth quarter of 2009 compared to 114 sales in the fourth quarter of 2008.
- Single-family pending sales in the $500,000 to $1 million price range increased 63 percent in the fourth quarter with 114 contracts compared to 70 contracts in the fourth quarter of 2008.
- December 2009 proved to be a strong month in pending and closed sales as market conditions improved and buyers' optimism grew.
- There are double digit increases in all geographic areas in overall pending and closed sales
Visit BobPisa.com for more market data and 2009 year-end review
