At least that is according to NABOR - Naples Area Board of Realtors - in a press release dated July 15, 2008. "Sales up, Inventory Down..." so the headline goes.
I have to say, since this is one of the key markets that I work in this great news!
Pending sales are increasing. You can see the trend charts on my web site www.BobPisa.com, just scroll down a little. Pending sales trends are a leading market indicator as these newly written contract turn into sales in 30 - 60 days usually.
Properties that are priced right, i.e priced at the current market, are selling.
What's HOT!
Single family homes under $300,000 continues to be the hot segment. Pending sales for June year-over-year are up more than 200% at 863 units versus 400 in 2007. Sold units are up 76% YOY at 627 units versus 355 in 2007. The median sold price is down some 17% and that's what is driving all the activity. The inventory is still strong with virtually no change and all this adds up to...it's a good, no great, time to buy properties that are priced right. They are out there.
Not surprisingly, the hot market for condos is also the under $300,000 category with an increase of 19% in pending sales, an increase of 23% in closed sales, and a 9% decrease in the median sold price.
Where is it HOT! - North Naples for single-family and North Naples and Naples Beach for condos.
You can download the complete report here.
Happy hunting...www.BobPisa.com
