Naples Real Estate Market up 10% for Pending Sales

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According to the latest report by the Naples Board of Realtors the real estate market, home inventory is now at 2003-2004 levels and the pending sales is up 10% for the month of May. This is further positive news for the Southwest real estate market that the market is stabilizing and improving. Overall pending sales increased by double-digit percentages in all price ranges, except in the under-$300,000 price category, NABOR said in a statement. The under-$300,000 price category increased 6 percent in May 2012 compared to May 2011, according to the prepared statement. The overall median price of sales increased 8 percent from $175,000 to $189,000 for the 12-month period ending May 2012, according to the NABOR report.

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Realtors in the Naples market are seeing a higher demand for higher priced homes. In February, 116 homes and condos sold for $500,000 or more. That compared to 98 in the same month a year ago, according to a monthly report by the Naples Area Board of Realtors. Many of the sales were attributed to Foreign Buyers buying second homes in the Naples area. Pending sales – or contracts written – for homes priced at $500,000 or more rose in February too. There were 242 contracts, up from 195 a year ago. Last month, one of the biggest gains in pending sales happened in the $500,000 to $1 million market. There were 163 contracts written, up from 105 last year. There were 17 sales in the $2 million and up market, up from 10 in February of last year.

Related Post. Collier Real Estate Recovery. Experts Weigh In. Article from Naples News.

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