June 2008 Pending Sales 63 Percent Higher Than June 2007
Now is a great time to buy, and more people are agreeing according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
“For the fifth consecutive month, we are seeing the number of pending sales increasing and the available inventory decreasing. We are seeing this trend across the broad spectrum, not just in specific price points or geographic areas,” said Arlene Carozza, NABOR president and Realtor. “Overall, pending sales activity is up 63 percent over last year, with some areas well over 150 percent.”
In the June report, compiled by NABOR, overall sales have increased nine percent and inventory has decreased by seven percent.
There is an increased interest in homes which is creating a large increase of showings. Properties that are priced right are quickly disappearing.
The report, which provides annual comparisons of single-family home and condo sales (via the Sunshine Multiple Listing Service), price ranges and geographic segmentation, also includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
· Overall pending home sales in the greater Naples Area, which includes Naples Beach, North Naples, Central Naples, South Naples, East Naples, Immokalee and Ave Maria, increased 60 percent, with 484 in June 2008 compared to 301 in June 2007.
· Overall market sales for June 2008 in the $0-$300K category are up 58 percent with median sold price down 15 percent, compared to June 2007. Overall inventory is down seven percent.
· For single-family homes priced up to $300,000, there are 172 pending sales, up 537 percent over June 2007, when there were 27 pending sales. In the same category, sales are up to 113, a 253 percent increase over the 32 sold in June 2007.
· Pricing for single-family homes from $1 - $2 million increased by nearly eight percent.
· Overall condominium pending sales for June 2008 increased 43 percent to 197, compared to 138 in June 2007. Comparing pending sales from June 2007 and June 2008, condominiums priced up to $300,000, there is a 59 percent increase, while condominiums priced from $500,000 to $1 million are up 38 percent. For condominiums priced from $1 - $2 million, pending sales are up 30 percent from June 2007. Overall condominium inventory is down 13 percent.
The buyers who have been waiting are moving forward to own.
Click here to see the June statistics.
- Michael
