[Naples Real Estate Market] SALES OUTPACE NEW INVENTORY

Report Shows Inventory Declines 8 Percent

So says the headline from the newly released (April 17, 2009) press release from NABOR - Naples Area Board of Realtors(R).

Prices are down, sales are up. Makes sense, I've stated this many times. Now, we are finally seeing the affect of increased sales on the inventory. So the saying will go - prices are down, sales are up, inventory declines. Over the next year if this trend continues to hold true we will add "prices are up" to the saying. We can only hope...as this will be one clear indicator for a key aspect in our economy - the housing/finance market - to begin a recovery.

The desireable Naples and surrounding area is now the most affordable it has been in some time and buyers are taking notice. Highlights from the press release:

• Realistic price adjustments by home sellers are getting the buyers off the fence
• Realtors are reporting significant increase in traffic and activity
• Overall sales volume for properties under $300,000 saw a 113% increase in the first quarter
• Single-family homes under $300,000 increase 242%
• The median sales price for the 12 months ending March 2009 compared to the same period in 2008 end March 2008 dropped to $237,000 from $370,000. This is the "prices are down" piece.
• Home sales have increased 30% for the 12 month period ending March 2009. This is the "sales are up" piece.
• Pending sales in the under $300,000 category are up 194%
• The average days on market decreased 14%

An online listing service provided by HGTV listed Naples as the 'number 2 bagain home buyer market'.

The March 2009 statistics and additional market date may be found here.