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NAPLES – The first month of 2007 was a good one for the Naples real estate market, with statistics showing a surge in the number of pending home sales, according to figures released by The Naples Area Board of Realtors®.
The statistics include only sales of homes within the Naples geographic area – specifically all areas in Collier County excluding Marco Island and other outlying areas – to reflect an accurate and relevant portrait of the local real estate market. Developer sales are not included.
A summary of the statistics is presented in graph format, along with the following analysis:
The increase indicates that the Naples real estate market is making a comeback after 15-month lows. Buyers who were cautiously watching national trends are seeing an upward swing in the local market that has boosted consumer confidence, and they are moving forward with their purchase. The number of pending sales was strong in each pricing category.
Residential pending sales averaged 413 for the month of January which demonstrates that buyers are taking advantage of good interest rates, seller-incentives, and a good selection of inventory. Even so, contract sales figures remain below the record-breaking numbers that characterized the high demand of the 2005 real estate market.
Area Realtors are reporting significant increases in the number of people actively looking at residential property, noting that realistic pricing adjustments have occurred in previously over-heated market areas.
The median price of residential property – noted at $407,721 – is once again climbing following an end-of-the-year slump in the fourth quarter of 2006. 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. In any given period the median can vary greatly if there is an anomaly, a single sale that is significantly higher or lower than other properties in the area.
