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Real estate News

September 16, 2011
REAL ESTATE MARKET KEEPS IMPROVING Report Shows Downward Trend in Inventory Continues
NAPLES, Fla.-September 16, 2011- The Naples Area real estate market is strong as
shown by inventory that continues to drop and the overall median closed price
stabilizing, 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). The number of available properties decreased 21 percent from 8,745 in
August 2010 to 6,930 in August 2011. "The overall inventory continues to decrease
and is currently at its lowest level since we started tracking inventory in January
2007," said Brenda Fioretti, NABOR President and Managing Broker of Prudential
Florida Realty. "The decrease in inventory covers all property types; single-family
home inventory decreased 22 percent and condo inventory decreased 20 percent in
August 2011," said Phil Wood, President of John R. Wood REALTORS®. For the 12 months
ending August 2011, the overall median closed price for properties over $300,000
increased two percent to $550,000 up from $540,000 for the 12 months ending August
2010. "Single-family homes showed positive gains in the median closed price for the
12 months ending August 2011, with a four percent increase compared to the same 12
months in 2010," said Bill Poteet, President of Poteet Properties. The report
provides annual comparisons of single-family home and condo sales (via the
SunshineMLS), price ranges, geographic segmentation and includes an overall market
summary. The statistics are presented in chart format, along with the following
analysis: ¨      Overall pending sales for the 12 months ending August 2011
increased 5 percent with 10,107 contracts compared to 9,607 contracts for the 12
months ending August 2010. ¨      Single-family home pending sales increased 5
percent in August 2011 with 457 contracts compared to 436 contracts in August 2010.
¨      Condo pending sales for the 12 months ending August 2011 increased 12 percent
with 4,880 contracts compared to 4,371 contracts for the 12 months ending August
2010.
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