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Naples Area Board of REALTORS® November 18, 2011 MEDIAN
CLOSED PRICE UP 18 PERCENT Report Shows Pending and Closed Sales Increases NAPLES,
Fla.-November 18, 2011- Seasonal real estate sales are starting early 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 overall
median closed price for properties over $300,000 is up 18 percent from last year and
is now over $600,000,” said John Steinwand, President of Naples Realty Services. The
October 2011 median closed price for properties over $300,000 is $605,000 compared
to $513,000 in October 2010. Closed sales in the $2 million and over category for
the 12 months ending October 2011, is driving the median closed price up as sales
increased 10 percent with 223 sales compared to 203 sales for the 12 months ending
October 2010. “The condo market shows a robust increase in pending sales in the $1
million to $2 million market and in Naples Beach and North Naples specifically. The
available inventory decreased in both of those areas compared to last year, which
should drive prices up,” said Kathy Zorn, Broker/Owner of Florida Home Realty. For
the 12 months ending October 2011, pending sales in the $1 million to $2 million
price category increased 26 percent with 173 contracts compared to 137 contracts for
the 12 months ending October 2010. The available inventory in the Naples Beach area
decreased 16 percent and the inventory in North Naples decreased 24 percent in
October 2011 compared to October 2010. According to Dr. Lawrence Yun, National
Association of Realtors Chief Economist, “The South Florida region should see a 10%
increase in prices over the next 12 months because the market is overcorrected and
homes are selling for less than the cost to build new.” 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 closed sales increased 7 percent with 509 sales in October 2011 compared
to 476 sales in October 2010. ¨ Single-family home closed sales increased
12 percent in October 2011 with 280 sales compared to 249 sales in October 2010. ¨
Condo pending sales for the 12 months ending October 2011 increased 8 percent
with 4,862 contracts compared to 4,505 contracts for the 12 months ending October
2010. According to Wes Kunkle, President of Kunkle Realty, “The available inventory
decreased 19 percent to 7,325 available properties in October 2011 compared to 9,044
available properties in October 2010.” “The months of inventory statistic is showing
that properties are staying on the market for an average of 3 months less in October
2011 than they were in October 2010,” said Jo Carter, President of Jo Carter &
Associates.

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