Naples, FL (June 14, 2013) - Pending sales, closed sales and median closed prices increased while inventory and average days on the market decreased for the 12-month period ending May 2013. The Naples Area Board of REALTORS® (NABOR®), tracks residential listings and sales within Collier County (excluding Marco Island) and releases a monthly and quarterly report of activity.
"May 2013 compared to May 2012 was a very big month for the local real estate market," said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. "For many REALTORS the activity didn't slow down. Buyers are afraid to miss out on opportunities with interest rates and inventory low so they are making purchase decisions now."
Kathy Zorn, Broker/Owner of Florida Home Realty stated, "There is no shortage of buyers in the area right now. This may be an opportune time for sellers to list their homes."
The NABOR® May report provides annual comparisons of single-family home and condominium sales (via the SunshineMLS), price ranges, and geographic segmentation and includes an Overall Market summary. The NABOR® May sales statistics are presented in chart format, with these overall (single family and condominium units) specifics:
- The overall median closed price increased 16 percent from $190,000 at the end of May 2012 to $220,000 for the 12-month period ending May 2013.
- Overall pending sales increased 5 percent from 10,235 units to 10,723 units for the 12-month period ending May 2013. Overall pending sales increased 28 percent in the $300,000 to $500,000 category from 1,417 units to 1,816 units and 13 percent in the $500,000 to $1 million category, from 1,087 units to 1,223 units, and increased 23 percent in the $1 million to $2 million category, from 451 units to 556 units, respectively for the 12-month period ending May 2013.
- The average DOM (Days on the Market) decreased 16 percent overall from 191 days in May 2012 to 161 days in May 2013.
- Overall pending sales in the Naples coastal area increased 9 percent from 1,943 units to 2,122 units, and closed sales increased 10 percent, from 1,741 units to 1,921 units, for the 12-month period ending May 2013.
"The lack of inventory is creating multiple offers in many situations," said Wes Kunkle, NABOR President and Managing Broker of Weichert Realtors on the Gulf.
To view the full report click here...
View May 2013 Market Statistics
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