N.A.B.O.R. (Naples Area Board of Realtors) recently released encouraging figures for the month of November regarding pending sales overall. The increase from November of 2007 to this November was dramatic, over 54% and represents the eighth month in a row the figure has risen.
Statistically a majority of the sales took place at the under $300,000 price point which would stand to reason because of the rise in ‘short sales’, foreclosures, as well as bank-owned properties (REO) in that category. Today’s buyer is bargain hunting no matter what the price point, but the majority of assumed deals remains under $300,000 and that is where a lot of the sales are taking place. That has been the primary driver of the market. Meanwhile, as reported by the Naples Daily News, Naples home prices fell 25% in the month of November and the days on market has dropped as well.
The news should help to fuel an active selling season after the first of the new year!
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Premiere Plus Realty Co.