Moraya Blog

Home resales grew by 50 percent in February in the Naples area.

There were 7,426 single-family and condo sales, up from 4,951, in the same month a year ago, according to a monthly report by the Naples Area Board of Realtors.

The report tracks sales made through the multiple listing service, or MLS, in Collier County, excluding Marco Island.

“The overall increase in closed sales continues and has resulted in a reduction of inventory. Normally the inventory increases in season so this unusual reduction is important. It’s helping the market return to a balanced state even quicker,” said Steve Barker, managing broker for Amerivest Realty in Naples, in a statement.

The inventory of home resales decreased to 9,682 last month. A year ago, there were 11,427 on the market.

“Pending sales of condominiums are roaring back. The condo market is showing signs of a strong recovery, as pending sales increased 76 percent in February 2010, with 544 contracts compared to 309 contracts in February 2009,” said John Steinwand, president of Naples Realty Services, in a news release.

The median price for resales declined 3 percent to $179,000 last month. That compared to $185,000 in the same month a year ago.

The median is the price at which half the homes sell for more and half for less.

To view the entire report, visit http://www.NaplesArea.com.

taken from Naplesnews.com