The Naples Area Board of Realtors released its numbers on Friday and the statistics show that the overall home sales in July increased by 67 percent compared with the same period a year ago. There has also been a 12 percent decrease in inventory from July 2009 to the previous year. Leaders in the real estate industry believe that this is a positive sign that the “buy now” message is getting out. There are more people asking to look at property.
Premier Proprties President, Tom Bringardner said,”every geographic area experienced an increase in both pending and closed sales.”
“Desire for properties costing less that $300,000 increased by 165 percent compared with this period last year, that was 682 pending sales last month as compared with 257 pending sales that NABOR reported in July 2008.”
Bill Coffey, of Coldwell Banker said, “there are really good signs of economic recovery looming, this inventory is the best sign we’ve seen.”
“Realtors attempt to gauge the market by determining how much inventory – in terms of months- is out there on the market.” Coffey said, “in July 2008 there was a 30.6 month supply of housing available for purchase, the difference is 11.9 percent, almost a year’s less of property.”
Most realtors would prefer to see that 11.9 percent drop to about 6 or 7 percent.
The increase is mostly due to single family home sales, but an increase in all markets has been seen by the real estate pros. Coffey said, “he’s guessing that at least 25 percent are investors and the balance are people who will live in their homes.”
Coffey also said,”houses are selling a little faster because of financing, the condo market is moving slower because banks are still calling for 30 percent down.” But even condo sales have increased by 61 percent with 283 in July,2009 compared to 176 in July, 2008.