Lower prices have lured back buyers, who are feeling now is the time to buy. In April, Realtors in the Naples area had their busiest month of the year. Overall, home sales rose 6 percent to 472, compared to 445 last year, according to a monthly report by the Naples Area Board of Realtors (NABOR).
Meanwhile, pending home sales increased 25 percent to 616, from 494 a year ago. The report tracks home sales in Collier County, excluding Marco Island. "I think we’ve hit bottom in Naples and that comes from the economists who really study this," said Arlene Carozza, a Realtor and NABOR’s president.
In an interview with Mad Money host Jim Cramer on CNBC earlier this week, Bob Toll, CEO of homebuilder Toll Brothers, described the west coast of Florida as its "one ray of hope." "Naples is back. It’s amazing," he said, adding that his company is now out of spec inventory here and its prices are starting to rise in this market.
According to the NABOR statistics, the median price for all homes in the Naples area dropped more than 23 percent last month to $300,000, from $390,000 a year ago.
The Naples and Bonita Springs markets in April reached their highest levels since August 2005. In the two markets, there were 853 last month, up from 652 a year ago a 30 percent increase.
"I think buyers are starting to realize that the sellers’ pricing is really not going to go down too much more. So the buyers are just starting to come off the sidelines," said Russ Weyer, a senior associate for Orlando-based economic consultant Fishkind & Associates.
By neighborhood, North Naples saw the most sales at 144 last month. The Naples beach area came in second with 133.
source: naplesnews.com
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