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NAPLES — During the past year, Naples continues to reduce its excess residential real estate inventory, with the housing supply dropping by 18.5% during the past 12 months.
Overall home sales in Naples continue to increase, reducing the housing inventory in the area, according to a report released by the Naples Area Board of Realtors, which tracks home listings and sales in Collier County, excluding Marco Island.
The Naples Beach area is leading the gains, with pending sales increasing 23% in the second quarter of 2011 with 537 pending contracts compared with 435 pending in the second quarter of 2010.
Overall pending sales for the year ending in the second quarter of 2011 increased 6%, and single-family home sales during that time increased 5%. Condo sales increased 7% during the last 12 months, according to the report.
The brightest spot in sales over the year was homes priced in the $1 million to $2 million range. These homes increased 21% over the year, with 41 sales in June 2011 compared with 34 sales in June 2010.
“The high end of the market continues to strengthen as pending and closed sales increase in the $1 million and above price categories,” says Wes Kunkle, broker and owner of Kunkle Realty, in a release.
To view the full report, visit www.naplesarea.com.
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