Source: By Haley Hinds, WINK News
Story Updated: Mar 14, 2010 at 12:48 AM EDT
COLLIER COUNTY, Fla. - More positive signs for southwest Florida's housing market. According to a new report, home sales have doubled.
This time last year, "down" would have been an understatement to describe the local housing market. But fast forward to 2010, and the only number that's down according to the Naples Area Board of Realtors, is the inventory. Home sales are up, pending condo sales are up, and buyers are not afraid to spend the big bucks.
"The markets between $300,000 and $500,000, $500,000 and 1 million, 1 million and 2 million, all those markets were up between 60% and 65% in February," said Brett Brown, 2009 NABOR President
This time last year, for the 12 months ending in February, overall home sales were at 4,951 compared to an astounding 7,426 this year. The overall median closed price dropped only 3% from $185,000 in 2009 to $179,000 in 2010.
Another new trend realtors and developers in both Lee and Collier are seeing is homebuyers coming down from foreign countries, especially our neighbors to the north.
"Last year, there were a lot more lookers and nobody was buying," said local developer Ray Ambrozy. "Since January, I've probably had a half a dozen other Canadian couples come through which seems to be the people with the money looking for a wonderful winter residence."
More sales mean fewer for sale signs - a welcome sight for local homeowners. "Absolutely, it's good we're having a high turnover of sales, that's great," said Ron Nash.
With dropping inventory and the First Time Homebuyer Credit expiring at the end of April, realtors say the stage could be set for a continued upswing. "It's a bright sign for us to look at to see things start to come around," said Brown.
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