NABOR = Naples Area Board of REALTORS...this headline front page May 26, 2012.
Just some data:
With April's data just reported, we now see five consecutive months of median price increases. The median is the number where 50% of the sales close below and 50% of the sales close above.
The median price increased 22% overall from April of 2011. Statewide, the median price increased 10.2% from one year ago.For townhomes and condominiums, statewide, the median price increased 16.1% over April 2011.
The article went on to state there could be concern moving forward as the Florida market sees many sales to European buyers and if the eurozone debt crisis pushes Europe toward a recession it could impact, negatively, the local real estate market.
In Naples, short sales and foreclosures make up less than 25% of the market. At one point the financially distressed properties represented more than 60% of the market. The overall inventory dropped 13% to 7,130 properties down from 8,214. And, this is well off the peak inventory number of more than 12,000 just a few years back.
The pending sale inventory in the $500,000 to $1 million segment increase 20% in April 2012 over April 2011.
The mortgage crisis is not over and there are still many properties under water. I expect positive news like this to continue but it will be tempered for some time as the financially troubled properties continue to work through the process.