Naples Area Board of Realtors (NABOR) just released real estate market report for October 2009 (Click HERE to see full report). Given a steep decline in average sales price, not surprisingly sales in Collier County (excluding Marco Island) are up 42% compared to October 2008. Overall, the number of contracts written (but yet to close) last month grew to 904 and it was more than twice the number of contracts written in October 2008 (409 contracts). Nearly 70% of sales were homes under $300,000. Naples Foreclosures and short sales - sales made for less than the bank is owed - accounted to almost half of all sales recorded last month. Almost 30% of last month's sales were Naples bank owned foreclosures and a little more than 17% were short sales. Many Naples foreclosures are attracting multiple offers within first days on market and represent a great value to homebuyers.
According to NABOR, inventory declined 14 percent to 9,347 homes last month, down from 10,815 a year ago.
Many factors contribute to increase of sales, including decrease in average sales price, low interest rates, federal tax credit for first-time buyers (which was extended until next year), and of course low dollar making Naples properties more attractive to international buyers.
If you are interested in buying Naples Foreclosure or Naples Bank Owned Home, please visit www.NaplesPropertySource.com to see what's available in Naples area. This daily updated website provides complete listing descriptions and pictures as well as valuable information about the foreclosure process. We would be happy to help you locate the property, prepare and make an offer on any Naples property. We have the experience to make it happen!