August condo sales in Naples, Florida experienced a remarkable improvement from just one year ago. According to the latest report issued by the Naples Board of Realtors (NABOR), the number of closed sales of condominiums in August, 2013 soared by more than 20% compared to the same month one year ago. It is interesting to note that most price points shared in this explosion as those units selling for less than $300,000 grew by over 17 %, while those closing in excess of $1 million grew by more than 2.5 times (although this is a bit misleading in that it went from 12 up to 31). The NABOR report also broke out the sales by geographical areas. North Naples, which includes such developments as The Dunes, Tiburon, The Strand and Stonebridge, had 122 closed sales, grew by over 23% and represented nearly ⅓ of all sales.
Another aspect of August condo sales in Naples, Florida is the median closed sale price (this is the price where half of the units sold under this number and half above) which increased nearly 20% from the previous year. Geographically all areas experienced some growth, led by Naples Beach (which includes Pelican Bay and Park Shore) and Central Naples (such as Grey Oaks and Glen Eagle) with pluses of 22% and 24% respectively.
Another positive sign for the local condo market is that pending sales are up 13% at the end of August this year as opposed to the same month last year. The NABOR report regarding August condo sales in Naples, Florida also revealed that the inventory of homes for sale dropped almost 25% in the past year, with every geographic area having a decrease of at least 19%, providing hope for an even brighter tomorrow.
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