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Report Shows Increase in Homes Under Contract

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Report Shows Increase in Homes Under Contract

On April 21, 2017, Posted by , In Real Estate, With Comments Off on Report Shows Increase in Homes Under Contract

BY: BUSINESS OBSERVER

April 19, 2017

NAPLES — A report released by the Naples Area Board of Realtors showed an 11% increase in homes under contract in Collier County in the first quarter of 2017 compared to the same quarter last year.

“The first quarter was a bit of a bumpy ride but the trend line for sales moved upward throughout the quarter with March coming in as a pretty strong month for sales activity,” says Downing-Frye Realty Vice President and General Manager Mike Hughes in a statement. “Overall, we ended the first quarter better than last year and I think the local brokers are cautiously optimistic that we might have a decent summer for sales.”

The report also showed a 14% jump in median closed price for single-family homes in the $300,000 to $500,000 price range. In the first quarter of 2016, the median closed price for the category was $339,000. In the first quarter of 2017, the median closed price was $387,000.

The condominium inventory increased 19% and the single-family home inventory increased 8%, according to the report.

The report provides comparisons of single-family home and condominium sales from the Southwest Florida Multiple Listing Service as well as price ranges and an overall market summary.

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