Closed Sales. In this month’s Naples and Southwest Florida Market Report, closed sales priced above $1 million continue to rise with 49 closings in February compared to 42 closings this same time last year. During the first two months of 2012, median sales prices are at the highest level for the same period since 2008. Additionally, properties priced between $500,000 and $750,000 posted the biggest gains over prior year with a 30% increase over year-to-date 2011.
Pending Sales. Regarding pended sales, February 2012 is the third highest on record for the month. The number of pended sales between $500,000 and $1 million is up 31% over first two months of 2011; the largest increase of any segment.
Listings. The number of new listings taken in February is the lowest for the month since 2005. On March 1, 2012, available inventory in the combined Naples, Bonita Springs and Estero market stands at 8,059 units (4,336 condominiums and 3,723 single family homes). This represents a 9.2 month supply based on the number of closings in the past 12 months.
To see the full February 2012 Naples Market Report including a detailed analysis, click here.