The Real Estate Encyclopedia
March Market Makes Mighty Move
Category - Real Estate Information Sources - Real Estate Information General

The month of March produced a very strong move in the housing market.  A recent release from the U.S. Census Bureau reported that home sales increased 26.9% from February across the country to a seasonally adjusted annual rate of 411,000.  This was the largest one month improvement in 47 years.  The resurgence was particularly true in the Naples area.

 

The Naples Area Board of Realtors (NABOR) reported that home sales for the month of March totaled 850 for Collier County, excluding Marco Island.  When compared to the previous month, this represents an increase of over 56.8%, and all price categories and all regions of Naples participated.  The largest percentage gain when looking at differing price points was in the $1 million plus range, where the numbers more than doubled, going from 28 in February to 66 for March, 2010.  The $500,000 to $1 million market also was strong, showing a 59.2% improvement, followed closely by the under $300,000 segment which grew by 52.3%.  With 588 closings, this under $300,000 market produced 69% of the total March sales.  By a geographic nature, South Naples experienced the greatest month-to-month surge.  There were reported 135 closings in March as opposed to just 73 in the previous month generating almost an 86% gain.  North Naples had the most closed sales in March with 239, which was 82.4% better than February, 2010.  The smallest gain was produced in Central Naples and that was still a healthy 33%.  Another figure in the NABOR report showing a rebound in the Naples real estate market was that pending sales jumped to 1,394 for March, 2010, compared to the previous month’s total of 1,122, an improvement of over 24%.

The March market was shared equally by single family homes and condos with 424 and 426 closed sales respectively.  The sales of condos showed a 57.8% improvement over the previous month, with all price points sharing the gain.  By tripling, the $1 million and over price point produced the largest gain on a percentage basis.  At the other end of the spectrum, condos under $300,000 also experienced an above average increase of 60.3% in reported closed sales for March, 2010.  Condo closings in South Naples doubled for the month compared to February, while the 131 total condo sales for North Naples produced a gain of over 72%.  The only market segment to register a decrease in sales was for condos in East Naples which had an...

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Real Estate Information Sources - Real Estate Information General
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