Despite an increase of transactions using mortgages (44%), 65% of transactions are cash sales in the Naples area.
The overall pending sales decreased 13% but the numbers continue to show an accrued interest for properties over $500,000:
- Overall pending sales increased 14%.
- Pending sales of condominiums from $500,000 to $1 million increased 30%.
Here are the other noticeable figures for this report:
- Overall closed sales decreased 7%.
- Closed sales of condominiums from $1 million to $2 million increased 80%.
- Closed sales of single-family homes in the $300,000 to $500,000 category increased 21%.
- Overall median closed price increased 6%.
The Naples area real estate report for October shows a six-month worth of inventory, which make an healthy level of choice for buyers. The increase in days on the market (+15%) has been affected by some overpriced properties and shows that sellers must price their properties in a more realistic way in today's market.