Real Estate Updates
As typically seen during the first three months of the year, cash sales are on the rise. In January, the 394 cash sales reported accounted for 70 percent of home sales transactions in the Naples area. The report also showed sales of foreclosed homes in January were at their lowest – 64 – since NABOR® began reporting home sales activity in July 2009 when foreclosures numbered 240. “Activity in the luxury home market continues to be the most impressive,” said a managing broker at a local brokerage house. According to the report, pending sales, based on signed real estate contracts, for single family homes in the $1 to $2 million category increased 53 percent from 36 pending sales in January 2014 to 55 in January 2015, while in the same price category in the condominium market, pending sales decreased 22 percent from 36 in January 2014 to 28 pending sales in January 2015. Not surprisingly, the inventory for condominiums in this $1 million to $2 million category had the largest decline too at 26 percent.