The economic crisis has greatly affected various sectors of the economy and one of the major industries that were deeply affected was the real estate industry especially in regions with numerous residential and commercial areas like Collier County and Lee County in Naples, Florida. For the past years, foreclosure activities have been increasing in these areas resulting to large foreclosure judgments especially for foreclosed commercial establishments.
The good news is that lis pendens are now starting to slow down this year so real estate experts are expecting less foreclosure activities and the start of the recovery of the real estate market in Naples for this year. A lot of areas and development projects are still ongoing taking advantage of the good real estate market condition is some areas like in North Naples where home sale prices and demands are still stable.
Lately, sale prices of homes in Lee County and Collier County experienced increase for the month of February compared to the sale prices the previous year. The Realtor Association of Greater Fort Myers and the Beach that compared statistics and the real estate market performance for the previous year and this year released the data.
According to the statistical data, the median price of houses sold in Lee County increased about 23.1%, which is about $153,890 for the month of February this year compared to the sale price last year for the same month that is just about $125,000 only. However, the number of homes sold for this year also decreased. 886 homes were sold for this year compared to last year that is 992 about 10.7% lower compared to the previous year.
The decrease in median price of existing homes was generally comprised of short sales and bank-owned sales that include 76.6% of the total sale transactions of properties in the county. Foreclosure properties were about 13.6% while short sale properties were 9.8% from the total single-family homes sold in Lee County this year. Another important factor to consider is that most of the sale transactions were done and closed with the help of realtors specializing in Lee County.
In Collier County, median price of existing single-family homes available in the county increased about 20%, which is about $260,000 in February compared to last year’s median home price, which is just $216,000. The Naples Area Board of Realtors released the statistical data.
Just like the market trend in Lee County, Collier County also experienced decrease in number of homes sold for this year which were only 304 homes compared to last year’s total number of homes sold which are 347 experiencing 12% decrease compared to last year. The data include sales assisted by realtors in Collier County except the home sales in Marco Island.
Although sale prices increased and the sale transactions decreased, the number of homes sold for this year are still good indicators of the recovering real estate market. With less foreclosure activities and stable home prices, real estate investors as well as homeowners can now somehow feel a little security about their investments after the foreclosure crisis experienced by Naples.