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Foreclosure Rates Drop Again in Naples Area

Posted by Benjamin Dona on Sunday, October 27th, 2013 at 11:57am.

Foreclosure Rate Declining AgainSouthwest Florida's Real Estate foreclosure rate dropped again for the second month in a row in the Naples market. In late September, the local rate in Naples was 8.7% - down 4.2% from last year at the same time. This month the rate has dropped 3.6% to a little more than 5.0% locally.

Inventory for both new homes and existing homes is also steadily dropping which is driving up prices in our area. It's a good time for sellers again.

The median number of active listings that were foreclosures at the peak in April of 2009 were 256 listings. In September of 2013, our latest data from the MLS statistics, show that there were only 114 total active foreclosure listings for all of Naples.

Sept 2013 Active Listings for Foreclosures in Naples

The median sales price for sold foreclosures in Naples is at $152.750, whereas in February of 2009 - which was the bottom for median price, it was $112.000. The peak sales price for foreclosures was at the beginning of the "burst bubble" which was in June of 2008 and the median sales price was $245.000. 

Search for foreclosures in our area.

*Sales Data Statistics from Naples and Ft. Myers MLS.

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