Foreclosure Rates Drop Again in Naples Area
Posted by Benjamin Dona on Sunday, October 27th, 2013 at 11:57am.
Southwest 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.
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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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
Southwest Florida Real Estate Blog
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