NAPLES CONDO SALES FOR MAY...

The latest report from the Naples Area Board of Realtors (NABOR) showed a positive increase of 6%+ in home sales in for the month of May, 2010, compared to the same month last year. 

However when you delve a little deeper and look at the supporting statistics, the numbers for condominiums really stand out.  Of the 771 total closings for all of less Marco Island this May, 398 of them or almost 52% were for condos.  This also represents a 25% increase over the previous May.

Most of the price ranges as measured by the NABOR report shared in this growth.  The number of units that sold in for more than $2 million jumped from 3 in May, 2009, to 10 for this May.  The only decline was the $1 million to $2 million which went from 12 last May to 11 this year.  The under $300,000 price category had the most activity with 296, making up over 74% of all condo closings this May.  This price break also showed the largest gain when comparing twelve month time periods.  For the past twelve months ending May 31, 2010, there were 3,995 closings of condos priced under $300,000 compared to only 2,427 for the twelve months ending May 31, 2009, representing an increase of over 64%.  The $500,000 – $1,000,000 price grouping had the next highest growth rate of over 54% for these twelve month periods.  The $2 million plus and the $300,000-$500,000 categories had yearly gains of 37% and 32% respectively in closed sales.  With a gain of just 8%, the $1 million to $2 million price bracket produced the least twelve month improvement.