Market Hits Bottom!

Posted on May 05, 2008

A week or so ago our local newspaper reported that the housing market in Collier had “hit bottom” and was back on track. I’d say a lot of folks read that article because showings on our listings are up again after experiencing a bit of a lull earlier last month.

At a recent real estate forum, organized by The Naples Area Board of Realtors, Hank Fishkind, renowned Florida economist spoke the words Naples real estate agents have been waiting to hear…”The markets are not eroding further“. Yes, it looks like prices have leveled off, but it will probably take another 6 to 12 months for sales to really start improving in the Naples area. Fishkind described the unsold inventory of new homes in Collier County as “fairly small” while he predicts it will be “years” before prices go up again. He also spoke about the decline in housing starts which will also “bottom” out in 2008. This will make finding new homes around town more scarce in a couple of years.

Certain neighborhoods are already rebounding. Why just today I selected 7 homes to show a prospect tomorrow and 2 of the 7 went under contract over the weekend! In the first weekend of May! Yahoo! Usually by this time of year Naples is pretty quiet, but people are coming back to make decisions that they didn’t make in February!

For a list of what we think are the areas hottest properties email or call us today! or Chip’s direct line: 239-370-0574