Naples Market Recovery Lead by Luxury Market

The first sign of a recovery in the Naples Florida real estate market has shown itself. Pending Sales of residential properties listed above 2 million for the first 3 quarters of 2007 have exceeded the first 3 quarters of 2006:Pending Sales 2mil+:2006 = 2502007 = 257Gain = 3%Volume = 900 millionFurther analysis of median price for the market segment shows that it bottomed out in the 1st & 3rd quarters of 2005. With overall Naples inventory near 11,000, we may be looking at a market that will move from a buyer's market to a more balanced market in early 2008.