NAPLES, Fla -- The housing market in Collier County is rebounding. That's according to a report by the Naples Area Board of Realtors (NABOR). They say 2011 was the best in terms of sales in the last five years.
NABOR President Bill Poteet says, "things look very promising for 2012. We think it's going to be a great year."
The report released by NABOR shows there were more than 9,145 properties available in 2010. That dropped 17 percent to about 7,581 in 2011.
"We're definitely recovering. Back in March 2007, we had 12,440 units. Now, we're down to roughly 7,600 units. That's a tremendous decrease in inventory," says Mike Hughes, Vice President of Downing, Frye Realty in Naples.
Sales for all types of homes improved across the board. "There's a lot of money coming into Florida. A lot of investors are coming back and purchasing property," Hughes said.
In 2011, pending sales increased 8 percent while closed sales increased 5 percent. But, how does it compare to the days before the housing crisis?
"I think 2004 and 2005 will be years that will never be duplicated," Hughes said. He says other than those two years, 2011 was their best year ever for sales.
So far, Hughes says 2012 is off to another great start, a good sign for more than just the housing market. "The ripple effect through the local economy off real estate is substantial."
Overall, beach front homes saw the largest increase in sales at nearly 40 percent. As for what this means for prices, experts say, as long as demand is high and supply is declining, prices will likely start going back up.