Published: Oct 19, 2012 4:46 PM EDT
Updated: Oct 19, 2012 6:00 PM EDT

COLLIER COUNTY, Fla. - Good news for the Collier County economy as home sales are up year to year and prices are, too. Sales experts say the single family home market is hot right now and in the $500,000 to $1 million category.  A 15 percent increase in pending sales.

Another takeaway from this, the median closing price is up from $175,000 to $192,000. The board president says now is a great time for buyers and sellers.

"Many of them have been waiting because they didn't want to sell in a depressed market where they had to take less for their home. So now is their opportunity to get more money or enough money to move to their next phase," said Brenda Fioretti, Naples Area Board of Realtors.

Another plus for sellers, overall inventory in Collier County is down 12 percent year to year.