The Naples luxury real estate market continues to surge - but in July, the action centered on the condominium market.
 
Let’s take a look at two price categories of condominiums. Compared to July, 2012, closed sales of condos in the $300-500,000 price range more than doubled, with a 143% increase.  
 
Think that’s amazing? Check out the $2 million + price bracket. There, sales were up a stunning 1200% over last year. That’s right - the number of closed sales was a full twelve times more than a year ago. And the median closed price in the $2 million + range jumped a whopping 36% over last  year at this time, to $3.6 million. 
 
What drives this incredible growth in our market? My clients know that as our inventory has decreased, prices have moved upward. More and more buyers are saying, “Now is the time to make the move.” As baby boomers approach retirement, Naples emerges as a prime destination for an upscale lifestyle. 
 
To top it off, seasonal buyers are still in town, or watching the market closely from their northern homes. Seasonal home sales aren’t strictly seasonal any more! 
 
According to Mike Hughes, Vice President of Downing-Frye Realty. investors are also seeing value in condos.
 
What about single-family homes? There too, sales are moving at a fast clip, with prices throughout Collier County up almost 18% compared to July 2012. High-end homes (over $1 million) are selling fast, with the number of days on the market down over 30%. 
 
Without a doubt, the outlook is bright for the housing market in Naples. We have “turned the corner” over the past 18 months, and forecasts point to 2013 reaching near-record levels.