It’s spring in Naples, and traffic on local roads is a bit lighter these days; many of our seasonal residents have headed north once again. Naples real estate traffic, however, is strong and steady.
Home inventory is on the rise, which is great news for buyers. According to local market statistics, overall inventory for the first quarter of 2016 took a significant jump of 33% when compared to the first quarter of 2015. Where are the biggest gains in inventory of available homes? Leading the rise in inventory were condominiums in the $1 million to $2 million category, where inventory increased a whopping 61%. Condos under $300,000 also saw a significant increase in inventory, with a 33% jump over last year at this time. What does it mean? More choices!
Home prices in Naples continue to rise. The overall median closed price increased 12% over last year.
And desirable properties in preferred locations continue to move fast, with average “days on the market” down 9%.
The most recent market statistics also show that “traditional” sales (defined as homes purchased with cash or traditional mortgages) are at the highest level on record. Only 5% of closed sales in March 2016 were non-traditional, short sales or foreclosed properties. By comparison, back in July 2009 when “traditional” sales were reported to be only 51% of all sales!
The combination of this increased inventory, stable prices, and a slight decrease in closed sales combines to paint a picture of healthy market stabilization. Local experts state that our market is performing well, and that inventory is at the best level we’ve seen in three years.
Thinking it’s time to buy your piece of Paradise here in Naples? It’s a great season to buy!
