As summer draws to a close, we look back on a great summer real estate market here in Naples.
In fact, every market segment shows stability or growth in sales over 2013….with one notable exception.
Sales in the “under 300,000” price category dropped 25%. Why? Not for lack of interest, but instead due to high demand. Inventory of homes under $300,000 also declined 25% when compared to 2013.
Now, that’s not bad news. It means that the value of homes has appreciated. The home priced at $275,000 last year would now move up into the $300 - 500,000 category. And for home sellers, it means that the market is hot, increasing the likelihood of a quick sale. These homes are in demand!
It’s interesting to note the other hotbed of activity in our market: homes over $2 million. There, sales are up an amazing 47% over last year at this time.
Indeed, prices continue to climb, making Naples real estate a great investment and making NOW a great time to buy. Overall, the median price of homes is up 16% over last year; single family home prices are up 25%.
Inventory - the number of homes for sale at any given time - also tells the story of an active real estate market. There were more closed sales recorded in the first seven months of 2014 than there are available in our current inventory. Experts see this as an encouraging message to consumers looking to sell or buy.
More and more, new construction emerges as an option to home buyers in Naples. 15% of the total inventory of homes for sale at this time are newly constructed homes. With some 30 new developments under construction, new homes become a viable option for those scouting out Naples. So don’t worry - we’re not running out of houses for my clients!
Let me know when you are ready to take a look at Naples real estate. Beautiful homes in great neighborhoods await. You can be part of Naples - a place of natural beauty, thriving business, great schools, and a community that can’t be beat!
