Our Naples real estate market continues to show lots of activity and strong performance month after month. Let’s take a look at some highlights from the first quarter of 2014.
Sales continue their upward trend. Homes priced at $1 million plus leaped forward a solid 83% over the first quarter of 2013. Driven by homes priced at $2 million plus, this high end market segment has carried the ball in the Naples market.
And those luxury homes continue to sell! Pending sales (those homes with contracts that have not yet closed) are up a stunning 45% over first quarter of 2013.
Yes, buyers have their eye on Naples luxury homes, but the action isn’t all centered on multimillion dollar properties. The largest median price jump was, in fact, seen in homes priced under $300,000. Here, we saw an overall price increase of 9%, from $159,000 in the first quarter of 2013 to $173,000 in the first quarter of 2014. Overall median prices are up 15% over last year.
Condominiums remain a popular option, as well. Inventory tells the story here; current inventory is down 23% compared to last year. Many buyers are attracted to condos as investment properties, or for the maintenance-free lifestyle they offer. Most notably, the condo inventory is significantly tighter in North Naples and Naples Beach areas. No surprise here - the beach is always a fantastic draw, and buyers love the convenience and amenities of North Naples!
Once again, I’ll remind you that foreclosed properties are few and far between in Naples. Only 10% of sales during the first quarter of 2014 were distressed sales; this reflects the stability of our market and is great news for homeowners.
Our inventory of homes is constantly shifting - great properties are being listed, sold quickly, and the market is replenishing with new listings in a very quick turnover cycle. In every price bracket and every geographic area of our community, homes are selling much more quickly than a year ago.
Yes, in many ways, the Naples real estate market is where the action is!
