Regular readers of my blog know that the Naples luxury real estate market has been on a steady upswing for the past few years. I’ve spoken regularly about market statistics that point to increased sales and a tighter inventory - both of which set the stage for higher home prices.
And indeed, the year end market report for 2013 shows exactly that: Overall median home prices have hit a 57 month high. That’s right - the median home price in the Naples area is now higher than at any point since March 2009.
The median home price for closed sales in the Naples area (including Collier County and Marco Island) is up an astounding 19% over last year at this time. The Naples market has endured the roller coaster ride of the housing “bubble” and national economic trends and now stands strong.
Inventory - the number of homes available on the market - continues to be a challenge. Compared to last year, the inventory of homes for sale is down 17%. Translated into what this means for you as a buyer, when we may have had 50 prospective properties in any given price category a year ago, today we would see only 42. The tight inventory makes it essential for clients to work closely with a qualified Realtor who is aware of available homes in the most desirable communities and how they fit clients’ needs and desires.
The market has been especially strong in single family home sales between $300,000 and $2 million, where sales are up 32% across the board over last year at this time. Overall, more than half of all home sales in Collier County are cash purchases.
It looks like the “comeback” is here! According o Dr. H. Shelton Weeks, Department Chair of Economics and Finance at Florida Gulf Coast University, this strong performance indicates continued confidence and a well functioning market.
I am eager to work with new and returning clients to explore this dynamic market! Whether you are in the market for a condominium, seasonal home, or single family home I will be happy to help you navigate the exciting landscape of Naples real estate. I hope to hear from you in 2014!
