Economists and real estate professionals are keeping a close eye on home prices nationally. And it’s no secret that things are looking up. One recent headline proclaimed that “Real Estate is Back” as an investment.
Here in Naples, our real estate market and local economy are robust and moving into summer with vigor.
This week the National Association of Home Builders Market Index named Naples as a national leader in improved housing markets. What do I see as key contributors to this key position in the national market? Let’s look at a few indicators that point to these strong local trends:
- Home prices in our area are on a definite upswing, at rates that outpace many major metropolitan areas in the US (including the metro DC area, Philadelphia, and Chicago).
- New construction permits are up 5.7% over 2012, which ties Naples for 2nd place statewide.
- The local tax base in Collier County is up more than 3%. This growth is in large part because of a surge in new residential construction in 2012.
- Employment has grown faster in the Naples area than in any other city in Florida. Naples shows employment growth at 10.4%.
- Tourism broke records in the first quarter of 2013. Local resorts expect a solid summer season, and many conventions are booked through the end of 2013.
Notably, the Scripps Howard Foundation selected Naples as the site of its annual Scripps Howard Awards, honoring the best in national journalism. The NAACP held its annual Leadership 500 Awards ceremony in Naples this year, as well.
