Traditionally, the Naples real estate market can be a little “soft” during the fall. But the current market throws tradition out the window - luxury homes in Naples are moving and our market is clicking along at a remarkable pace.
Last month, the luxury home market saw tremendous action. Closed sales of homes over $1 million were up 17% over 2013. This heightened activity was evident in the condo market as well, with sales over $1 million up 11%.
When we dig a little deeper and look specifically at sales of homes over $2 million, we see a dramatic jump over last year, with a 40% increase in the number of closed sales. Significantly, the majority of home sales in the “over $2 million” price category were cash sales, reflecting buyers’ confidence in the value of the Naples real estate market.
What’s happening in the “under $1 million” side of the market? Plenty!
Naples home prices continue to rise. Most dramatically, the Naples Beach area saw a year-to-year price jump of 35% for single family homes.
Pending sales for single family homes in the $300,000 - $500,000 price category increased 32% over this time last year.
And overall, inventory of existing homes for sale continues to be tight.
It’s important to take a longer term look at our market, as well. Most often, market data provides current statistics and compares them to the same month a year ago. But when we look back further, we discover the real impact of steady growth month after month and year after year. Two comparisons stand out:
- Median closed price up 62% since November 2010
- November 2010: $169,000
- November 2014: $272,000
- Home inventory down 63% since November 2008
- November 2008: 11,116 homes for sale
- November 2014: 4,136 homes for sale
For clients, this means that the time to move on your dream home in Naples is now! Let’s communicate about what that dream home is for you…and start to make the dream a reality!
