The Naples luxury real estate market continues to roll forward….and the market is rolling at a tremendous pace this fall. October’s market statistics show a dramatic 37% decline in “days on the market” compared to October 2012.
Translated into practical terms, the average home listed for sale last year remained on the market for almost six months before a buyer came along. Today? The average home listed for sale will sell in just over 100 days.
My advice to buyers is consistent: If you see the home you’ve been looking for….be ready to make your bid. If you wait, you may very well find yourself in a position of dealing with multiple bids on a desirable property, or you may lose out entirely. Remember that that 100 days on the market is an average. Highly desirable properties - those with beautiful views, state-of-the-art updates, and those in move-in condition - will sell much faster than 100 days.
Market pricing shows stability this month. Significantly, one market segment saw a marked increase in the median closed price: homes (both single family homes and condominiums) in the $300,000 and below segment showed a 14% increase over last year at this time. Local analysts attribute the continued price growth in this segment to the significant decrease in the number of distressed properties (short sales and foreclosures) available.
While we can’t predict the future, all market indicators - pricing trends, inventory, and rapid sales pace - show that prices will take another upswing this season. Sellers are well poised for the arrival of seasonal buyers. Those who have been “on the fence” about listing their homes recognize that demand looks strong and buyers are motivated.
The real estate market in Naples is an exciting place to be. Let me guide you through the process of finding the home that is right for you! There’s still time to start the new year in your new home in Paradise!
