Our friends up north may be battling the coldest winter in years, but here in Naples the real estate market is HOT!
Luxury condominiums are especially on the move this month. Sales of luxury condo have soared 70% over last year in the $2 million + price category.
Yes, you read that right! 70%!
Condo sales in the $1 million - $2 million category jumped a solid 17% over last year at this time.
With sales strong, inventory is tightening. Now more than ever, desirable properties move quickly!
What about prices? Overall median prices (including both condos and single family homes) are up a dramatic 18% over last year. Only a small fraction (less than 10%) of Naples area sales fall into the short sale or foreclosure category; this is great news for our market and for prospective buyers. Our community has weathered the storm of foreclosure activity and has rebounded much more quickly than other areas of the state.
And interestingly, the number of cash transactions have doubled in the past year. Without a doubt, buyers are standing ready to put dollars on the table when the right property comes along.
Recent media attention keeps Naples in the spotlight. Marco Island was recently voted the #1 Traveler’s Choice island destination in America by TripAdvisor. Just north of us, Hertz has broken ground for its new world headquarters. New home construction continues strong from Fiddler’s Creek to Lely Resort to Bent Creek…all the way to Ave Maria.
Shake off those winter doldrums and check out this exciting market. Let me help you plan for your own piece of Paradise!
