When we look at real estate market trends, the news media tend to notice the extreme highs and the extreme lows. For example, several years ago Florida real estate rode a “bubble” to high prices, then prices took a notable (and probably predictable) tumble.
Today, our Naples real estate market displays all the signs of stability and balance. While a stable market may not hit the headlines or provide a lot of dramatic fodder for speculation, it actually reflects the best possible situation for both buyers and sellers.
Here in Naples, the number of home sales continues to rise, as we expect during the peak of season. It’s been a busy year already! In fact, January sales rose 13% over last year.
After a long period of decreased home inventory, we find that sellers are once again putting their homes on the market — another sign that the market is coming into healthy balance. For the first time in over two years, the Naples market shows increased home inventory in all price categories over $300,000. Most notably, we see a 26% increase in inventory of homes priced between $500,000 and $1 million. Within this price category, we see a strong increase in inventory of single-family homes.
What about the condo market inventory? Here, our biggest increase is in the $1 million - $2 million price range. This is also the price segment that saw the most sales activity after the holidays. However, condo sales in the “over $2 million” category actually doubled over last year’s sales numbers! Luxury condo buyers are on the move…and they’re moving to Naples!
Prices continue to increase, with overall median closed home prices up 13% from last year.
My clients will want to know that homes are still selling fast. Average “days on market” continue to drop, with the average home listed selling in just over 2 months. However, a word to the wise: the best homes move much more quickly! Once again, I urge my clients to stay in touch so we can be poised and ready to make an offer when the best home for you hits the market.
All of this points to some great opportunities for buyers! Without a doubt, you’ll have many more options now than last January. Take advantage of all that Naples offers during our peak season….and be part of the beauty that is Naples. I look forward to hearing from you!
