Home prices have taken a remarkable jump compared to last year at this time, according to the most recent market data from the Naples Area Board of Realtors.
In particular, homes in the top tier price bracket ($2 million and up) soared an astounding 24%.
And the number of sales of top end homes tells the story of a dynamic Naples luxury market as well. Closed sales in that top price range soared 173% when compared to last year. That’s right - closed sales almost tripled over last year.
Now, those are numbers that grab your attention. High-end buyers are buying! And they are buying their own piece of paradise here in Naples!
What’s happening with more modestly priced homes? In a nutshell, inventory is down and prices are up. Homes that may have been priced under $300,000 a few months ago have inched into higher price brackets, a phenomenon referred to in the industry as “bracket creep.” Thus, we see fewer homes available under $300,000; in fact, inventory is down 20%.
The “under 300” category is worth watching, because last year it comprised 2/3 of our total market. Today, that market share is much smaller as prices move upward. And, as I have mentioned before, distressed homes (foreclosures and short sales) are vanishing from the Naples scene.
Single family home prices outpace condo pricing significantly. Median prices for a single family home in Naples are up 48% from last year, to $385,000.
These kind of increases certainly grab the attention of buyers and sellers alike. Those ready to buy are making the decision to buy now. (We’ve even seen the return of bidding wars on highly desirable properties.) Those who may have held off on listing their homes for sale are seeing this as the perfect time to list.
Builders have taken note, as well. Over 2 dozen new communities are under construction, and more development is teed up and ready to begin.
The bottom line for my clients and prospective clients is this: Don’t wait. Let me offer my help as you search for the home that will make your dreams come true. Great properties are out there, and we will find the one that is waiting for you! My experience and familiarity with our community will guide you through this exciting time in the Naples luxury home market.
