“The Season” - and the luxury home market - has been incredibly busy here in Naples, and as summer approaches the local real estate market shows no signs of slowing down. According to Mike Hughes, Vice President and General Manager of Downing-Frye Realty, “For the last few years we have continued to see strong home sales in the summer. The notion of strong sales occurring only during traditional ‘season’ is no longer, and we are very bullish on the real estate market heading into summer.”

 

 

Trends that we saw emerge through the winter months continue to hold strong, creating what some call a “real estate trifecta.” Specifically:

  • The inventory of existing homes remains low, with overall inventory down 15% from April 2012,
  • Average days on the market decreased 14% from April 2012 statistics, and
  • Median home prices continue to increase.

 

As a customer, what does this “trifecta” mean to you?

First, when we locate a home that is right for you, we need to take action! April was the first month in quite some time that average number of days on the market has decreased significantly. When the “right” property is listed, it is likely to move quickly.

Secondly, we need to watch specific market segments very carefully to find the right combination of price and property availability. Sales are especially strong in condominiums priced between $1-2 million, and in single family homes priced between $300-500,000 as well as between $1-2 million. If you are looking at a home in these price ranges, in particular, we need to be vigilant to locate the property best for you and submit an offer promptly.

Finally, with prices on an upward track, buyers need to be aware that the days of “bargain shopping” for a home in Naples are behind us. While rumors persist about the bargain prices of Florida real estate, those rumors certainly don’t hold true here in Naples. I am glad to consult with my clients about making an offer that maximizes your opportunity to move into your dream home.

Simply put, it’s good news all around for the luxury home market in Naples!