The past year has been a big one for Naples luxury real estate. While most of Florida saw a housing market that was steady, or up just a few percentage points over the previous year, Naples continues to outpace the norm. Overall sales in every price category over $300,000 saw double digit increases over last year, giving us the best market of the past decade!
What specific market trends do we see?
First, let’s look at what’s on the market - known as the “inventory” of homes for sale. Overall numbers for the past year have shown an inventory that is significantly down from previous years. And it’s true that the overall home inventory is down 6% overall.
But what that number doesn’t show is that the inventory in specific parts of the market have actually increased. If you are looking for a home priced in the $2 million and above category, the inventory increased 16% in 2014.
Looking for a single family home? Here too, the inventory has increased, albeit only slightly.
The picture is a little different for condominium buyers. The condo market has been exceptional in recent months, and we see a significant drop in the number of units on the market compared to a year ago. Condos are certainly a more affordable option in the Naples area, and buyers are taking advantage of that fact! The biggest inventory shift is in the “under $300,000” category, where condominium inventory dropped 23%.
What about prices?
As for the past few years, pries are on the upswing. In 2014, overall sales prices jumped 13%. Areas that show the biggest price increases include Naples Beach, North Naples, and East Naples.
And one more thing: Quality properties are selling fast. A year ago, on average, a property remained on the market for over 90 days. Today? The average is only 80 days. And as you can well imagine, highly desirable properties move much faster than the average.
And what parts of town show the most activity right now?
There, Central Naples leads the way, with a solid 41% increase in the number of closed sales over a year ago.
All of the data paints a picture of a market that is healthy and stable. The momentum continues, and Naples continues to be a vibrant community in which to invest in your next home! I advise my clients to work closely with me to dig deep into what these market data tell us, and compare the trends to your specific desires and needs. Do you need to buy quickly, or are you willing to wait? Do you have a specific area in mind? What price categories are you considering? When we work together, we can provide a solution that is sure to please!
