Naples Real Estate Update

The Naples Real Estate Market Continues to Heat Up

While Cold Temperatures Up North Keep Snowbirds

Flocking To South Florida This Winter!

 

The Naples Pier at Sunset

 

Last week The Naples Area Board of REALTORS^®, known locally as NABOR® published the most recent numbers for the month ending on January 31st, 2014. Here are some of the findings based on the data derived from our MLS for year-over-year comparisons:

 

As Reported by the Naples Area Board of REALTORS^® on February 14, 2014, sales in the Naples luxury condo market soared as shown by a 70% increase in closed sales in the $2 million+ category, and an increase of 40% $1 million – $2 million category for the 12 period ending January 2014. Demand for luxury condos is strong as evidenced by a 29% reduction in inventory in the $2 million+ category and a 17% reduction in inventory in the $1 million – $2 million price range. This is according to the January 2014 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Overall home sales increased by 5% from 9,273 properties sold in the 12-months ending January 2013 to 9,754 properties sold in the 12-months ending January 2014. While overall sales were up slightly, overall inventory continued to decline, down another 15% in January 2014. The overall median closed sale price saw a dramatic increase of 18% from $205,000 in the 12-months ending January 2013 to $242,000 in the 12-months ending January 2014.

Statistics compiled by NABOR® for January 2014 show pending sales, which is the best indicator as to what direction the market is moving, have increased 66% for condominiums in the $2 million+ price range. That category is outselling  all other price categories above $300,000 from 12-months ending January 2013 to 12-months ending January 2014.

Some other statistics that you might find interesting are as follows: 

• Closed Sales in the under $300,000 category fell 4 percent from 6,153 properties in the 12-months ending 2013 to 5,900 properties in the 12-months ending 2014. I believe this is due to a drop of inventory in this price range.
• As stated earlier in this post, overall median closed price rose 18 percent from $205,000 in the 12-months ending 2013 to $242,000 in the 12-months ending 2014.
• Overall inventory decreased by 15 percent from 5,642 properties in January 2013 to 4,776 properties in January 2014.
• Closed sales in the condominium market rose 9 percent from 4,679 properties in the 12-months ending 2013 to 5,100 properties in the 12-months ending 2014.
• Inventory in the condominium market decreased by 21 percent from 3,092 units in January 2013 to 2,447 units in January 2014.
• Median home prices in the single family market rose 23 percent from $240,000 in the 12-months ending January 2013 to $295,000 in the 12-months ending January 2014.
• Presently there are 2,204 single family homes for sale in the Naples MLS, and 2,493 condominiums, and a total of 1,820 listings priced below $300,000.

For more details about what is for sale, pending or closed year-to-date in specific Naples neighborhoods, please call a member of The Harris Peppe Team today. 239-370-0574 They are standing by to assist you with all your real estate needs!

 

Thank you, and make it a great day,

The Naples Real Estate Blogger