Naples Area Market Update - April 2014
The market in Naples continues to remain strong...Sales Prices on the rise, low inventory and days on market sharply decreased.
Collier County's single family home median price climbed 11.1% in April!! That's another big year over year jump from $351,000 to $390,000. Condos in Collier County also showed a decent median price increase, up 7.2% ($220,250 to $236,000). So what does that mean to you? Well, most importantly it means the Naples Florida area is still a healthy market and demand is high.
Single Family Homes
Sales in April were strong, with 558 single family homes sold versus 534 sold in April 2013, up 4.5%. Cash Sales were prevalent in April, with 292 of the 558 total homes sold (52.3% of homes sold were cash). That's a decrease of 9.3% of total cash sales for April compared to April 2013. So what does this mean? Cash sales can be a useful indicator of the extent of which investors are participating in the market.
Inventory year over year decreased 7.4% with a 6.6 month supply of homes to sell. Median days on the market have drastically dropped to 51 days, down 54.1% from last April. This is great news for sellers, who are selling in less than half the time. The average percent of original list price received is also up to 93.2% (1.1% increase from last year).
Download the full Collier County Market Report (Single Family Homes) April 2014
Condos
Condo Sales in April were also strong, with 795 condos sold versus 762 sold in April 2013, up 4.3%!!. Cash Sales on condos were even greater in April, with 590 of the 795 total condos sold (74.2% of condos sold were cash). That's an increase of 6.7% of total cash sales for April compared to April 2013.
Inventory year over year decreased 22.6% with a 5.5 month supply of homes to sell. Median days on the market have drastically dropped to 59 days, down 49.1% from last April. This is great news for sellers of condos. The average percent of original list price received is also up to 93.1% (2.2% increase from last year).
Download the full Collier County Market Report (Condo) April 2014
Summary
We continue to see the same trends observed last month. Prices are up but still very reasonable. With rates under 5% this represents one of the best opportunities to buy a home or sell. There is a healthy level of inventory for everyone to find what they need, but the days of lowball offers are behind us. And good news if you're selling with higher sale prices, reduced days on market and offers closer to your asking price.
If you're considering buying or selling call Jeremy at 239.963.4474 or contact me today.