Sellers are still in pole position! Strong real estate sales continued through August…Closed sale prices are still on the rise, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 17.7% in August!! That's another big year over year jump from $305,000 to $359,000. Condos in Collier County showed a large median price increase, up 12.5% ($200,000 to $225,000). So what does that mean? As in previous months, It shows that the Naples area demand for single family homes remains high with increased pricing. Condo pricing has also increased again. Closed number of sales for Single Family Homes are up while Condos have decreased slightly (8.1% & -1.8% respectively), which is directly correlated with our low inventory of homes available. But most importantly, the real estate market continues to remain strong.
Single Family Homes
Sales in August were strong, with 438 single family homes sold versus 405 sold in August 2013, up 8.1%. Cash Sales were strong in August, with 205 of the 438 total homes sold (46.8% of homes sold were cash). That's a decrease of -11.4% of total cash sales for August compared to August 2013. So what does this mean? Cash sales can be a useful indicator of the extent of which investors are participating in the market. A decrease in the percentage of cash buyers also indicates that buyers are taking advantage of low mortgage rates.
Inventory year over year decreased -9.5% with a 5.4 month supply of homes to sell. Median days on the market have remained much lower at 54 days, down -46% from last August. This is great news for sellers, who are selling in more than half the time. The average percent of original list price received was level at 94% (No percentage change from last year).
Read the full Collier County Market Report (Single Family Homes) August 2014
Condos
Condo Sales in August decreased slightly, with 447 condos sold versus 455 sold in August 2013, down -1.8%. Cash Sales on condos remained high in August, with 281 of the 447 total condos sold (62.9% of condos sold were cash). That's a decrease of -5.3% of total cash sales for August compared to August 2013.
Inventory year over year decreased -21.6% with a 4.6 month supply of condos to sell. Median days on the market have drastically dropped to 56 days, down -54.8% from last August. This is great news for sellers of condos. The average percent of original list price received is also up to 93.3% (1.6% increase from last year).
Read the full Collier County Market Report (Condo) August 2014
Summary
We continue to see the same trends observed over the last few months. 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, multiple offers, reduced days on market and offers closer to your asking price.
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