Real estate sales in Collier County maintained momentum through December…with another median sales price increase and decrease in available inventory.
Collier County's single family home median price climbed 13.3% in December. That's another large year over year jump from $352,000 to $398,750. The median price for Condos in Collier County increased 22% from $205,000 to $250,000 compared to December 2013. So what does that mean? It shows that pricing in the Naples area for both single family homes and condos has increased compared to the prior year. Closed number of sales for Single Family Homes and Condos increased (6.5% & 24.6% respectively). The real estate market continues to remain strong with continued demand for both single family homes and condos.
Quick Stats (compared to December '13)
- Median Sales Price: Single Family - $398,750 (up 13.3%) Condos - $250,000 (up 22%)- Homes Sold: Single Family - 424 (up 6.5%) Condos - 537 (up 24.6%)- Percentage of Cash Sales: Single Family - 47.6% Condos - 69.6%- Inventory: Single Family - 6.5 months (down -10.4%) Condos - 5.1 months (down -24.7%)- Median Days on Market: Single Family - 48 days (down -2%) Condos - 48 days (down -23.8%)- Sales Price vs. Listing Price: Single Family - 94.2% (up 0.2%) Condos - 94.4% (up 2.1%)Single Family Homes
Sales activity in December increased, with 424 single family homes sold versus 398 sold in December 2013, up 6.5%. Cash Sales were strong in December, with 202 of the 424 total homes sold (47.6% of homes sold were cash). That's a decrease of -11.8% of total cash sales for December compared to December 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 -10.4% with a 6.5 month supply of homes to sell. Median days on the market is just 48 days, down -2% from last December. Great news for sellers, who are selling in just over a month when priced correctly. The average percent of original list price received was 94.2% (Up 0.2% from last year).
Read the full Collier County Market Report (Single Family Homes) December 2014
Condos
December was a very strong month for condos sales. Condo sales in December increased, with 537 condos sold versus 431 sold in December 2013, up 24.6%. Cash Sales on condos remained high in November, with 374 of the 537 total condos sold (69.6% of condos sold were cash). That's a -3.8% decrease of total cash sales for December compared to December 2013.
Inventory year over year decreased -24.7% with a 5.1 month supply of condos to sell. Median days on the market have dropped to 48 days, down -23.8% from last December. This is great news for sellers of condos. The average percent of original list price received is also up to 94.4% (2.1% increase from last year).
Read the full Collier County Market Report (Condo) December 2014
Summary
Strong real estate sales trends continue as in recent months. Investors are still heavily participating in the market. There is a healthy level of inventory for everyone to find what they need, but buyers can expect competition on homes that are priced correctly. Great news if you're selling with higher sale prices, multiple offers, reduced days on market and offers closer to your asking price. This is easily the best time to sell in the Naples area over the last 6 years.
Considering selling? Find out what your home is worth in 30 seconds or less.
Considering buying? Start Searching Naples Real Estate now.