Real estate sales in Collier County maintained momentum through January…with another median sales price increase and decrease in available inventory compared to the prior year.
Collier County's single family home median price climbed 12.4% in January. That's another large year over year jump from $351,500 to $395,000. The median price for Condos in Collier County increased 27.6% from $219,500 to $280,000 compared to January 2014. 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 (-6.3% & -7.3% respectively). The real estate market continues to remain strong with continued demand for both single family homes and condos.
Quick Stats (compared to January '14)
- Median Sales Price: Single Family - $395,000 (up 12.4%) Condos - $280,000 (up 27.6%)- Homes Sold: Single Family - 345 (down -6.3%) Condos - 381 (down -7.3%)- Percentage of Cash Sales: Single Family - 55.4% Condos - 72.7%- Inventory: Single Family - 6.5 months (down -5.7%) Condos - 5 months (down -20%)- Median Days on Market: Single Family - 42 days (down -4.5%) Condos - 51 days (down -8.9%)- Sales Price vs. Listing Price: Single Family - 95.4% (up 1.4%) Condos - 94.3% (up 1.4%)Single Family Homes
Sales activity in January decreased, with 345 single family homes sold versus 368 sold in January 2014, down -6.3%. Cash Sales were strong in January, with 191 of the 345 total homes sold (55.4% of homes sold were cash). That's a decrease of -1.6% of total cash sales for January compared to Jan' 2014. 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 -5.7% with a 6.5 month supply of homes to sell. Median days on the market is just 42 days, down -4.5% from last January. Great news for sellers, who are selling in just over a month when priced correctly. The average percent of original list price received was 95.4% (Up 1.4% from last year).
Read the full Collier County Market Report (Single Family Homes) January 2015
Condos
Condo sales trailed off a little in January, with 381 condos sold versus 411 sold in Jan' 2014, down -7.3%. Cash Sales on condos remained high in January, with 277 of the 381 total condos sold (72.7% of condos sold were cash). That's a -0.1% decrease of total cash sales for January compared to Jan' 2014.
Inventory year over year decreased -20% with a 5 month supply of condos to sell. Median days on the market is down to 51 days, down -8.9% from last January. This is great news for sellers of condos. The average percent of original list price received is also up to 94.3% (1.4% increase from last year).
Read the full Collier County Market Report (Condo) January 2015
Summary
Strong real estate sales trends continue as in recent months. Investors are still heavily participating in the market. While inventory is lower than months prior, 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.