Great news for sellers! Strong real estate sales continued through July…Closed sale prices continuing to rise, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 17.1% in July!! That's another big year over year jump from $277,750 to $325,000. Condos in Collier County showed a large median price increase, up 19.9% ($196,000 to $235,000). So what does that mean? It shows that the Naples area demand for single family homes remains high with increased pricing. Condo pricing, after a slow month in June, has rebounded with strong sales activity. Closed number of sales for both Single Family Homes & Condos have decreased (-7.9% & -5.6% respectively), which is directly correlated with our low inventory of homes available. But most importantly, the market continues to flourish.
Single Family Homes
Sales in July were strong, with 406 single family homes sold versus 441 sold in July 2013, down -7.9%. Cash Sales were prevalent in July, with 190 of the 406 total homes sold (46.8% of homes sold were cash). That's a decrease of -11.4% of total cash sales for July compared to July 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 -9.1% with a 5.4 month supply of homes to sell. Median days on the market have remained much lower at 46 days, down -57% from last July. This is great news for sellers, who are selling in more than half the time. The average percent of original list price received was slightly up to 95% (0.7% increase from last year).
Read the full Collier County Market Report (Single Family Homes) July 2014
Condos
Condo Sales in July were also strong, with 425 condos sold versus 450 sold in July 2013, down -5.6%. Cash Sales on condos remained high in July, with 290 of the 425 total condos sold (68.2% of condos sold were cash). That's a decrease of -0.3% of total cash sales for July compared to July 2013.
Inventory year over year decreased -24.8% with a 4.5 month supply of condos to sell. Median days on the market have drastically dropped to 53 days, down -55.8% from last July. This is great news for sellers of condos. The average percent of original list price received is also up to 93.3% (0.3% increase from last year).
Read the full Collier County Market Report (Condo) July 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.
Considering selling? Find out what your home is worth in 30 seconds or less.
Considering buying? Start Searching Naples Real Estate now.