Naples Area Market Update - March 2014
All signs point to a strong market in Naples...Sales Prices on the rise, inventory low, days on market sharply decreased.
Collier County's single family home median price climbed 19,4% in March!! Wow, big year over year jump from $335,000 to $400,000. Condos in Collier County showed a modest median price increase, up 2.7% ($230,000 to $236,287). So what does that mean to you? Well, most importantly it means the Naples Florida area is in a healthy market period and there is high demand for a piece of paradise.
Single Family Homes
Sales in March were strong, with 535 single family homes sold versus 430 sold in March 2013, up 24.4%!!. Cash Sales were prevalent in March, with 317 of the 535 total homes sold (59.3% of homes sold were cash). That's an increase of 28.3% of total cash sales for March compared to March 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 10.3% with a 6.9 month supply of homes to sell. Median days on the market have drastically dropped to 58 days, down 52.1% from last March. 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) March 2014
Condos
Condo Sales in March were also strong, with 622 condos sold versus 518 sold in March 2013, up 20.1%!!. Cash Sales on condos were even greater in March, with 469 of the 622 total condos sold (75.4% of condos sold were cash). That's an increase of 18.1% of total cash sales for March compared to March 2013
Inventory year over year decreased 22.7% with a 5.8 month supply of homes to sell. Median days on the market have drastically dropped to 58 days, down 45.3% from last March. This is great news for sellers of condos. The average percent of original list price received is also up to 93.4% (2.2% increase from last year).
Download the full Collier County Market Report (Condo) March 2014
Summary
Prices are up but still historically 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.