Strong real estate sales in Collier County continued through November…Closed sales prices keep rising, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 16.6% in November. That's another huge year over year jump from $289,900 to $338,000. The median price for Condos in Collier County was exactly the same as November 2013 ($220,000). So what does that mean? It shows that pricing in the Naples area for single family homes has continually increased compared to the prior year. Closed number of sales for Single Family Homes increased while Condos decreased (9.1% & -4.3% respectively). The real estate market continues to remain strong with single family homes in high demand while condo sales remain steady.
Quick Stats (compared to November '13)
- Median Sales Price: Single Family - $338,000 (up 16.6%) Condos - $220,000 (up 4.8%)- Homes Sold: Single Family - 361 (up 9.1%) Condos - 353 (down -4.3%)- Percentage of Cash Sales: Single Family - 49% Condos - 65.7%- Inventory: Single Family - 6.1 months (down -14%) Condos - 4.9 months (down -28.2%)- Median Days on Market: Single Family - 40 days (down -4.8%) Condos - 38 days (down -41.5%)- Sales Price vs. Listing Price: Single Family - 95.2% (down -0.6%) Condos - 94.6% (up 1.8%)Single Family Homes
Sales activity in November increased, with 361 single family homes sold versus 331 sold in November 2013, up 9.1%. Cash Sales were strong in November, with 177 of the 361 total homes sold (49% of homes sold were cash). That's a decrease of -1% of total cash sales for November compared to November 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 -14% with a 6.1 month supply of homes to sell. Median days on the market is just 40 days, down -4.8% from last November. This is great news for sellers, who are selling in just over a month when priced correctly. The average percent of original list price received was 95.2% (Down -0.6% from last year).
Read the full Collier County Market Report (Single Family Homes) November 2014
Condos
Condo Sales in November increased, with 353 condos sold versus 369 sold in November 2013, down -4.3%. Cash Sales on condos remained high in November, with 232 of the 353 total condos sold (65.7% of condos sold were cash). That's a -14% decrease of total cash sales for November compared to November 2013.
Inventory year over year decreased -28.2% with a 4.9 month supply of condos to sell. Median days on the market have drastically dropped to 38 days, down -41.5% from last November. This is great news for sellers of condos. The average percent of original list price received is also up to 94.6% (1.8% increase from last year).
Read the full Collier County Market Report (Condo) November 2014
Summary
We continue to see the same trends observed over the last few months. Prices are still rising although they may be leveling when comparing the figures to 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. Season is in full effect and there will be an influx of new listings over the next several months along with a slight percentage increase on pricing. Based on the evidence, 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.