Pricing continues upward trend! Strong real estate sales continued through September…Closed sales prices are still on the rise, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 12% in September. That's another big year over year jump from $312,450 to $350,000. Condos in Collier County showed a large median price increase, up 18.4% ($190,000 to $225,000). So what does that mean? As in previous months, It shows that pricing in the Naples area for both single family homes and condos has continually increased compared to the prior year. Closed number of sales for Single Family Homes and Condos have decreased slightly (-4.7% & -2% respectively), which is directly correlated with our low inventory of homes available. But most importantly, the real estate market continues to remain strong.
Single Family Homes
Sales activity in September slightly tapered, with 383 single family homes sold versus 402 sold in September 2013, down -2.5%. Cash Sales were strong in September, with 192 of the 383 total homes sold (50.1% of homes sold were cash). That's an increase of 2.3% of total cash sales for September compared to September 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 -13.8% with a 5.4 month supply of homes to sell. Median days on the market, at 42 days, is the lowest it's been in the last 12 months and down -43.2% from last September. This is great news for sellers, who are selling in almost half the amount of time. The average percent of original list price received was up to 94.3% (Up 0.7% from last year).
Read the full Collier County Market Report (Single Family Homes) September 2014
Condos
Condo Sales in September decreased slightly, with 397 condos sold versus 405 sold in September 2013, down -2%. Cash Sales on condos remained high in September, with 287 of the 397 total condos sold (72.3% of condos sold were cash). That's an increase of 9.2% of total cash sales for September compared to September 2013.
Inventory year over year decreased -26.1% with a 4.5 month supply of condos to sell. Median days on the market have drastically dropped to 57 days, down -44.1% from last September. This is great news for sellers of condos. The average percent of original list price received is also up to 94% (1.1% increase from last year).
Read the full Collier County Market Report (Condo) September 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 buyers can expect competition on homes that are priced correctly. Lastly, good news if you're selling with higher sale prices, multiple offers, reduced days on market and offers closer to your asking price.
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