Here’s the 2013 Naples Rea lEstate Market Update to review. There’s a lot of good news for sellers and still good news for buyers but now is the time to make a move if you’ve been on the fence about buying.
The most recent NABOR (Naples Area Board of Realtors) report is out and it shows that this market is getting stronger and stronger. For homes over $300,000 there were double digit sales in October and the homes spent 37% less time on the market. There’s been an 18% decrease in total inventory and for homes in the under $300,000 price range, that inventory has decreased 25%.
The year to date statistics show that overall median closed sales prices are holding steady or just increasing 1-2% for all home categories in the range of $300,000 to $2,000,000 for the past 12 month period. This is excellent news for market stability and a normal real estate marketplace. The market under $300,000 is another matter entirely as the overall medial closed sales price has increased 14% with single family homes contributing 18% to this increase and condos contributing 13%.
The NABOR® 2013 October Report provides comparisons of real estate single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary.
- The overall average Days on the Market (DOM) decreased 37 percent from 172 days in October 2012 to 109 days in October 2013.
- Overall closed sales in the $2 million and above segment increased 46 percent from 213 in the 12-months ending October 2012 to 311 in the 12-months ending October 2013.
- Condominium closed sales increased 14 percent from 4,489 closed sales in the 12-months ending October 2012 to 5,129 closed sales in the 12-months ending October 2013.
- The North Naples (34109, 34110, 34119) area’s overall pending sales increased 7 percent reflecting 2,954 pending sales in the 12-months ending October 2013 compared to 2,768 pending sales in the 12-months ending October 2012.
- Overall inventory decreased by 18 percent from 6,409 properties in October 2012 to 5,256 properties in October 2013. Pending sales with contingent contracts are included in the overall inventory number.
Only single family homes in the $300,000 and below price segment experienced a decrease (15 percent) in pending sales from 3,356 pending sales in the 12-months ending October 2012 to 2,869 pending sales in the 12-months ending October 2013. According to Brett Brown, Director of Sales and Managing Broker for Fiddler’s Creek Realty, Inc., the decrease in pending sales in the $300,000 and below price category can be attributed to the fact that there’s been a significant decrease in the number of distressed properties on the market in 2013.
Mike Hughes, the managing broker of Downing Frye Realty was quoted as saying, “I’ve noticed that the second half of the year has been filled with a multiple offer environment as both inventory and days on market continue to decrease. My advice to buyers is to move quickly if you find something you like or you may lose it. And to potential sellers, if you’ve been sitting on the fence waiting to list your home, demand is only going to increase this season, so you’d be well served to put your home on the market to take advantage of the strong demand from a large pool of motivated buyers.”
We hope you’ve found this 2013 Naples market update helpful. If you’d like to know the specifics about what your property is worth or if you’d like assistance with the purchase of a new home, we can provide you with pertinent data for that specific property. The 2013 Naples market update is a generalization of the market conditions, some areas have more and others have less appreciation.
