Is it time to sell? Sales are strong and the market is moving. The NABOR market report shows that there’s been an increase in home sales over the $300,000 price point and an increase in inventory in all price points. There’s been year over year growth in the median closed sales prices.
Is the market healthy? Yes, the Naples market report definitely shows that we have low inventory, many pending sales and the sellers who have weathered the storm of the “Great Recession” are finally in a position to make a change to their housing and recoup their funds.
We can easily determine whether or not it’s a good time to sell a property and let potential sellers know if it’s a good time to make a move. Condo sales are down but so is condo inventory. There are several factors that affect the value of condos including financing obstacles like the financial viability of the association, age of the building, fees, etc. that can keep units from qualifying for conventional financing. This doesn’t mean that condos aren’t a great deal but that the investment in a condo will take longer to rebound and appreciate compared to a single family home.
The NABOR® February 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
• Overall pending sales increased 3 percent from 1,244 in February 2014 to 1,280 in February 2015.
• Overall closed sales decreased 1 percent from 9,808 in the 12-months ending February 2014 to 9,720 in the 12-months ending February 2015.
• Closed sales for single-family homes decreased 1 percent from 4,682 homes in February 2014 to 4,612 homes in February 2015.
• Closed sales for condominiums decreased less than a percent from 5,126 condominiums in February 2014 to 5,108 in February 2015.
• Overall median closed price increased 12 percent from $245,000 in the 12-months ending February 2014 to $275,000 in the 12-months ending February 2015.
• Overall inventory decreased 5 percent from 4,633 homes in February 2014 to 4,406 homes in February 2015.
• Inventory for single-family homes increased 6 percent from 2,305 homes in February 2014 to 2,449 homes in February 2015.
• Inventory for condominiums decreased 16 percent from 2,328 in February 2014 to 1,957 in February 2015.
• Average days on market for February 2015 were 93. There are 3,027 homes for sale in the Naples area that are priced above $300,000. This comprises about 66 percent of the market.
