July was another sizzling month for home sales in Naples and Southwest Florida.
Closed sales priced above $1 million once again showed significant increases over prior years and, in fact, reached their highest level for the month since 2005.
Depletion of inventory in the under $250,000 segment resulted in this range representing less than 51% of all closed sales (down from approximately 70% at the peak of the correction).
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Naples’ median and average sales prices continue to climb as inventory decreases.
According to appraisal expert Cindy Carroll, with the real estate appraisal and consultancy firm Carroll & Carroll, “Consumer demand, especially in the coastal condo market, is driving home prices upward. In addition, falling inventories point toward continuing price gains.”
The great news is that interest rates remain attractive, and Naples home prices are still well below their peak. Naples Area Board of Realtors president, Wes Kunkle says, “Statistics show that this is as good a time to sell as it is to buy. In March 2007, there were 12,440 homes for sale in the Naples area and today there are 5,028 … a 60% decrease. With inventory down, days on the market down, and median closed prices up, sellers would be in a good position to sell to the surplus of buyers who are looking to purchase right now.”
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Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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