The most significant trend coming out of first quarter 2015 is that the Naples Florida condo market is a little hotter now than single-family homes compared to a year ago.
“Perhaps this is reflective of vacation home buyers who want a place to escape the winter weather. Condos are the easiest way for them to do so, since exterior maintenance issues are handled by the associations,” said Phil Wood, president of John R. Wood Properties.
Location in Naples continues to play a key role in a buyer’s decision.
Naples has always been heavy in cash deals at about two-thirds, but during first quarter 2015, cash sales increased to 73%. As Mike Hughes, president of the Naples Area Board of Realtors, pointed out, “We’re seeing more cash buyers and more end users which contribute to our market’s stability.”
This speaks to the fact that buyers getting financing need to come in with strong offers. In fact, as Phil Wood noted, “If we continue on the track we’re on, I would not be surprised to see offers above list price or with no contingencies.”
Naples’ distressed sales (short sales and foreclosures) are also hard to find these days. In first quarter 2015, 91% of closed sales were traditional. Compare that to July 2009 when only 49% were traditional.
And our area’s inventory is still low. In 2008, we were at our highest with 12,233 properties on the market. In first quarter 2015 our inventory was 4,253.
Average days on market in the first quarter decreased 11% to 85, but those properties that are moving fast are the lower end of the market. “The statistics show that the lower the price category, the faster the home will sell and the higher the price category, the longer it takes to sell,” said Brenda Fioretti, managing broker at Berkshire Hathaway.
The thing to keep in mind when reviewing these numbers is that new construction is not included.
Review the full 2015 first quarter market report here:
- Overall pending sales increased 3% from 3,532 in 1Q 2014 to 3,628 in 1Q 2015.
- Pending sales in the single-family home market increased 5% from 1,563 single-family homes in 1Q 2014 to 1,634 single-family homes in 1Q 2015.
- Pending sales in the condominium market increase 1% from 1,969 condominiums in 1Q 2014 to 1,994 condominiums in 1Q 2015.
- Overall closed sales decreased 4% from 2,409 in 1Q 2014 to 2,312 in 1Q 2015.
- Closed sales for single-family homes decreased 13% in the $0 – $300,000 price category from 473 single-family homes in 1Q 2014 to 412 single-family homes in the 1Q 2015,
- Closed sales for single-family homes increased 14% in the $300,000 – $500,000 price category from 264 single-family homes in 1Q 2014 to 300 single-family homes in 1Q 2015.
- Overall median closed price increased 13% from $265,000 in 1Q 2014 to $300,000 in 1Q 2015.
- Overall median closed price for homes over $2 million increased 11% from $2,877,000 in 1Q 2014 to $3,200,000 in 1Q 2015.
- Median closed price for condominiums in the $2 million and above price category decreased 13% from $2,775,000 in 1Q 2014 to $2,405,000 in 1Q 2015.
- Overall inventory decreased 3% from 4,405 homes in 1Q 2014 to 4,253 homes in 1Q 2015.
- Inventory of single-family homes in the $0 – $300,000 price category decreased 28% from 537 single-family homes in 1Q 2014 to 385 single-family homes in 1Q 2015.
- Inventory of single-family homes in the $500,000 – $1 million price category increased 21% from 529 in 1Q 2014 to 640 in 1Q 2015.
- Inventory for condominiums in the $2 million and above price category increased 77% from 39 in 1Q 2014 to 69 in 1Q 2015.
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Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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