Naples Real Estate Update 7/9/11

Many believe there isn't much that goes on in Naples real estate during the steamy summer months and while some years that's true depending on the economy or the weather sometimes that simply isn't the story.

As some of you know, we had a better than expected selling season in Naples, Florida. In fact, I had the best year of my career by May.  YAEE!  Naples real estate has had a reputation for changing quickly (in both directions I might add).  My two favorite factors to watch are supply and demand and buyer/seller behavior.  While I keep my eye on the market daily, it can still be tough to determine what's actually going on or what will happen.  That's why I like to pay attention more to what's going on right now compared to trying to forecast what might be. 

June statistics for Naples Florida luxury real estate are up compared to last year!  Here's the skinny:

Naples Properties $1,000,000+

June 2010
64 sales
Highest sale $10,000,000
Average list price to closed price ratio 88%
292 Days on the market
$527 sold price per square foot average

June 2011
74 sales (Up 15% from last year)
Highest sale $6,625,000
Average list price to closed price ratio 87%
243 Days on the market (down 20% from last year)
$543 sold price per square foot average (up 3% compared to last year)



While there were only 15 more luxury sales this past 12 months compared to the year before, I do see a nice trend forming.  Considering the fact that June is not necessarily the busiest month for Naples luxury sales, this is an indication the market is stabilizing.  I am seeing some Naples luxury locations getting light and in some cases non-existent in inventory.  As an example, we're not expecting anything in the Strand at Bay Colony to come on the market for maybe 18 months or more.

This is a prime time for Naples luxury buyers to make a move.  If I were in the market for a Naples luxury home or Naples luxury condo, I'd probably get that deal under contract before October.  I know...who wants to think about Naples between now and October?  My Naples friends, to get the greatest deal, you have to be where everybody else isn't and I'm telling you, there's already optimistic chatter among sellers for next season. 

With 18 months of Naples luxury inventory, there are still terrific deals to be had not to mention there is some FABULOUS Naples Florida luxury inventory on the market right now! You should give me a call, schedule a trip and make an appointment to see something fantastic!