Southwest Florida Homes Seeing Price Increases Due to Low Inventory and Strong Buyer Demand
As of October 2013, available inventory in the combined Naples, Bonita Springs and Estero market stands at 5,075 units (2,494 single family homes and 2,581 condominiums). This represents a 4.9 month supply based on the number of closings in the past 12 months. The number of new listings taken in September 2013 is the lowest for the month since 2004. The total number of available properties on October 1, 2013 is down 21.5% from October 1, 2012.
In September 2013 the average sales price is 35% higher and the number of closings is 15% greater than September 2012. Sales greater than $1,000,000 had the highest increase (20%) in monthly median sales price from September 2012 ($1,575,000) to September 2013 ($1,896,000). The total number of closed sales greater than $1,000,000 during the past 12 months (938), is at the highest level for the period since September 2006 (940).
Pended sales in the month of September increased 13.5% over September 2012 and were the second highest on record for the month. Properties priced under $250,000 comprised 53% of pended sales for the month versus 62% in September 2012. Year-to-date pended sales above $1,000,000 are up 30% over prior year.
The surge in home prices can be viewed in a positive light as this will lead to more listings, which we desperately need in Naples right now. If you are thinking about listing your home for sale, please call me, Frank Petras, at (239) 595-2221 or visit www.FrankPetras.com.
As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results. I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.
Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida - Gulfshore Life Magazine
John R. Woods' Emerald and Platinum Circles of Excellence
Realty Alliance Leading Residential Real Estate Sales Professional in North America
Appointed to Who's Who in Luxury Real Estate
Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing
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