Naples-Bonita Springs, Florida Real Estate Continues To Roar
Naples, Florida Homes Continue To Rebound in April 2014
The Naples Area Board of Realtors (NABOR) is out with its monthly housing trends report and the uptrends continue. Here’s the “Cliffs Notes” version of the analysis:
- April closed sales are the highest for any month year to date.
- Median closed prices in all neighborhoods have increased double digits -- even as product from new construction enters the market, prices for existing homes in April shot up 14 percent overall.
- Cindy Carroll, SRA, an appraiser with Carroll & Carroll, Inc., said she anticipates strong sales activity through the summer and into fall. "Five key indicators signal that the uptrend in the market continues: 1) pending sales are up, 2) closed sales are up, 3) median closed prices continue to climb, 4) days on the market are decreasing, and 5) inventory is continuing to decrease.
- The overall median closed price increased 14 percent from $219,000 in the 12-months ending April 2013 to $250,000 in the 12-months ending April 2014.
- Inventory of condominiums decreased 24 percent from 2,553 units in April of 2013 to 1,951 units in April of 2014.
Is it too late to buy a home in Naples? It is certainly not if you’re prepared to make your move. The continued increase in sales activity is not necessarily a result of seasonal residents buying over the winter. In 2013, about 30 percent of home sales occurred between May and September. What we are seeing in the market today are serious buyers rather than shoppers. Home sellers that list their home for sale right now can expect far fewer lookers but more offers from those buyers who are in the market today.
With strong potential buyers in place and with more motivated sellers than we have seen in recent years (because many were waiting for a recovery before making the commitment to sell), the current environment can indeed be termed a strong market. However, the balance between buyer and seller in roughly equal these days so neither party can completely dominate a transaction. Because we are currently in a situation in which both parties ultimately determine the true value of a home or condo, it is an ideal environment for both buyer and seller.