Naples Real Estate Market - 2nd Quarter 2014 Sales Report
Posted by Benjamin Dona on Sunday, July 20th, 2014 at 6:59am.
The Naples real estate market has cooled somewhat now that the summer season is in full swing in SW Florida. Statistics released yesterday by the Naples Area Board of Realtors (NABOR) for the 2nd Quarter of 2014 showed a 4 percent decrease in sales year-over-year and 1 percent from May's sales numbers. Pending sales were down 8 percent year-over-year and 11 percent from last month. Overall home prices continued to rise though jumping 10 percent to $273,000 year-over-year. For June, they were up 2.5 percent to $282,000 from May's $275,000. Inventory and average days on the market (DOM) shrank substantially year over year and from May to June.
Here's the recap of the 2014 2nd Quarter's numbers*:
- Overall closed sales increased 11 percent for homes priced above $500,000.
- Almost 65 percent of the closed sales were to "all cash buyers."
- Distressed sales fell to only 9 percent of overall closed sales.
- Closed single-family home sales in the $300,000 and below range fell 23 percent, due mostly to a dramatically short supply of inventory.
- Closed homes sales in the $2 million and up range jumped 42 percent.
- Closed Single-family homes in the $2 million and above market rose 44 percent.
- Closed Condominiums in the $2 million and above market rose 38 percent.
- The median closed sales price in the $500,000 to $1 Million range rose 2 percent to $650,000.
- The overall median closed sales price in the $1 Million to $2 Million range fell 4.5 percent to $1,325,000.
- The median closed price for single-family homes in the $2 million and above category decreased 15 percent to $3,225,000.
- Total inventory supply stood at 3,723 at the end of June, down 14 percent from last year.
- The inventory supply of condominiums was at 2,190 units, down 20 percent versus last year.
- The average number of days on the market (DOM) for the quarter was 94, down from 162 a year ago.
While the overall Naples real estate market was great this winter season, the on-going shortage of inventory in many price range categories took its toll in the 2nd quarter. Prices are rising at an uncomfortable pace in many of the ranges and buyers are often times finding themselves in bidding wars for the most desirable properties currently available on the re-sale market. The one saving grace is all the new construction that is going on through-out the SW Florida area. Without its availability, pricing pressures could easily get out of hand in no time at all.
It will be interesting to see how things go in the 3rd and 4th quarters. Hopefully, some of the "on the fence" sellers will finally consider listing their properties for sale and things will begin to stabilize a bit more.
As we always find is the case here in SW Florida, only time will tell the tale.
*Sales Data Statistics from NABOR.
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