Luxury Properties in High Demand

Naples Area Luxury Properties in High Demand

Buyer interest in Luxury Properties, homes over $1 million, in Naples continues to rise. During the month of February, overall closed sales increased 10 percent to 672 homes sold compared to 613 homes sold in February of last year, according to the latest Market Report released by the Naples Area Board of REALTORS®.

Additionally, the median closed price increased 9 percent up to $364,000 in February 2018 from $333,000 in February 2017. The significant increase was driven by a 95 percent increase in closed sales of luxury properties. In fact, the median closed price for the other five price categories actually decreased. Most notably, the largest decrease was in the $1 million to $2 million price category, which dropped 12 percent from $1,500,000 down to $1,326,000 compared to February last year.

February 2018 Naples Area Market Report

On the flip side, inventory rose for the 5th straight month. However, it decreased in February by 3 percent to 6,286 properties compared to 6,466 properties in February 2017.

Overall, pending sales in February decreased 3 percent. However, it increased 14 percent in the $1 million and above price category and 39 percent in the $2 million and over price category. Additionally, 44 of the 52 homes purchased during the month were priced above $2 million and they were cash purchases. Also, if you look at the last 12 months, luxury properties above $1 million, shows a 60 percent increase in closed sales.

February 2018 Naples Area Real Estate Statistics

CATEGORIES	Feb 2017	Feb 2018	CHANGE
Total homes under contract (pending sales) (month/month)	1,092	1,056	-3%
Total closed sales (month/month)	613	672	10%
Median closed price (month/month)	$333,000	$364,000	9%
Median closed price >$300K (month/month)	$488,000	$570,000	17%
Total active listings (inventory)	6,466	6,286	-3%
Average days on market	99	96	-3%
Single-family closed sales (month/month)	294	298	1%
Single-family median closed price (month/month)	$402,000	$472,000	17%
Single-family inventory	3,259	3,050	-6%
Condominium closed sales (month/month)	319	374	17%
Condominium median closed price (month/month)	$270,000	$275,000	2%
Condominium inventory	3,207	3,236	1%

February Highlights:

Overall, there was a 6 percent increase in inventory for condos in the $300,000 and below market during February. This was the highest increase reported among all price categories and types of homes. However, the median closed price dropped 2 percent within this price point during the same time period when compared to February of last year. In particular, the median price dropped from $205,000 last year to $200,000 this year.

Geographically, sales of single family homes in the Naples Beach area led the market. As a result, increased buyer interest in luxury properties located in this highly valued location resulted in a 33 percent increase in closed sales. Additionally, the increase in luxury property sales contributed to an increase in the overall median closed price, which rose 52 percent in February from $860,000 up to $1,350,000 for the month.

Most notably, due to an unusual number of closed sales reported last month, a high number of delayed closed sales in one luxury condominium located in North Naples influenced February’s closed sales, median closed price, and days on market statistics for the month. As noted in report, there were 56 closed sales representing a 211 percent increase sales of condos above $1 million in the North Naples area in February. A great majority of those condos had zero days on market, which broker analysts contend were from one particular condominium’s sales activity.

Begin Your Own Property Search:

So, if you’re ready to begin your search for Luxury Properties or your dream home or condo, I encourage you to explore my website to find information about communities in Southwest Florida. If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area. If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Bottom Line:

If you are buying a home in a golf community, you will find it’s more complex than a typical home purchase. As you can probably imagine, there are significant differences between golf communities. There are many different fee structures, membership options, pet restrictions, demographics and many other details that apply to the SWFL golf communities.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost to you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.

If you’re looking for information about a specific community in Bonita Springs, Estero or Naples, please contact me and I will prepare a custom market report for you. I will provide the market information and insights to help make sure you select your dream home!

Lastly, I will handle all contract negotiations for your property from offer to close!