Buyers
Rush Luxury Market in November
Naples, Fla. (December 19, 2014) -
Sellers in the luxury market can expect a very good buyer turnout in the
coming months according to a consensus among Naples' top brokers after
they analyzed the November 2014 Market Report released by the Naples Area
Board of REALTORS® (NABOR®), which tracks home listings and sales within
Collier County (excluding Marco Island). Their prediction was based on
several factors including overall pending sales activity, which rose 11
percent for homes priced over $1 million; overall closed sales activity,
which increased 17 percent for homes priced over $1 million; and that the
majority of homes sold in the $2 million and above category were cash sales.
"Pending and closed
sales activity in all price categories above $300,000 was up over the past
12-month period ending in November," said Tom Bringardner, Jr.,
President/CEO of Premier Commercial.
"Activity in the high
end market is remarkable coming into season," said Steve Barker,
Advising Broker for Equity Realty. "The report indicated that a
greater number of homes in the $2 million and above price category were
sold [21] as compared to what sold in the same month last year [14]. This
is a good sign for sellers in our market because people who have the
resources to pay cash for million dollar homes are smart and careful
investors. They are not going to make a poor investment decision, which
speaks volumes for the value of our market."
The November 2014 report
showed heightened activity in several areas of the luxury market including
a 40 percent increase in overall closed sales for single family homes
priced $2 million and above from 202 in the 12-months ending November 2013
to 282 in the 12-months ending November 2014; an 11 percent increase in
closed sales for condominiums priced $1 million - $2 million from 234 in
the 12-months ending November 2013 to 260 in the 12-months ending November
2014; and a 35 percent increase in single family median home prices in the
Naples Beach area from $739,000 in the 12-months ending November 2013 to
$1,000,000 in the 12-months ending November 2014.
"Median price in the
Naples Beach area single family home market can not continue to increase at
the current rate indefinitely," said Cindy Carroll, SRA, with the real
estate appraisal and consultancy firm of Carroll & Carroll, Inc., who
added that, despite aggressive activity in new construction, the report
indicated that inventory in the resale market continued to decline.
The NABOR® November 2014
Market Report provides comparisons of single-family home and condominium
sales (via the Southwest Florida MLS), price ranges, and geographic
segmentation and includes an overall market summary. The NABOR® November 2014
sales statistics are presented in chart format, including these overall
(single-family and condominium) findings:
- Overall
pending sales decreased 2 percent from 840 in November 2013 to 825 in
November 2014.
- Pending
sales for single family homes in the $300,000-$500,000 price category
increased 32 percent from 99 in November 2013 to 131 in November 2014.
- Pending
sales for single family homes in the $2 million and above category
increased 24 percent from 25 in November 2013 to 31 in November 2014.
- Overall
closed sales decreased 2 percent from 9,878 in the 12-months ending
November 2013 to 9,635 in the 12-months ending November 2014.
- Median
closed price increased 12 percent from $236,000 in the 12-months
ending November 2013 to $265,000 in the 12-months ending November
2014.
- Median
closed price for single family homes in the $2 million and above price
category increased 50 percent month over month from $2,600,000 in
November 2013 to $3,900,000 in November 2014.
- Overall
inventory decreased 10 percent from 4,584 homes in November 2013
compared to 4,136 homes in November 2014.
- Average days
on market for November is at 79.
According to Brenda Fioretti,
Managing Broker at Berkshire Hathaway HomeServices Florida Realty, the
market's median closed price has gone up 62 percent in the last four years
from when it was $169,000 in November 2010 to $272,000 in November 2014.
And inventory is down 63 percent from one of its highest points of 11,116
in November 2008 to 4,136 homes in November 2014.
"Traditionally, the soft
part of the year for real estate is September, October and parts of
November," said NABOR President Mike Hughes, Vice President and
General Manager of Downing-Frye Realty. "But this year, the soft
wasn't soft; it was strong."
Despite a double-digit drop
in overall inventory, the Naples area real estate market continued to see
positive growth in various price points, categories, home styles and
neighborhoods for both pending and closed sales activity in November. With
luxury homes at a premium, homeowners that decide to sell in Naples now may
begin to encounter more cash offers. Navigating the complexity of these real
estate transactions can be made easier with guidance from a Naples
REALTOR®.
The Naples Area Board
of REALTORS® (NABOR®) is an established organization (Chartered in 1949)
whose members have a positive and progressive impact on the Naples Community.
NABOR® is a local board of REALTORS® and real estate professionals with a
legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of
the Florida Realtors and the National Association of REALTORS®, which is
the largest association in the United States with more than 1.3 million
members and over 1,400 local board of REALTORS® nationwide. NABOR® is
structured to provide programs and services to its membership through
various committees and the NABOR® Board of Directors, all of whose members
are non-paid volunteers.
The term REALTOR® is a
registered collective membership mark which identifies a real estate
professional who is a member of the National Association of REALTORS® and
who subscribe to its strict Code of Ethics.
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