April 2015 Naples Area Report
Inventory Up 5% vs. Prior Year; 21% Increase in Closed Sales $2 Million+
The number of closed sales during the past 12 months increased over prior year, while monthly sales for March declined slightly for the third consecutive month, compared to prior year. Although demand remains high, inventory shortages in key market segments have impacted the number of 2014 closings during the first three months. Properties priced above $2 million posted a 21% increase in the number of closed units during the past 12 months (453 vs 375), the largest increase of any price segment.
The number of new listings taken during the past 12 months is up 5% over the previous 12 months. New listings recorded in March were up 14% over March 2014. Total available inventory in the Naples, Bonita Springs, and Estero market stands at 5,179 units (2,073 condominiums and 3,106 single family homes). This represents a 22% decline in condominium supply and a 5% increase in the number of available single family homes from a year ago.
Average Sales Price
Average sales price continued to increase over the prior 12 months, although at a more normal rate. Average sales price remains 29% below the peak for this period in 2007. Be aware that this is an average only and not pertinent to all properties. Some segments have rebounded to peak levels, while others have stabilized at levels below their record highs.
Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrated to the U.S. in 1980 to escape the brutal Mugabe regime - they lost everything when they came to Am....