Sales $1 Million+ Highest Since 2007; Inventory Declines 16% Over Prior Year
The amount of Naples homes for sale has been continuously decreasing all over Naples and Southwest Florida. Common sense tells us that when supply is low and demand is high, housing prices will increase. But here in Naples we have learned from the fallout and thus while prices are starting to rise, they are rising at a manageable pace. Yes, there will always be those unrealistic sellers who overprice their home or condo, but buyers have a choice to walk away or be enamored by that real estate. Ultimately, a willing buyer and a willing seller set the price.
What follows is a summary of the Naples Real Estate Market Report for June 2012.
For the month of June 2012, the number of closed sales above $1 million year-to-date is at the highest level since 2007 with 477 closings. The price segment posting the largest increase in closed sales for the first six months of 2012 is the category between $750,000 and $1 million, which increased 31% over the same period 2011. The number of sales under $250,000 continued to decrease, dropping 6% from same period 2011.
June 2012 pended sales were comparable to June 2011. Naples pending sales posted a slight increase, while Bonita/Estero decreased less than 5%. The decrease in pended sales year-to-date is accounted for by a 12% decline in the segment under $250,000. All other price categories increased over the same period, prior year, with the exception of properties priced above $5 million, which remained the same.
The number of new listings placed on the market during the first six months continued to decline, the sixth consecutive year to show a decrease for the period. Homes for sale in Naples, Bonita Springs, and Estero markets on July 1, 2012 stood at 6,385 units (3,469 condominiums and 2,916 single-family homes). This is a 16% decline from July 1, 2011, and represents approximately a seven-month supply.
Click here to review the complete report and for a closer look at how specific neighborhoods in Naples and Southwest Florida are performing.
Market Report data is pulled from Sunshine Multiple Listing Service.