The luxury condo market along Gulf Shore Boulevard in the Park Shore, Moorings, Coquina Sands, and Naples Cay areas encompasses some of Florida's finest beachfront communities. The total number of closed sales for the first and second quarters is up 50% in 2014 (216) compared with the same period in 2010 (144). The average sales price has increased 25% from $1.025M to $1.282M. We can further break down the numbers to compare sales in buildings on the Gulf versus those along the Bay. The beachfront buildings experienced a 21% increase in sales price to $1.425M from $1.177M in 2010. Surprisingly, the bayfront buildings saw a larger jump, up 49% from $630K in 2010 to $941K in 2014. This was largely fueled by the release of new construction units in Naples Cashmore.
The first half of 2014 saw a 54% decrease in Days on Market (DOM) with an average of 142 compared to 308 during the same period last year. This can be contributed to high demand as well as decreasing inventory. And sellers are benefiting as the ratio of the sales price to list price also continues to tighten and is currently at 94.5%. Condo sales are selling at a faster pace and in larger numbers than single-family homes.
The abundance of amenities, natural beauty, and low maintenance lifestyle continue to attract both seasonal residents from around the world as well as year-round locals. For more information on condos in the Naples market, contact Laura Maguire at 239.207.6418