Historically the buyers have come from the Midwest, that is starting to change, instead they are coming from the Northeast where they have higher-priced homes. That has helped bolster prices because sellers have more equity in their homes in the Northwest in-turn they have more to spend on a Naples property. They also want lower taxes and cost of living, not just the great weather in Naples.
Demand was strongest along the beach. Overall, sales in this area, which spans the 34102, 34103 and 34108 ZIP codes, rose 40 percent in October from the same month the year before.
Meanwhile, NABOR said 3,939 resale properties were on the market in October, a 10 percent decline from a year earlier.
But the drop was almost entirely in the supply of condominiums, which fell 19 percent, to 1,811, in October from the year before. For the same period, single-family home inventory was flat.