Naples Area real estate has continued to see steady sales while Naples sees steady residential growth.
What is contibuting to steady sales? Follows are market indicators and evidence:
I. Rising median home prices
Naples has continued to see the overall median home price rise for 14 consecutive months now, according to a report released by the Naples Area Board of Realtors (NABOR), which tracks home listings and sales in Collier County, excluding Marco Island. Of particular growth, are condo sales in the $1M -$2M price point range. Within the past 12 month period ending August 2013 as compared to the previous year, there has been a 53% increase in condo sales in the $1M - $2M category, from 173 units to 264 units sold.
II. New Construction
For 2013 year to date (Oct. 12th), there have been 389 new construction homes on the market. Currently 195 of these are still active on the market - this is nearly 5% of the total listings (4110) in Naples. Since the beginning of the year, there have been 194 new construction homes that have gone pending or have closed. Compare those numbers to 2012, which had 154 new construction homes total, 129 of those which are still under contract or have closed. This figure does NOT include the numerous custom homes we see going up all over town.
III. National chain interest in the Naples area.
In addition to residential, Naples' commercial market is showing improvement. National chains are signing leases in our area, indicating that these corporations are confident in the residential growth in the Naples area. Burlington Coat Factory and Hobby Lobby have signed leases to join Chuck E. Cheese to bring back life in the Granada Shoppes at Immokolee Rd and US 41, while Culvers with their signature ButterBurgers and made-daily Fresh Frozen Custard has chosen Naples as its first Florida franchise location just south of Chick-fil-A on Airport-Pulling Rd.
IV. Charter Schools in Collier County
Another indication of growth in Naples is the numerous Charter schools popping up around the Naples area including Gulf Coast Charter Academy South, iGeneration Empowerment Academy, and the Marco Island Academy. In addition to these charter schools up and running, an additional 4 more are eligible for approval from the Collier County School Board.
V. Sales continued throughout Summer
While summer in the Naples real estate market is traditionally slower, we did not have that so-called off-season this year. Because of the low inventory, buyers kept their keen eye on the market, and continued to make decisions to buy throughout the summer.