Old Naples condominium sales have taken off this season, especially on the lower end of the market. As the chart below indicates, in the last 120 days the number of pending and sold units far exceeds the remaining inventory. Under $500,000, there are 23 active listings and 48 pending and sold units. Between $500,000 and $999,000 there are 11 active listings and 17 pending and sold. Above $1,000,000 there are 17 units for sale and 11 pending and sold in the last 120 days, which is still a very active market.
Prices are starting to reflect this, and we have seen especially big price jumps at the lower end of the market that are approaching 40% over last year. Once again we are in a seller's market and dynamics give credence to the old adgage "He who hesitates is lost," or more accurately, he who hesitates buying now is likely to be left behind in a surging market.
If you want to consider an investment in the Old Naples condo market, please give me a call.
Bill Van Arsdale