Strong First Quarter for the 2014 Naples Real Estate Market - by Scott Pearson


The luxury real estate market continues to thrive in Naples.

According to the Naples Area Board of Realtors Market Report, 2 million+ single family home sales in the first quarter of 2014 are up 83% with 88 sales compared to 48 sales in 2013.

Overall pending sales in the 2 million+ segment went from 120 sales in the first quarter of 2013 to 174 this year. 2 million+ overall closed sales had an 80% increase from 61 sales to 110. Overall 2 million+ sales for the same 12 month period ending March a year ago are up 42% with 348 sales compared to 245.

Sales of homes with a median closed price of 1 million+ went from 176 in the first quarter of 2013 to 270 this year, a 65% increase. 

As for the condominium market, inventory is down 23% from 2,758 last year to 2,110 this year. Closed sales have increased 10% over the same 12 month period ending March from 4,694 to 5,140.

Cash is the primary form of purchase in the first quarter. 74% according to the Naples Board. Only 26% were financed. That's a big difference from pre-bubble years.

Pent up demand, delayed gratification, consumer confidence, the brutal winter, tax advantages, the increase in full time residents, quality of life, and the basic fact that to many areas of the world Naples real estate is still a very good value, are all driving forces in our market growth. We don't see things changing any time soon.

Scott Pearson GRI, CRS


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