I am excited to announce that our 2014 Port Royal Annual Market Report is now available in PDF and Uberflip format. The printed reports will be available in our offices next week.
Port Royal - By the Numbers - Yesterday and Today
- $1.4 Billion Total MLS Closed Sales in Port Royal from 2010-2014
- $1 Billion Total MLS Closed Sales in Port Royal from 2005-2009
- 40% Increase in Total Closed MLS Sales over 5 year period from 2005-2009 to 2010-2014
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- $365 Million Total MLS Closed Sales in Port Royal in 2014
- $162 Million Total MLS Closed Sales in Port Royal in 2009
- 125% 5 Year Increase in MLS Closed Sales $ in Port Royal from 2009 to 2014
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- 55 Total MLS Closed Sales in Port Royal in 2014
- 34 Total MLS Closed Sales In Port Royal in 2009
- 62% 5 Year Increase in Total MLS Closed Sales in Port Royal from 2009 to 2014
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- 213 Average Days on Market for Sold Properties in 2014
- 309 Average Days on Market for Properties Sold in 2009
- (31%) Decrease in Days on Market for Sold Port Royal Properties from 2009 to 2014
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- $6.6 Million Average Closed Sale Price for a Port Royal Property in 2014
- $4.6 Million Average Closed Sale Price for a Port Royal Property in 2009
- 43% Increase in Mean Closed Sale Price for Property in Port Royal from 2009 to 2014
Port Royal Highlights
- $80 million = Record Asking Price for a Beachfront Property in Naples
- 12 Months = Approximate supply of properties for sale
- 30% = Increase in total MLS Closed Sales dollar volume from 2013 to 2014
- 55 = Total number of home and lots for sale
- 18% = Increase in average price per square foot sale price from 2013 to 2014
Port Royal 2014 ‘by the numbers’ was a record-breaking year. Total property sales exceeded $364M while average sale price was just under $6.7M. In both cases, these are the best of all time in Port Royal for MLS sales. However, upon closer examination and despite both media reports and groundless narrative, these are not extreme numbers indicative of a ‘bubble’ or exuberant market that suggest near term corrections. Just the prior year of 2013, the average sale price was above $6.4m or about 3% below 2014 levels. Further, both 2005 and 2007 recorded average sale prices within a few percentage points of 2014. As mentioned above, we did see total sales $ and number of sales (55) reach record levels, but if the market was truly racing to ‘irrational levels,’ average sale price would be up more significantly than we are currently witnessing. Needless to say, the smart owner recognizes it is a good time to sell while buyers can still find choice properties at prices not out of historical norms for Naples’ finest market.
We are in the process of completing our Annual Reports for Aqualane Shores, Olde Naples and the Park Shore/Moorings/Coquina Sands/Naples Cay areas. If you or someone you know would like to be added to our mailing list, please send your request to [email protected] or (239) 595-4444.