Sellers in the luxury market can expect a very good buyer turnout in the coming months, according to NABOR. Their prediction is based upon several factors including overall pending sales activity, which has risen 11 percent for homes priced over $1 million.
The November 2014 report showed heightened activity in several areas of the luxury market including a 40 percent increase in overall closed sales for single family homes priced $2 million and above from 202 in the 12-months ending November 2013 to 282 in the 12-months ending November 2014; an 11 percent increase in closed sales for condominiums priced $1 million – $2 million from 234 in the 12-months ending November 2013 to 260 in the 12-months ending November 2014; and a 35 percent increase in single family median home prices in the Naples Beach area from $739,000 in the 12-months ending November 2013 to $1,000,000 in the 12-months ending November 2014.
- Overall pending sales decreased 2 percent from 840 in November 2013 to 825 in November 2014.
- Pending sales for single family homes in the $300,000-$500,000 price category increased 32 percent from 99 in November 2013 to 131 in November 2014.
- Pending sales for single family homes in the $2 million and above category increased 24 percent from 25 in November 2013 to 31 in November 2014.
- Overall closed sales decreased 2 percent from 9,878 in the 12-months ending November 2013 to 9,635 in the 12-months ending November 2014.
- Median closed price increased 12 percent from $236,000 in the 12-months ending November 2013 to $265,000 in the 12-months ending November 2014.
- Median closed price for single family homes in the $2 million and above price category increased 50 percent month over month from $2,600,000 in November 2013 to $3,900,000 in November 2014.
- Overall inventory decreased 10 percent from 4,584 homes in November 2013 compared to 4,136 homes in November 2014.
- Average days on market for November is at 79.
According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, the market’s median closed price has gone up 62 percent in the last four years from when it was $169,000 in November 2010 to $272,000 in November 2014. And inventory is down 63 percent from one of its highest points of 11,116 in November 2008 to 4,136 homes in November 2014.
Typically the market is slow during September, October & November. This entire year has been a strong one.
Despite a drop in overall inventory, the Naples, Florida area real estate continued to see positive changes in various price points, categories, home styles and neighborhoods for both pending and closed sales activity in November.
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