Real Estate Market Update for Collier County in Q1 2014
Our clients in Naples and Collier County have been consistently asking us what is going on in the real estate market here in South Florida. We will be comparing statistics from the first quarter of 2013 to what has happened in the first quarter of 2014 in order to provide you with a clearer picture of our market.
In the first quarter of 2013 there were 2,237 home sales compared to 2,352 sales in Q1 of 2014.
– This translates to a 5% increase in home sales year over year.
Naples and Collier County are currently situated in a normal market.
– Inventory for Q1 2014 has decreased to 4,405 homes compared to 5,136 homes in 2013.
The average days on market are at 95 for the first quarter of 2014, compared to 161 in 2013.
If you take a look at the graphs down below, you will see a few different statistics:
– Closed sales have increased slightly from the first quarter of 2013, but the number of pending sales has dropped just slightly.
– Year over year, both pending sales and closed sales have increased.
– Inventory has increased by roughly 14% from 2013.
– The median home price for homes valued at less than $300K has increased from $215K to $248K, which amounts to a 13% increase in value.
– The median price for homes that were worth more than $300K experienced a slight increase from $540K to $545K.
Another interesting thing we saw was that the median sales price in Q1 of 2013 was $230,000 dollars and the current median price in 2014 has jumped to $265,000 dollars.
– One reason for this change is that we saw decreases in sales under $300,000 but we saw a large rise in the sales of high-end properties in the $1 million – $2 million dollar range.
Overall, the real estate marker here in Naples is much better off than it was just a few years ago. We are in a normal market with a good level of inventory (perhaps a little bit on the low side, but it’s evening out), sales are increasing at a stable rate and we’re also seeing a lot of new construction start to take place.
Here are some of the things you can expect from the Collier County real estate market this summer:
1. You will be seeing a lot more new construction popping up.
2. Home sale prices will increase modestly.
– We will not see the rapid and unstable increase in home prices that we have experienced in years prior.
If you have any specific questions about your price point, your neighborhood, or your local market, call The Saad Team, your local professionals. We will sit down and discuss all of your individual needs.