Buy, Sell or Wait? What’s Up With the Naples Real Estate Market?

Over 3,800 Sales in Naples Since January 2012!

Closed sales have skyrocketed in Naples, FL in the first quarter of 2012 with single-family home sales leading the way. With all these sales, the current inventory of available properties for sale, around 7,500, has shrunk to its lowest level in years. The median sold price is up to $285,000 for single-family homes in the month ending March, 2012 compared to $225,625 in March of 2011. So yes, prices are going up! (see bar graph data).

Here are some other facts from our local MLS (via SunshineMLS):

• Total housing inventory down 13% in Naples, FL compared to the same quarter last year.
• Closed sales from $500,000 to $1 million increased 21% in the first quarter of 2012.
• The average DOM (Days on the Market) for properties decreased 3% compared to 1st quarter 2011.
• Pending sales increased 57% in the $1 million to $2 million range in Naples compared to last March.
• Closed sales increased 29% for the $500,00 to $1 million price range compared to last March.
• Currently there are only 393 short sales and 146 foreclosures on the market in Naples, FL.

So, what does  all this mean for you?

For buyers looking for that “great deal” there is still time if you’re aggressive and prepared. If you’re able to pay cash, be ready to jump on great deals that come on the market. We’ve seen multiple bids on well-priced homes and condos within days of hitting the market.

For sellers, it’s a great time to list and sell your home. I’m sure you are familiar with the age old rule of “supply & demand.” With lower inventory comes greater demand for homes like yours. Buyers are looking for homes that are priced right and taken care of.

As a seller, you will most likely be a buyer as well. Keep in mind that even if you’ve lost equity in your home, it can be made up and even doubled on your next purchase.