Residential Real Estate Market News & Forecast
Naples, FL 2014: Home supplies are at their lowest levels since 2007. As a result, the local Naples real estate market is experiencing increased home values as buyer demand outweighs supply. At the same time the local market is experiencing positive “stability.” Market stability is defined by National Association of Realtors’ Chief economist Lawrence Yun as, “the point when a markets distressed sales (foreclosed and short sale homes) are under 10% of total sales activity. Distressed sales made up just 9% of closed sales in May of 2014.
To make up for lower home inventory, builders have increased new construction throughout the area. About 30 new home construction projects are under way in Naples, including The Landings at Bear’s Paw, Naples Square, Mangrove Bay, Talis Park and the new Marbella Isles (to name just a few.)