On a rolling twelve month basis (not shown on the report), closings are up 7% and average sales price is up 10.5%. Year-to-date, the median sales price is up 8% over prior year, following a 12% increase from 2011 to 2012, and a 17% increase from 2012 to 2013. All price categories posted gains in the number of closed sales with the exception of properties priced under $250,000. The greatest increase was the segment priced above $1 million, which was up 27%
Pended sales above $2 million are up 38% year-to-date. Sales above $5 million almost doubled with 101 sales pended vs 52 in the same period 2013. Sales pended during the month of November are the highest on record for the month.
On December 1, 2014, available inventory in the combined Naples, Bonita Springs and Estero market stands at 4,948 units (2,763 single family homes and 2,185 condominiums). This represents a 4.9 month supply based on the number of closings in the past 12 months. The number of available properties is down 12.5% from December 1, 2013.
Distributed by John R. Wood Properties’
Naples, Fla. (December 19, 2014) – Sellers in the luxury market can expect a very good buyer turnout in the coming months according to a consensus among Naples’ top brokers after they analyzed the November 2014 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales with Collier County (excluding Marco Island). Their prediction was based on several factors including overall pending sales activity, which rose 11 percent for homes priced over $1 million; overall closed sales activity, which increased 17 percent for homes priced over $1 million; and that the majority of homes sold in the $2 million and above category were cash sales.
“Pending and closed sales activity in all price categories above $300,000 was up over the past 12-month period ending in November,” said Tom Bringardner, Jr., President/CEO of Premier Commercial.
“Activity in the high end market is remarkable coming into season,” said Steve Barker, Advising Broker for Equity Realty. “The report indicated that a greater number of homes in the $2 million and above price category were sold  as compared to what sold in the same month last year . This is a good sign for sellers in our market because people who have the resources to pay cash for million dollar homes are smart and careful investors. They are not going to make a poor investment decision, which speaks volumes for the value of our market.”
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.
“Median price in the Naples Beach area single family home market can not continue to increase at the current rate indefinitely,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm of Carroll & Carroll, Inc., who added that, despite aggressive activity in new construction, the report indicated that inventory in the resale market continued to decline.
The NABOR® November 2014 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® November 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
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 day on market for November is at 79.
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