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Luxury Home Sales Lead to a Strong Second Quarter Finish Naples, Fla. (July 13, 2018) – Activity in the Naples area housing market during the Second Quarter of 2018 remained steady in comparison to activity during the Second Quarter of 2017.
According to the 2Q 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
- OVERALL CLOSED SALES: Increased 2 percent to 2,926 properties in the 2Q of 2018 from 2,880 in the 2Q of 2017.
- $2 million and above single-family home market: Closed sales rose 25 percent in the 2Q of 2018, which—along with other market indicators—leads many broker analysts to believe that interest in luxury homes will remain in high demand.
- AVAILABLE INVENTORY: At the end of the 2Q of 2018 was 5,165 properties, just 24 units behind the inventory level at the end of the 2Q of 2017 (5,189 properties).
“This tells me that homes are coming onto the market at the same rate we are selling them,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. Inventory rose 15 percent in the $2 million and above condominium market during the 2Q of 2018, which may be a factor in the uptick of pending sales in the luxury condominium market as it rose 32 percent during the 2Q of 2018.
“Inventory in other parts of the state and nation are stretched thin, hovering between 3 and 4 months of inventory, but Naples enjoys almost 7 months of inventory,” said Budge Huskey, President, Premier Sotheby’s International Realty.
“What’s even more impressive is that we have such a great selection of homes for buyers despite the recent increase in sales and still having some undergoing repairs from Hurricane Irma.” “We are seeing a very different sales environment locally from that of 10 years ago when home sales in northern states stalled,” said Coco Amar, a managing broker at John R. Wood Properties.
“But now that homes are moving fast up north, sales of high-end single-family homes in Naples are stronger than ever.” “It’s hard to ignore the increase in interest for ultra-luxury properties,” said Huskey.
“A $48.8 million sale for a home in Naples is impressive, but when you learn there was a second potential buyer who was considering the property you know what type of buyers are in the market.” “It’s possible the new tax laws are impacting people’s minds about residency and we’re benefiting from it.” according to Adam Vellano, West Coast Sales Manager, BEX Realty - Florida, there were four property sales over $10 million during the 2Q.
Brokers analyzing the market report agreed that multiple offers on luxury properties have risen. But whatever factor(s) is driving the increased interest, closed sales of luxury homes over $2 million are positioned to rise again as the stage has been set in the 2Q where pending sales in this price category increased 22 percent for single-family homes and 32 percent for condominiums.
The NABOR® Second Quarter 2018 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® Second Quarter 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Find out more at Naplesarea.com. The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers. The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.
Contacts: Brenda Fioretti, NABOR® Media Relations Committee Chair, (239) 597-1666 Marcia Albert, NABOR® Director of Marketing, (239) 597-1666
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