Real Estate Market Report for June and July 2013
Were really excited about this summer’s market report since we’ve seen an increase in home sales, drops and foreclosures and bank-owned homes, more owner/seller’s on the market and an increase in median sales price. Although the average listing price is typically much higher than the sales price, both have gone up dramatically from a few months ago. Year to date, the median sales price has increased $29,000 on average which is about 14% over March through April. This median sales price clocks in at $239,000 for East, South, and central Naples Real Estate. The average listing price is about $756,000 which is up $5,000 over last month.
Nearly every community and popular neighborhood around Naples is seeing an increase. The average listing price for Naples is $1.5 million which has seen the only decrease in the last couple of months at 6%. Everywhere else including Park Shore, Port Royal, Royal Harbor, and East Naples are seeing an increase anywhere from .5 to 2%. Port Royal’s average listing price still comes in at a healthy $8 million.
Over the last few months, we have seen an increase in the average listing price go from $745,000 to about $750,000.
What makes the median sales price so low?
People are buying up investment properties, rental opportunities and fixer-uppers because they know that now is the time to buy. Wait any longer and you may be spending a lot more money in the next six months. Because of this, it’s skewing the median price down quite dramatically.
That being said, first-time home buyers, relocating buyers and repeat buyers are finding homes at ideal prices that will naturally rise in value over the next six months. Many homes are literally seeing equity within two-to-three months.
Although Olde Naples has seen a 6% decrease over the last couple of months it still remains as one of the more popular places to buy a home. Prices in Olde Naples range anywhere from $250,000-$2 million depending on the size, location and condition of the home. This is a hot market for Olde Naples and other areas such as Moorings, Lake Park, Coquina Sands and other new subdivisions.