After three years of relatively stable first quarter closings, home sales for Naples, FL Q1 – 2014 posted a 13% increase. Sales between $2 million and $5 million remained brisk, (101 closings) posting the highest number of closings in this segment (for any quarter) since Q2 2005, when there were 117 closings. Average closed price for the first quarter increased 19% over prior year, driven by the large number of sales over $2 million. However, both average and median sales price remains 32% below their highs for the quarter in Q1 2007.
Sales above $2 million posted a 66% gain in the number of sales and an increase in volume of 74% over Q1 2013. Median price in this segment remained stable at approximately the same level as 2013, while median price in the overall market rose 7%.
Properties priced below $250,000 continue to be absorbed quickly and distress sales are shrinking, now down to 14% of the inventory (down from 19% one year ago.)
For information on Naples Real Estate please call me, Frank Petras at (239) 595-2221 or visit www.FrankPetras.com.