Naples Area Board of REALTORS®, (NABOR®) reports this is the first year since 2009 where the median home price in Naples has exceeded $225,000.00. In November 2013 NABOR® reported the overall median price of $237,000.00. Further statistics show a 19% increase in the median closed sale prices for the 12 month period of November 2012 through November 2013.
During the same time period inventory of available homes was reduced by 17%. This decrease in the overall inventory is a contribution to the boost in sale prices along with the historically low interest rates.
As we enter into the typical first quarter peak season the inventory of available existing homes is likely to increase substantially. This will help fuel the Buyers who are ready to purchase but haven’t found the inventory.