Nabor Market Report | A service from the Naples Area Board of REALTORS®
Naples, Fla. (January 16, 2015)
Overall closed sales for homes in every price category above $300,000 saw double digit increases in 2014. As a result, broker analysts contend that 2014 was one of the best years in Naples real estate history for closed sales. According to the Annual 2014 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory increased 16 percent for homes in the $2 million and above price category from 394 in 2013 to 457 in 2014. The report also showed that overall closed sales in this luxury market price category increased 33 percent from 299 homes in 2013 to 399 homes in 2014, yet the overall median home price in this price category held steady year over year at $2,950,000.
While closed sales stood firm at a 3 percent increase for condominiums in 2014, inventory in the condominium market did not fare as well as single family home inventory in 2014. The report indicated a 14 percent decrease in condominium inventory from 2,354 in 2013 to 2,030 in 2014. The only price category that experienced an increase in inventory was the $300,000 to $500,000 price category. It increased 13 percent from 408 condominiums in 2013 to 462 condominiums in 2014. Broker analysts indicate that this increase in inventory may be due, in part, to bracket creep, which is what happens when a home’s value increases to a point that it surpasses its current category’s threshold and advances into the price category above it. The fact that inventory for condominiums in the $300,000 and below price category decreased 23 percent is further evidence of the bracket creep.
The NABOR® Annual 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® Annual 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales decreased 5 percent from 11,065 in 2013 to 10,494 in 2014.
- Pending sales for single family homes in the $2 million and above price category increased 28 percent from 249 in 2013 to 319 in 2014.
- Pending sales for condominiums in the $1 million to $2 million category increased 11 percent from 262 in 2013 to 292 in 2014.
- Overall closed sales increased 1 percent from 9,723 in 2013 to 9,826 in 2014.
- Overall closed sales for homes in the $1 million to $2 million category increased 21 percent from 516 in 2013 to 623 in 2014.
- Overall closed sales for homes in the $2 million and above category increased 33 percent from 299 in 2013 to 399 in 2014.
- Overall median closed price increased 13 percent from $240,000 in 2013 to $270,000 in 2014.
- Overall inventory decreased 6 percent from 4,614 homes in 2013 to 4,351 homes in 2014.
- Average days on market for 2014 was at 82.
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.
- View December 2014 Market Statistics – PDF
- View 4Q 2014 Market Statistics – PDF
- View Annual 2014 Market Statistics – PDF
- To view the entire report, visit www.NaplesArea.com