Naples Home Prices Double Rate of Increase November 2014

Naples median home prices increased 15.7% year-over-year from 8.2% increase in October

The rate at which the median homes prices increase in Naples for resale properties is on a tear based on the latest market report from the Naples area Board of REALTORS^® (NABOR) for November 2014.
 

In October 2014 the year-over-year increase was 8.2%. Now, just one month later, that number nearly doubled to 15.7%. Buyers paid, based on the median price for all property types and nearly all resale properties, 15.7% more in November 2014 versus one year ago – November 2013.
 
Mike Hughes, newly elected president of NABOR, believes this is attributed to buyers displaying a sense of urgency, “…there’s a rush to buy before prices go even higher,” Hughes was quoted.
 
The luxury market, single-family homes over $2 million dominated. Prices in this category have jumped 50% in November on a year-over-year basis. Hughes believes that large stock market growth and profit over the past two years have fueled these buyers who are partly cashing out and diversifying thier assets.
 
In the $300,000 – $1 million category the median price for a property dropped from $462,000 to $434,000. The November drop is attributed to a rise in inventory and competing new homes sales in this category.
 
The supply, inventory, of homes in the under $300,000 category fell 28% while the overall supply of homes fell just 9.7%. The high watermark for inventory was November 2008 at 11,116 properties for sale.
 
Supply and prices don’t seem to affect the luxury greater than $2 million market where is seems homes a flying off the shelf. Closed sales in this category rose 50% and pending sales increased 12.9%.