CONDO SALES UP IN NAPLES
Naples area, sales were up 8 percent in July, according to a report released Friday by the Naples Area Board of Realtors. The national average has a little over a 4-month supply of home inventory, while Naples continues to have a healthier supply of inventory with an average of 6.25. July also saw a huge 39 percent jump in condominium closings in the Naples Beach area. Closed sales for August look strong too in this segment as pending sales for condominiums in the Naples Beach area increased 55 percent in July 2018 compared to the previous year.
“Pending sales for luxury condominiums [$2 million and above] in July were up 150 percent,” said Budge Huskey, President, Premier Sotheby’s International Realty. “The strength of the luxury market segment for both single family and condos continued into the summer months, a reflection of sustained confidence among the affluent witnessing the longest economic expansion cycle in the nation’s history and record corporate earnings.”
Exceeding national averages isn’t the only thing different about the Collier County market, buyers are using more cash to buy homes than the national average. Cash sales only accounted for 20 percent of home purchases nationally, while Naples cash sales accounted for 50 percent of all home sales in July.
According to Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., inventory in neighborhoods west of U.S. 41 are beginning to tighten. “I think we can expect some upward price pressure in areas where the inventory supply level is below 4 months, like Pelican Bay.” Condo sales at Kalea Bay are ahead of where they were this time last year.