Posted on Wednesday, May 29, 2013
As a follow-up to our March 2013 blog “Are The High Priced Properties Selling?” (http://nangoebel.wordpress.com/2013/03/18/are-the-high-priced-properties-selling/) I thought I would take another look at the high-end market and see if we were making any progress.
First of all “high-end” is in the eye of the beholder. For this morning definition let’s say single family homes greater than $1,000,000 is “high end.” A look at the numbers says we are making some progress – with a current inventory of 1.28 months the high-end market is not as healthy as our overall market standing at six months inventory (source: Sunshine MLS in the all naples area for single family homes over one million dollars 451 have sold in the last twelve months and 580 are for sale).
So what? Well we would like to see inventories below nine months or even six months to see some real price support. Although we saw a price spike in the last couple of months the year on year average price for sold homes over one million dollars is still flat.
Surprising since prices are on the rise overall and many commercial projects are coming on line to fill inventory. However if you actually go into the market with a buyer you will quickly see some sticker shock and reluctance to buy.
I would think with one more season (even a solid summer with many European visitors) the higher end will start to move and overall inventories in Naples, FL will tighten further – but that is just an opinion.
Give us a call if you are looking to buy or sell property in Naples – we will take good care of you and help you sort this out.
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to Naples homes for sale and Naples real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921
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