Luxury Home Sales Increase

Luxury Home Sales Increase

luxury golfThe new year started with a surge in Luxury Home Sales in the Naples area.  Closed sales of luxury properties, homes above $1 million, increased 123 percent over closed luxury sales in January 2017 according to the latest market report released by the Naples Area Board of Realtors.

Also, pending sales, or new contracts written, for homes priced above $1 million increased 67 percent in January compared with last January.

Mike Hughes, vice president and general manager for Downing-Frye Realty Inc., believes the significant increase in luxury home sales could have something to do with Hurricane Irma which hit Southwest Florida last fall.

 “The storm blew in a lot of business,” Hughes said. “I believe that some buyers who would have purchased in the fourth quarter of 2017 delayed their decision until the first quarter of 2018. It looks like we are off to a good start this year with respect to sales.”
Luxury Home Sales

January 2018 Versus January 2017

Naples Beach AreaClosed sales increased 11 percent in January of this year in Collier County compared to January of last year.  Additionally, there were 671 single-family and condominium sales in January, which represents an 11 percent increase compared to last year during the same time period.

Also, for homes prices less than $300,000, market statistics show a 10 percent decrease.

And, there was a 23 percent decrease in the number of single-family homes sold in the under $300,000 range. Also, pending sales declined 24 percent year-over-year.

In addition to closed sales and pending sales increasing for the month, the overall median closed price increased 19 percent up to $375,000 in January.  Additionally, the median closed price of homes over $300,000 was $505,000.  However, the median closed price for homes above $2 million decreased by the same percentage, 19 percent, during the same time period.

Most notably, the Naples Beach area saw a significant increase in pending sales up more than 50 percent compared to last January.

While closed sales of condominiums increased 23 percent in January, single-family home closed sales fell 1 percent, according to NABOR reports.  And, in North Naples, there were 150 closed sales of condos which was a staggering increase of 150 percent compared to last January.  Finally, the median closed price in North Naples increase a whopping 428 percent!  The increase was largely due to 79 closings from new construction luxury high rise condos priced between $1,800,000 and $2,500,000 in the area.


South Florida Luxury HomesOverall Real Estate Sales For the Twelve Months Ending Jan. 2018

  • Overall Pending Sales increased 3 percent for the 12 months ending in January 2018
  • Overall Closed Sales increased 4 percent for the past twelve months
  • Overall Median Closed Price increased 5 percent between January 2017 and January 2018
  • Overall Inventory decreased 5 percent during the same time period
  • Overall Average Days On Market was even for the year

Bottom Line:

With prices rising and inventory shrinking, there are fewer options for homebuyers.  As a result, most buyers are facing tradeoffs when they are making their purchasing decision.  On the other hand, for those considering selling their home, now is the perfect time to put your property on the market. If you are in the luxury home sales market, with the median homes sales falling, now is the time to consider a home purchase.

Naples FL Luxury Real EstateMore Information About Naples Area Real Estate:

More: January 2018 Existing-Home Sales

More: NABOR releases annual market report for 2017

Begin Your Own Property Search:

So, if you’re ready to begin your search for your own dream home, I encourage you to explore my website to find information about communities in Naples, Bonita Springs and Estero.  If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area.  If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Final Word:

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours.  There is no cost to you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.

If you’re looking for information about a specific community in Southwest Florida, please contact me and I will prepare a custom market report for you.  I will provide the market information and insights to help make sure you select your dream home!

Lastly, I will handle all contract negotiations for your property from offer to close!

About Matt Klinowski, PA

Naples Golf GuyThe above information was provided by Matt Klinowski, an expert in Southwest Florida real estate.  When you are ready to buy or sell a single family home or condo in Naples, Bonita Springs or Estero, contact me. With almost 20 years of experience I can help provide the market information and insights into individual communities to help you find the perfect home.  Most importantly, I will handle all the negotiations to make your real estate transaction as smooth as possible.

Contact Matt:

or at 239-370-0892

February 25, 2018 Posted by Matt