April First Quarter Market Update
Homes above $1 million are dominating the home market in Naples. Sales over $1
mil increased 61% from March of last year.
Tourism was up but we weren’t expecting to see a 109% increase in pending sales for condos over $2 mil. There are currently very good investment opportunities on both ends of the condo market in Naples. The top and bottom price categories are where we have seen inventory grow and prices drop.
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Many sellers of spec homes in Naples that have been on the market for more than two years in neighborhoods like Park Shore and The Moorings began to set more realistic prices which increased sales in high end single family homes. Over priced homes don’t sell and we think we would have seen more sales in this market had sellers lowered their prices sooner. Once the prices dropped, sellers saw multiple offers from buyers that had been holding out.