Naples Home Prices Trending up – for the next 3 years!
According to Naples news.com the Collier and Lee County real estate market is seeing home prices are tending upward possibly for the next three years until 2016. What does this mean for home buyers? Now would be the time to jump in on great deals because home prices are set to increase upwards of 20 to 30% over the next three years.
The median sales price is currently up nearly 16% over last year at this time topping out at $237,000. This is up $32,000 over last year. The average listing price currently remains about the same at $775,000. But this is also up over last year when the median sales price was actually under $200,000. The top of the market was between 2005 and 2006 with the number of sales and listing and sale prices but the number of sales are starting to increase. 2008 was the bottom of the market and we are slowly inching up. 2013 projects to be an extremely good year for sale and home prices.
What is this mean for sellers? It all depends on what you currently owe your home if anything. If you are underwater now may not be the best time to sell if you don’t have to. We would suggest waiting a few more months or even a year to where home prices are. If you need to sell and you currently have equity, you can stand to gain a profit especially if you’ve purchased the home longer than 10 years ago or purchased within 3 years ago. Anything between the 3 and 10 may show signs of owing more on the home than it’s worth and selling now may not be the wisest idea. If you must sell and you are currently underwater a short sale is the best way to go.
Speaking of short sales, new rules and regulations are put in place that allow potential homebuyers to buy sooner than the two or three year waiting period even with conventional loans. So considering a short sale now may not be the detriment one might have originally thought.
Over the last 30 days the average selling price in Naples was $960,000 and the average listing price was $1,141,000. These two numbers are not that different from each other which means that homes are actually selling for what they are listed for which means less time on the market overall.
If you’re currently considering selling your Naples Florida home or would like more information on specific neighborhoods and communities around Naples feel free to call our office anytime.
Read more: Naples Florida Real Estate Market Report June – July 2013
