2012 Annual Real Estate Market Report for Naples Florida
2012 MEDIAN CLOSED PRICE INCREASED 17 PERCENT
• Overall closed sales increased 9 percent, from 8,345 units in 2011, compared to 9,121 units in 2012. Overall closed sales increased 20 percent in the $300,000-$500,000 category, from 1,129 units to 1,357 units, and increased 29 percent in the $500,000-$1 million category, from 794 units to 1,022 units, from 2011 to 2012, respectively.
• Overall pending sales increased 6 percent, from 10,070 pending sales in 2011 to 10,683 pending sales in 2012.
• Overall inventory decreased by 13 percent, from 7,581 listed properties in 2011 to 6,557 listed properties in 2012. Pending sales with contingent contracts are included in the overall inventory number.
• Overall pending sales in the Naples coastal area increased 15 percent, from 1,791 units to 2,057 units, in 2012. Closed sales increased 14 percent, from 1,641 units in 2011 to 1,869 units in 2012.
“2012 was a very good year across the board for the Naples area real estate market,” stated Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “From overall pending sales to closed sales and higher median closed prices, along with a continued decrease in inventory, it was a strong year. So strong, in fact, that we now would like to see higher levels of available inventory.”
Thomas A. Bringardner Jr., President and CEO of Premier Commercial, added “The continued economic recovery, both nationally and locally, as well as the decrease in the unemployment rate (dropping to 7.8 percent for Collier County in November 2012) and increase in tourism is benefiting the residential and commercial market.”
“The overall commercial market has remained relatively steady and now we are seeing modest improvements,” he said. “Recent large deals, including the sale of the Fifth Third Bank building and the Venetian Village, in addition to large land deals, highlight the improvement in the commercial market.”