2013 was a year that saw significant growth in Naples' housing market, and it ended much like the way it was represented throughout the months – with a bang.
The Naples Area Board of Realtors released statistics for December of last year and the rest of 2013 as a whole, and they were just as impressive as was expected. From 2012 to 2013, overall median home prices jumped 18% to $240,000, and in December alone they leapt 22% to $260,000.
Homes in the highest and lowest price ranges saw the most outstanding performance, with those selling for less than $300,000 seeing prices rise 15.6% throughout the year in and 16.4% in December alone. Similarly, prices for homes more than $2 million rose 5% during the year and 2.2% in December. According to Naples broker Bill Coffey, low supply in this particular price category drove these gains.
While it is considered normal to have home inventory cleared in around 6 months, it would take just 4.9 to accomplish that at this pace.
Throughout the year, closed and pending sales were also up, though they cooled slightly in December. Closed sales increased 5% to 9,637 during 2013 as a whole, but dropped 25% in December when compared to 2012. Similarly, pending sales jumped 4% to 11,065 from 2012, but fell 7.9% in December when compared to that year as well.
The same month, home inventory dropped 18% to 5,403, and homes stayed on the market and average of 100 days before they sold. Local realtors expect this tightening supply and quick sales pace to be indicative of another flourishing year for the Naples housing market and economy in 2014.