As the Naples housing market continues to grow, it shows no signs of slowing down. So if you’re looking to buy in this picturesque city – act fast.
The apparently season-less market in Southwest Florida has shown that a summer slump is nowhere on the agenda. A fast-paced winter in 2012 set the tone for a strong spring, and that trend has sustained throughout the hotter months.
In June, the median price of a home in Naples was 23.2 percent higher – and the supply of homes was lower by 23.1 percent – than either was just six months ago, according to statistics from the Naples Area Board of Realtors.
In the past, summers have been prime time for bargain-hunting shoppers – the only other buyers at that time have been international vacationers and families looking to settle down before their kids start school in the fall. However, more and more investors have taken an interest in the area over the past few months, and that, coupled with the high-profiled Hertz relocation as well as more seasonal residents, has boosted the market in a strong and noticeable way.
For real estate agents, the torrid pace of the market has its good and bad qualities. On the one hand, the agents are finding it easier to get appointments to show properties that are owned by seasonal residents who are out of town. Plus, since the owners tend to clean up before they leave, the homes are much less messy and much more inviting.
But, many homes have been tightly sealed by their owners with hurricane shutters and blinds – these dark, bare residences can be a turn-off for buyers. Also, many waterfront high-rises have restrictions that prohibit remodeling in the winter when most of the residents are there. As such, much of the painting and carpentry is done throughout the summer, making showings more difficult for the agents.
As the weeks wear on, except the market around Naples to keep growing and moving quickly – which means that if you plan on enjoying Florida’s cool fall and winter months just minutes from the beach, you’ll have to move quickly as well.