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The first quarter of the year has turned out to be a phenomenal success! We are reporting record sales almost entirely across the board but especially in the luxury homes market. Who doesn’t want to own a piece of paradise? In fact, that very fact is being emulated across several areas in the Naples vicinity with more and more people buying their dream homes.
Homes in the $1 to $2 Million Dollar Range
We are happy to report that this year we saw an increase of over 13% in this price range of properties when looking at the first quarter of 2012 as compared to the previous year. This is a record increase in sales and we think this is an indication of what follows ahead.
Condominium Sales Begin Upward Trend
Though not as sharp an increase as we saw in the mid-level luxury home market, condominium sales went up 3% this year in the first quarter vs. the first quarter of 2011. With much of the strong selling season still ahead for us in Florida, this is a good sign that we hope will continue on and increase as we continue on in the second quarter.
Sales For Properties Above $2 Millions Rose Significantly
Just as the other luxury homes in our market increased 13% year over year, the $2 million and above price range also experienced a 13% rise in sales this year. The super luxury market is one that many investors as well as buyers eager to seize low interest rate opportunities are tapping into.
Increases in Sales Jumpstarts Shift In Market
One more trend that has been taking place is a shift toward fewer available homes on the market. After being in the spotlight for years now, Florida is finally beginning to come back to a fairly balanced market with our shrinking inventory. When you couple that with an increased demand for housing you end up with a change in the market toward the sellers’ direction. What this means is that before interest rates get higher again and before inventory shrinks too low, now is a great time to buy!
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