Total new-home closings: 2,299
The good: Growth has occurred, despite increasing prices and amid lower unemployment.
The bad: The market is relatively small in size to begin with.
The bottom line: Though it may not be one of the largest metro statistical areas, this market shows momentum in recent years and into the near future.
All systems show “go” for builders in and around Naples over the past few years. After gathering momentum in 2013, then registering its 12th consecutive quarterly increase in the annual starts rate in 2014, this market proved that it can continue to grow, even as the average price of new homes rises. As a percentage of overall housing, new-home closings increased from 7.8% to 9.2% market share in March 2015. This may be partly due to drops in unemployment, which helped to drive 2014 results, then decreased even further year over year in March 2015 to 5.4%, which is just under the national average. At the same time, a 45% year-over-year climb in year-to-date single-family permits in March 2015 shows that builders anticipate additional room to grow in the region.