The first-quarter Metrostudy data for the Naples-Marco Island housing market shows a small spike in sales at the start of 2014. Existing home sales in the market went up year-over-year from 3,811 closings in 1Q13 to 3,963 in 1Q14. The market peak in existing home sales occurred in the second-quarter with 5,026 closings. New-home sales also saw slight increase from 203 closings in 1Q13 to 373 in 1Q14. Once again, this is below the peak quarter in the last year; the fourth-quarter of 2013 with 533 new-home closings.
Prices are on the rise thanks to the demand in the market. Existing home prices have steadily gone up quarter-over-quarter with no sign of relief. The median closing price for existing homes in the first-quarter hit $239,500, up from $226,200 the previous quarter and $221,300 in 1Q13. New homes experienced significant spikes from $336,400 in 1Q13 to $439,300 in 1Q14, a 30.5 percent year-over-year increase. The median price per square foot for both new and existing homes has risen over the last four quarters, however existing home sales a median of $170 per square foot in the first-quarter, down from $179 in 4Q13. New-home price per square foot went up from $213 to $220.
The Vacant Developed Lot inventory in the Naples-Marco Island market went from 5,966 to 5,310 year-over-year. Months supply of housing in the market also declined year-over-year from 11.1 to 10.6 months. Both quarterly and annual starts have gone up year-over-year as well, showing increased demand for new homes in the market. Quarterly starts went up from 353 to 517 year-over-year and annual starts from 1,545 to 1,965.
Learn more about markets featured in this article: Naples, FL.