Temperatures are beginning to rise in Southwest Florida, but the local real estate market has been heating up for months. After a strong start for the new year, home sales and closing prices continue their upward trend, signifying a strong market and equally strong demand for homes along the western coast. Here are more details on current Southwest Florida real estate trends:
- Vacation home sales are surging, according to a recent report by the National Association of Realtors. Vacation home sales rose 30 percent from 2012 to 2013 and represented 13 percent of real estate transactions nationwide in the past year. Additionally, 41 percent of the country's vacation home buying activity was in the South, with lifestyle factors as the most important consideration for vacation homebuyers.
- The Naples Area Board of Realtors (NABOR) maintains detailed records of area real estate statistics, and its first quarter 2014 report shows strong numbers for Naples real estate for the beginning of the year. Compared to the first quarter of 2013:
- Closed sales are up 5 percent.
- Median closed price is up 15 percent.
- Inventory is down 14 percent.
- Average days on the market are down 41 percent.
Collectively, NABOR's report reflects a strong market with rising home costs and demand.
- Lastly, cash rules in Southwest Florida. A recent report by industry researcher RealtyTrac found that 64 percent of homes statewide were purchased in cash in the first quarter of 2014, up almost double from 2013's 35 percent. Of in-state cash purchases, the highest rates were seen in Charlotte County (83 percent, or more than three times 2013's number) and the Sarasota-Manatee region (65 percent, and the third-highest region in major U.S. metropolitan areas).
The Southwest Florida real estate market is strong, especially for vacation homes along the coast. Download our interactive brochure today to learn more about London Bay Homes' exclusive resort communities in Naples and Sarasota and along Florida's western coast.
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