With a shifting market, the guidance and expertise that Luxe Naples Real estate imparts is never more valuable.
OFFICIAL MARKET TYPE: STILL A SELLER’S MARKET.
INVENTORY IN NAPLES: 2.2 MONTH SUPPLY UP FROM 1.6 MONTH SUPPLY MAY 2022.
MEDIAN HOME PRICE ( CONDO & SINGLE FAMILY) INCREASE: 31.8% OVER JUNE 2021
CONDO MEDIAN HOME PRICE: INCREASED BY 51% OVER JUNE OF LAST YEAR
Despite our current reality of rising interest rates and concerns of an impending recession, the numbers show that demand for luxury real estate — the second home market in particular — remained strong during the second quarter of 2022. The last two years, particularly during the peak of the pandemic, the housing market experienced record growth. Although inventory shortages are starting to ease, it’s still a seller’s market in some parts of the country.
Take a look at why Naples should not be lumped into the “National” market numbers. Example the luxury second home demand continues to outperform other categories and the overall market. Florida’s real estate market has become more competitive than ever before, with many experts predicting this trend isn’t likely to change soon. The scarcity of homes for sale compared to the number of motivated buyers has driven prices to an all-time high – and the center of this boom can be found in the city of Naples.
FORBES: When it comes to hitting the beach for a primary or secondary home Palm Beach and Naples markets continue to be the hottest for luxury buyers.
Pacaso, the leading technology-enabled real estate marketplace, today released an analysis of the luxury second home market. In their report. Pacaso’s research team, “sales of luxury second homes and investment properties – which are defined as homes sold for $1 million or more that are designated for seasonal and/or recreational use – increased nearly 25% year-over-year during the second quarter of 2022 and approximately 235% compared to Q1 2020, prior to the pandemic intensifying in the U.S.” “Affluent consumers tend to be more insulated from the impacts of an economic downturn,” continued Pacaso. “Some consumers will look to real estate as a more stable place to park their money during times of increased market volatility. Contrary to some headlines, many economists believe that the housing market will continue to grow through 2022, albeit not at the same pace as 2020 and 2021.
We are looking towards a more balanced market, with it still swinging towards a sellers market. Demand is still high compared to supply today in Naples, and home prices are still increasing as of June. The Average Home Price was $965,830. A increase of 37% YTD