North Naples Real Estate Market for August 2013

North Naples is located between Bonita Springs and Naples on Florida’s Southwest coast line. Although it is still part of the Naples area, North Naples is its own community with a variety of subdivisions, neighborhoods and country clubs. The majority of North Naples sits on the West side of I-75. There are currently 744 homes for sale within the North Naples area priced from $200,000 to over $15 million. The average listing price for North Naples is about $790,000 but the median sales price is $245,000. Both numbers however are up from last year. The median sales price is up 23% over last year and the average listing price is up 10% over last year. Currently of those homes that have sold the average sales price is been around $357,000.

One of the biggest numbers that rises and falls is the number of sales. Towards the beginning of the year the number of sales hit around 2000 per month and over the summer spike to nearly 4000. Since then it has dropped to just over 2000 meaning that the supply and demand is radically changing. There are fewer homes on the market due to the fact that home designers, builders and developers missed a few years of building due to the recession. Now that the economy is going back up home prices are dramatically rising while the supply is scrambling to keep up.

So what is this mean for buyers?

Because interest rates are also increasing now would be the best time to purchase a home in North Naples. Wait any longer and interest rates may be over the 5% mark. Jumbo rates are also rising and currently are about at 4.8% for a 30 year jumbo loans and a 4.11% on a 15 year jumbo loan. Home prices will continue to rise but may plateau over the next six months because interest rates have deterred a lot of buyers off the market.

What does this mean for sellers?

It’s best to sell now before the interest rates increase and there are fewer buyers on the market. More sellers are above water with the equity in their home and can now sell for more than they owe. Selling now with interest rates are under 5% can still get a good profit on your home may be the best option for many sellers.

For more details and information on whether buying or selling in the North Naples area is right for you at this time call our office and speak to one of our experienced real estate brokers. We would be happy to answer any questions you have an offer you a free estimate on what your North Naples home is currently worth.

Your North Naples Real Estate Team

Domain Realty is your key to smart buying and selling in the North Naples real estate market. We know all the details from the most exclusive communities and subdivisions around the area. Whether you’re looking for a gated golf club community or a luxury waterfront home, we can help you find the right home at the right price or help you sell your North Naples real estate quickly and efficiently. Call us today to learn how we can make you work home buying or selling dreams a reality.