Naples Luxury Real Estate: Monthly Market Update September 2008
It’s not quite the sales volume we saw in 2005 (for obvious reasons), but the luxury real estate market in Naples continues to increase year after year. The graph below shows the combined monthly sales volume of each development west of U.S. 41, from Vanderbilt Beach south to Port Royal. While each individual community has experienced varying percentages of increase in 2008, the entire market has been realizing a 10% increase in sales volume since 2006.
Monthly Sales Volume for Naples Luxury Real Estate Market
The price per square foot varies greatly across the different price ranges, however, the days on market (DOM) and average discount from list price to sales price stays the same demonstrating the importance of pricing your home correctly. Those sellers who are pricing their homes to the current market conditions are enduring fewer days on the market and realizing a greater sales price than those who start high and continually lower their asking price.
Sales for the last four months, West of U.S. 41
List Price |
No. of Sales |
Average Price/sqft |
Average Days on Market |
Average Discount |
$0 – $499,999 |
63 |
$271 |
221 |
9% |
$500,000 – $799,999 |
66 |
$358 |
227 |
8.64% |
$800,000 – $1,199,999 |
46 |
$426 |
185 |
9.83% |
$1,200,000 – $1,499,999 |
17 |
$501 |
167 |
11.99% |
$1,500,000 – $1,999,999 |
34 |
$721 |
195 |
9.48% |
$2,000,000 – $2,499,999 |
21 |
$656 |
263 |
12.13% |
$2,500,000 – $2,999,999 |
19 |
$725 |
253 |
9.03% |
$3,000,000 – over |
27 |
$606 |
180 |
7.19% |
As you start to break down the Naples luxury real estate market into individual communities, year after year, 2008 has realized more sales in almost all areas. I would argue the numbers in Bay Colony and Naples Cay are down due to the lack of inventory on the market. Any person looking for a beachfront condominium in Bay Colony would certainly agree. Currently, there are only eleven units for sale in five beachfront buildings.
Year to Date Home Sales, 2007 Compared to 2008
Community |
2007 |
2008 |
% of Change |
Vanderbilt Condominium |
24 |
28 |
16.7% |
Vanderbilt Single Family |
9 |
14 |
55.6% |
Bay Colony |
39 |
27 |
-30.8% |
Pelican Bay Condominium |
138 |
125 |
-9.4% |
Pelican Bay Single Family |
18 |
16 |
-11.1% |
Naples Cay |
10 |
7 |
-30.0% |
Park Shore Condominium |
75 |
105 |
40.0% |
Park Shore Single Family |
17 |
20 |
17.6% |
Moorings Condominium |
59 |
64 |
8.5% |
Moorings Single Family |
29 |
29 |
0.0% |
Olde Naples Single Family |
32 |
25 |
-21.9% |
Port Royal Single Family |
27 |
50 |
85.2% |