Home Sales in Collier County rose 11% in January to 671 homes sold from 603 homes sold in January 2017. Luxury homes, priced over $1million, had a 123% increase over the number closed in January 2017. One explanation could be that people were waiting to figure out the meaning behind the new tax laws, and how it might affect them. Once people understood the new law, people were confident to move forward.
Inventory in Collier County decreased 5% in January to 6,071 homes as compared to 6,393 homes in January 2017. While the nations home inventory declines, Naples area real estate inventory is rising, though the inventory of single family homes in the Naples Beach area has showed a 21% decline.
There were 150 closed sales of condominiums in the North Naples area this January ( a 150% increase from January 2017). This is mainly due to the new development at Kalea Bay near Wiggins Pass delayed closings of 79 units that had been pending previously. These were postponed as a result of the hurricane disruption. Those 79 condominiums were priced between $1.8 million and $2.5 million, which increased the median closed price by 428%.
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