High-end home sales surge

NAPLES — The high-end residential real estate market in Naples continues to soar, with a 10% increase in closed sales of homes priced at $1 million and up in February over February 2017.

In total, 672 homes were sold in Naples last month, up from 613 homes sold in February 2016, according to a report from the Naples Area Board of Realtors. The report tracks home listings and sales within Collier County, excluding Marco Island.

The overall median closed price increased year-over-year in February as well, from $333,000 in February 2017 to $364,000 last month, a jump of 9%. This was due in part to a 95% increase in closed sales for properties priced over $1 million in February, says Bill Coffey, broker manager of Amerivest Realty Naples, in the report. Several other price points, however, dropped year-over-year in February, the report adds.

Overall inventory continued to rise for the fifth straight month, to 6,286 properties. That figure is down 3% from February 2017. Overall pending sales in February decreased 3%, but it increased 14% in the $1 million and above price category and 39% in the $2 million and over price category, the report shows.

"I believe that the high end market is poised for a good year," says Mike Hughes, vice president and general manager of Downing-Frye Realty Inc., in the statement. "The economy is doing much better. The stock market has risen substantially over the last year. All in all many Americans have seen their financial picture improve. This should translate to improved sales, particularly with the high-end market."