Cash Purchases and Prices Continue to Rise in Collier County
In a report published last week by RealtyTrac, Southwest Florida is seeing an increase in home prices as well as cash purchases. It also states that we are seeing a decline in investor purchased homes. Almost 70% of residential home purchases in Collier County in January were cash compared to 75% in Lee County and 88% in Charlotte County.
In January 2014 the median price for homes in Collier was $225,000 compared to $141,000 in Lee County and $115,000 in Charlotte County. This shows a 14.5% increase in comparable prices from January 2013 in Collier, 15% in Lee and 14% in Charlotte.
Also analyzed in the report were institutional investors and the role they have played in early 2014. They define institutional investors as an entity purchasing at least 10 properties in a calendar year. These investors were most active in Charlotte County in the first month of 2014 buying almost 19% of properties while in Lee County just over 9% went to investors. Collier County only saw 3% of the purchases in January 2014 come from institutional investors.
As we see new construction begin to return to the area along with investors leaving, the stabilization of the Southwest Florida housing market continues. In this unique market sellers will benefit from lower inventory numbers and buyers can enter at the turn of the market. If you are thinking of selling your home or you would like a personalize market analysis of your residence contact Dustin at 239-289-2650 and find out what he’s doing to help clients sell their home faster and closer to list price than anyone else! If you are a buyer, let Dustin add value to your purchase by helping you find the right home, negotiating the best price and using his resources to make the entire transaction smooth and enjoyable.
“The source of this real property information is the copyrighted. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”