South Naples housing market was hot in August

Naples (Credit: Naples Water Tours)
Naples (Credit: Naples Water Tours)

South Naples emerged as the hottest segment of the Naples-area housing market, the Naples Area Board of Realtors (NABOR) said in its August market report.

Home sales, pending home sales, and median sale prices all increased in South Naples, an area of the city west of U.S. 41 and south of Davis Boulevard.

“Analysts agree that the South Naples market is gaining in popularity as buyers are attracted to its investment potential and renewed growth,”  NABOR reported.

Pending home sales in South Naples increased to 141 in August from 112 in August 2014. Closed sales of South Naples homes rose to 1,610 in the 12 months ended in August, compared to 1,482 in the comparable prior period.

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NABOR also reported that the median home sale price in South Naples was $217,000 in the 12 months ended in August, compared to $179,000  during the 12 months ended in August 2014.

Some of the larger neighborhoods in South Naples include Eagle Creek, Isle of Capri,  Isles of Collier Preserve, Lely, Lakewood, Kings Lake and Treviso Bay.

Throughout the Naples area, cash purchases of homes have receded somewhat, NABOR reported. Conventional home purchases financing with a mortgage loan accounted for 44 percent of all Naples-area home sales in August, up from 34 percent a year earlier. — Mike Seemuth