Price Per Square Foot is an Important Metric When Building a New Home
A New Home Under Construction in Naples, Florida by Nova Homes of South Florida
While many consumers pay a lot of attention to home price increases, most don't pay enough attention to price per square foot, real estate experts say.
"Price per square foot is considered to be a more stable reference point than home price," said Jonathan Smoke, Realtor.com's former chief economist. In a market like Southwest Florida, it's a good way to eliminate the fluctuations that come from seasonal variations, added supply, a flood of foreclosures and even the weather. The market has a way of self-policing.” Smoke said.
Zillow recently reported the median price per square foot in Naples, Florida is $215. They are predicting within a year that will rise 1.6%
In a study published in Builder, they calculated that the average price per square foot in Naples is $266.
And it's an indication that Collier County's homebuilders have been reacting to the county's affordability problem by producing smaller, less pricey homes — new home sizes in the county shrank 11 percent over the year in January, to 2,128 square feet.
At Nova Homes of South Florida, with a host of luxury features and finishes included, plus lot prep, clearing, and fill, their price per square foot starts at $137 - For more information about Nova Homes' lineup of gorgeous homes, contact Nick Cornwell at 239.776.5076 - www.novahomesbuilder.com