Naples Area – Real Estate Market Report – July 2020

Naples, Fl – August 21st 2020Naples Housing Market Sees Summer Sales Surge

 

 

 

 

 

 

 

The July report shows consumer confidence is growing for both sellers and buyers in Naples this summer.
The Naples housing market experienced a continued surge in activity during July 2020, which resulted in a 57.3% increase in pending sales (homes under contract) for the month, compared to July 2019.

Closed sales during July increased 35.4% compared to July 2019 – greatly surpassing June’s closed sales activity following the lifting of COVID-19 restrictions. However, a decreasing supply of inventory, which broker analysts believe is caused by heightened home buying interest this summer, is making it difficult to keep up with the strong buyer demand.

The tapestry of out-of-state license plates on local roads may be an unfamiliar summer sight to local residents, but according to broker analysts reviewing the July 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), these visitors are here to do more than just golf and visit the beach this summer.

“A considerable number of buyers already looked at homes during season [January and February], prior to COVID-19 restrictions,” said NABOR® President. “They watched and waited during those months of restrictions and are now back to buy a home this summer.”

There were 15,634 showings during July, less than half the number of showings during June (36,912), yet pending sales increased which indicates that properties were purchased virtually, sight unseen. July’s pending sales spiked to 1,446 pending sales in July 2020 from 919 pending sales in July 2019.

The majority of sales that resulted in the 35.4% increase in overall closed sales during July occurred in the single-family home market, which saw a 42.8% increase in closed sales compared to a 27.3% increase reported in the condominium market. Concern over the pandemic has compelled many people to spend the majority of their time indoors, at home. As a result, buyers are looking for single-family homes that offer more personal space, and more space to work from home and home-school children. They want their own backyard, their own private pool, and private garages that single-family homes offer.

Overall inventory decreased 28.8% in July to 4,390 properties from 6,168 properties in July 2019. However, many sellers were not hesitant about entering or staying in the market this summer. A steady rise in consumer confidence resulted in 1,193 new listings added to the overall inventory during July (a 21.7% increase compared to July 2019). Of those 1,193 new listings, 572 were single-family homes and 621 were condominiums. The report also showed fewer homes were terminated/expired/withdrawn from the MLS in July (599) compared to June (1,677).

For those who are considering selling, now is a good time to jump in the market to take advantage of the high demand for Naples property, according to broker analysts. Plus, with fewer homes on the market for buyers to purchase, this may be the time for your house to stand out from the crowd with less competition and more eyes on your property.

“This is a summer of surprises. New listings surged, closed sales surged, pending sales surged, median closed priced increased and days on the market dropped,” said Mike Hughes, who added, “There are several factors in play that are fueling the strong summer real estate activity:
1) winter visitors pushed off buying until the summer;
2) people’s ability to work remotely is convincing them that it’s okay to relocate;
3) more East Coast residents are migrating to our West Coast;
4) Naples continues to be a more affordable alternative to high-tax living in other areas of the country; and
5) interest rates are low.”

While the overall median closed price for July increased 13.5% to $368,750 from $325,000 in July 2019, the report also showed there were 829 properties that reduced their list prices during July. It appears sellers recalibrated their pricing and/or were striking new deals.

The report showed closed sales of properties priced above $500,000 increased over 50% in July, with the $500,000 to $1 million price category reporting the highest increase (99.1%) to 223 closed sales in July 2020 from 112 closed sales in July 2019.

CATEGORIES

July 2019

July 2020

CHANGE

Total closed sales (month/month)

852

1,154

+35.4%

Total pending sales (homes under contract) (month/month)

919

1,446

+57.3%

Median closed price (month/month)

$325,000

$368,750

+13.5%

Total active listings (inventory)

6,168

4,390

-28.8%

Average days on market 

104

92

-11.5%

Single-family closed sales (month/month)

446

637

+42.8%

Single-family median closed price (month/month)

$405,000

$462,000

+14.1%

Single-family inventory

3,203

1,957

-38.9%

Condominium closed sales (month/month)

406

517

+27.3%

Condominium median closed price (month/month)

$240,000

$272,500

+13.5%

Condominium inventory

2,965

2,433

-17.9%

Single-family home inventory dropped 38.7% in July to 1,957 homes.
In comparison, Naples had 5.2 months of supply in the single-family homes sector in June, which was much higher than Florida Realtors® statewide reported June single-family home figure – 2.8 months of supply.
According to Florida Realtors®, “The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.” The July 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®) showed 5.2 months of inventory (single-family homes and condominiums).

Even though interest rates on mortgages remain low, 43% of July’s closed sales were cash sales.

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

View Detailed Statistics Report…
View Residential Real Estate For Sale in the Naples to Estero Area…

Heritage Bay, Naples – First Semester 2020 – Real Estate Sales Market Report

Here is the real estate market sales report for Heritage Bay Golf & Country Club for the First Semester of 2020.
There are currently 40 properties for sale in Heritage Bay, as of today.

Terrace Condominiums:
There are 25 terrace condos for sale in Heritage Bay as of today.
Listed from $169,900 to $234,900.
View Active Listings.
Three Condos are under contract. View Pending Sales.
In the first semester, 14 condos have sold in the Terraces:
– From $152,000 to $227,000.
– Average Days on Market: 112.
– Average Sale Price per SQFT: $149/SQFT.
– Average Sale Price: $190,500.
View All Recent Sales for the Terrace Condos.

Veranda Condominiums:
There are 6 veranda condos for sale in Heritage Bay as of today.
Listed from $244,000 to $273,900.
2 other Verandas are under contract.
View Active Listings.
In the first semester, 17 condos have sold in the Verandas:
– From $210,000 to $330,000.
– Average Days on Market: 94.
– Average Sale Price per SQFT: $171/SQFT.
– Average Sale Price: $253,000.
View All Recent Sales for the Veranda Condos.

Coach Homes
There are 2 coach homes for sale in Heritage Bay as of today.
Listed from $329,900 to $334,900.
View Active Listings.
In the 1st semester, 3 coach homes have sold:
– From $319,000 to $380,000.
– Average Days on Market: 22.
– Average Sale Price per SQFT: $178/SQFT.
– Average Sale Price: $348,000.
View All Recent Sales for the Coach Homes.

Executive Homes
There are 2 executive home for sale in Heritage Bay as of today. Listed for $503,900 to $589,000.
View Active Listings.
In the past semester, 1 executive home has sold:
– For $520,000.
– Days on Market: 38.
– Sale Price per SQFT: $228/SQFT.

Estate Homes
There are 4 estate homes for sale in Heritage Bay as of today.
Listed from $649,900 to $699,990.
3 other ones are under contract. 
View Active Listings.
In the 1st semester, 1 estate home has sold:
– For $622,000.
– Days on Market: 107.
– Average Sale Price per SQFT: $246/SQFT.
View All Recent Sales for the Estate Homes.

Inventory is low in Heritage Bay, especially for the homes, the coach homes and the verandas.

Let us know if you have any questions and if you want to buy or sell a property in Heritage Bay.

Naples Area – Real Estate Market Report – June 2020

Naples, Fl – July 24th 2020June Market Activity Sets the Stage for Strong Summer Sales

 According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales (homes under contract) increased 61.3% compared to June 2019, with single-family homes being the home choice for a majority of buyers.
Broker analysts reviewing the report also noted that new listings during June increased 25.8% compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.














The everlasting desirability of the Naples real estate market was undeniable in June:
Single-family home  pending sales increased 83.9% to 835 pending sales from 454 pending sales in June 2019.
Condominiums pending sales during June increased 38.7% to 634 pending sales from 457 pending sales in June 2019.
The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May, Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties.
June had the third highest number of showings this year, behind the historically high showing months of January and February. In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February.

Before the pandemic, the number of closed sales of single-family homes and condominiums was about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019:
– Closed sales of single-family homes increased 2.9% to 498, while closed sales in the condominium market decreased 12.8% to 383.
This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.

Inventory decreased 27.6% to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5%, while the condominium market had a decrease in inventory of 20.3%. The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7% in June compared to June 2019.

As a result of heightened buyer demand, the median closed price increased 8.2% to $357,000 in June from $330,000 in June 2019.

CATEGORIES

June 2019

June 2020

CHANGE

Total closed sales (month/month)

923

881

-4.6%

Total pending sales (homes under contract) (month/month)

911

1,469

+61.3%

Median closed price (month/month)

$330,000

$357,000

+8.2%

Total active listings (inventory)

6,547

4,739

-27.6%

Average days on market 

104

96

-7.7%

Single-family closed sales (month/month)

484

498

+2.9%

Single-family median closed price (month/month)

$398,450

$437,500

+9.8%

Single-family inventory

3,382

2,215

-34.5%

Condominium closed sales (month/month)

439

383

-12.8%

Condominium median closed price (month/month)

$265,000

$270,000

+1.9%

Condominium inventory

3,165

2,524

-20.3%

Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34013, 34018), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019. But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1%.

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

View Detailed Statistics Report…
View Residential Real Estate For Sale in the Naples to Estero Area…

Bay Colony, Naples FL – 1st Semester 2020 – Real Estate Sales Market Report

Bay Colony – Naples

Here is the real estate sales market report for the 1st Semester 2020 for the beachfront properties in Bay Colony, in Naples Florida.

Bay Colony has currently in total 31 properties on the market. In the first six months of 2020, 17 properties have sold in Bay Colony (*source: MLS of Naples). Here are the activity and trends for each of the beachfront properties in Bay Colony.
Strand At Bay Colony:
Strand At Bay Colony is a sub-gated enclave in Bay Colony of 12 beachfront mansions. No listing at this time.
One sold in the past six months, sold for $14,700,000.
View Recent Sales at The Strand

Carlysle At Bay Colony:
Beachfront building. 4 condos are currently for sale in Carlysle, listed for $3,000,000.
View Active Listing in Carlysle.
No sales since January.

Contessa At Bay Colony:
Beachfront building. 1 condo is currently for sale in Contessa, listed for $3,000,000.
View Active Listing in Contessa.
A penthouse in Contessa sold in June for $6,200,000.

Brighton At Bay Colony:
Beachfront building. 1 condo is currently for sale in Brighton, listed for$3,597,000.
View Active Listing in Brighton.
Since January, 2 condos have sold in Brighton:
– From $3,400,000 to $3,495,000.
– Average Days on Market: 89.
– Average Sale Price per SQFT: $1,249/SQFT.
– Average Sale Price: $3,748,000.
View Recent Sales in Brighton.

Biltmore At Bay Colony:
Beachfront building. 3 condos are currently for sale in Biltmore, listed from $3,550,000 to $3,900,000. Two pending sale, listed for $3,995,000 and $4,595,000.
View Active Listing in Biltmore.
In the past six months, 2 condos have sold in Biltmore:
– From $3,400,000 to $5,000,000.
– Average Days on Market: 125.
– Average Sale Price per SQFT: $1,278/SQFT.
– Average Sale Price: $4,200,000.
View Recent Sales in Biltmore.

Windsor At Bay Colony:
Beachfront building. 1 condo is currently for sale in Windsor, listed for $9,400,000.
View Active Listing in Windsor.
No sale in Windsor since January.

Remington At Bay Colony:
Beachfront building. 5 condos are currently for sale in Remington, listed from $3,995,000 to $5,950,000.
View Active Listing in Remington.
No recent sales since January in Remington.
Contact us if you have any questions about Bay Colony or if you want to purchase a property in Bay Colony or Pelican Bay.

Pelican Sound – Market Report – First Semester 2020

Pelican Sound – Estero, FL

Here is the real estate market sales report for Pelican Sound Golf & River Club,  for the first six months of 2020.
There are only 3 properties for sale in all Pelican Sound, out of 1,280 homes!
46 properties have sold since January 1st!

Condominiums:
Only 1 condo on the market as of today.
Listed for $234,900.
View Condos For Sale
2 condos are under contract.
In the past semester, 17 condos have sold in Pelican Sound:
– From $180,000 to $290,000.
– Average Days on Market: 49.
– Average Sale Price per SQFT: $178/SQFT.
– Average Sale Price: $231,000.
View Sold Condos.

Coach Homes:
There are 2 Coach Homes on the market in Pelican Sound. Listed for $339,900 and $349,000.
View Active Listings.
In the past semester, 13 coach homes have sold:
– From $295,000 to $386,000.
– Average Days on Market: 63.
– Average Sale Price per SQFT: $209/SQFT.
– Average Sale Price: $338,000.
View Sold Coach Homes.

Carriage Homes:
None of the Carriage Homes on the market right now.
In the past semester, 9 carriage homes have sold:
– From $412,500 to $495,000.
– Average Days on Market: 50.
– Average Sale Price per SQFT: $236/SQFT.
– Average Sale Price: $445,000.
View Sold Carriage Homes.

Single-Family Homes (Including Estate Homes):
None are on the market as of today.
1 is under contract.
In the past semester, 7 homes have sold:
– For $545,000 to $810,000.
– Days on Market: 89.
– Average Sale Price per SQFT: $314/SQFT.
– Average Sale Price: $646,000.
View Sold Single-Family Homes.

Let us know if you have any questions about theses sales or the properties on the market in Pelican Sound or if you want to sell your property as the market is extremely active and we need listings.

Rapallo At Coconut Point – Market Report – First Semester 2020

Rapallo At Coconut Point

This is the real estate market report for Rapallo At Coconut Point, for the first semester of 2020.
There are currently 11 properties for sale in all Rapallo.

Condominiums:
There are only 1 Terrace Condo on the market in Rapallo.
Listed for $268,900.
There is also 1 under contract.
View Active Listings.
In the first six months of 2020, 6 terrace condos have sold in Rapallo:
– From $235,000 to $279,000.
– Average Days on Market: 38.
– Average Sale Price per SQFT: $188/SQFT.
– Average Sale Price: $258,000.
View Sales for the Terrace Condos.

Coach Homes:
There are currently 5 Coach Homes on the market in Rapallo.
Listed from $275,000 to $337,800.
View Active Listings.
1 other ones is under contract.
In the past semester, 9 coach homes have sold in Rapallo:
– From $281,000 to $340,000.
– Average Days on Market: 62.
– Average Sale Price per SQFT: $176/SQFT.
– Average Sale Price: $305,000.
View Sales for the Coach Homes.

Carriage Homes:
There are currently 3 Carriage Home on the market in Rapallo.
Listed from $390,000 to 420,000.
View Active Listings.
In the past quarter, 3 carriage homes have sold in Rapallo:
– From $360,000 to $395,000.
– Average Days on Market: 72.
– Average Sale Price per SQFT: $172/SQFT.
– Average Sale Price: $377,000.
View all Recent Sales for the Carriage Homes.

Courtyard Villas:
There are currently 2 villas for sale. Listed for $460,000 to $469,900.
In the past quarter 2 courtyard villa have sold in Rapallo:
– From $460,000 to $490,000.
– Average Days on Market: 123.
– Average Sale Price per SQFT: $229/SQFT.
– Average Sale Price: $475,000.
View Sales for the Villas.

Let us know if you have any questions and how we can help you about Rapallo or any properties in Estero

Mirasol At Coconut Point – Market Report – 1st Semester 2020

Mirasol At Coconut Point

Mirasol At Coconut Point is a quaint gated community in The Village of Estero at walking distance of Coconut Point Mall.
Mirasol is in high demand and  there are only 8 properties on the market.

Here is the real estate market report for 1st Semester of 2020 for Mirasol.
Active Listings:
There are  8 condos on the market in Mirasol.
Average days on market: 73.
Average asking price: $238,000.
Pending Sales:
2 condos are under contract.
Listed from $229,000 to $240,000. 
Average days on market: 69.
Average asking price: $234,500.
Closed Sales:
10 condos have sold in the past semester.
Average days on market: 120.
Average Sale Price: $243,000.
Average Sale Price/Square Foot: $173.
Let us know if we can help you with any property on the market in Mirasol.