Naples Area – Real Estate Market Report – February 2020

NABOR (Naples Associations Board or Realtors) has just released its latest real estate market report for February 2020, compared to February 2019.Admittedly, this report reflects comparable activity in February 2020 – which preceded self-distancing recommendations due to COVID-19 – but it is a glimpse at our market’s significant and enduring desirability.




 

 

 

 

 

Here are the main statistics of the report:

  • Overall pending sales in February increased 43% to 1,526 pending sales compared to 1,068 pending sales in February 2019!  
  • Condominium  pending sales increase 45% to 802 pending sales in February 2020 compared to 552 in February 2019.
  • Overall median closed prices increased 3% in February to $345,000 compared to $335,000 in February 2019. 
  • Total active listings (inventory) decreased 28.6% to 5,825 compared to 8,160 in February 2019.
  • Average days on market decreased 5.9% to 95 compared to 101 in February 2019.
  • Properties priced between $1M and $2M reported the highest increase in closed sales (21%) for the 12-months ending February 2020 than any other price category. 
  • Single-family home sales in the $1M to $2M price category had the highest increase among all properties reported with a 27% increase (12-months ending February 2020)! 

  • Condominiums priced above $2M had the highest increase in closed sales for its property type, reporting a 20% increase (in the 12-months ending February 2020). 

The February 2020 Market Report also showed a 6-month supply of inventory for properties under $500,000, while properties priced above $500,000 are at an 8-month supply. Interestingly, there is currently a 14-month supply of inventory for properties priced above $2 million.

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Author: Dominick Tascher Group - Blog

Naples to Estero Real Estate Blog by Dominick Tascher Group at MVP Realty brings to the public the latest information about real estate news and trends, market reports, new communities and also topics related to living in the paradise of SW Florida; Naples, Bonita Springs, Estero and South Fort Myers.