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.