Naples Area – Real Estate Market Report – May 2020

Naples, Fl – June 19th 2020 – Heightened Buyer Demand Influences Naples Real Estate Market
REALTORS® kept busy in May as pent-up demand for home buying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April.
As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.
 599 buyers purchased homes last month. 
In May, pending sales increased 90% compared to pending sales in April!




 

 

 

 

 

Here are the main statistics of the report for May 2020 (compared to May 2019):

  • Overall inventory continues to decline: Inventory declined 27.2% comapred to May 2019: 5,116 properties for sale in May 2020 compared to 7,023 in May 2019.

  • 3.7% increase in median closed prices compared to May 2019. Prices held stable, in spite of the outlying issues, with the year-to-date median closed price up a modest 2.3%.

 

CATEGORIES

May 2019

May 2020

CHANGE

Total closed sales (month/month)

1,188

599

-49.6%

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

1,218

1,167

-4.2%

Median closed price (month/month)

$354,450

$333,000

-6.1%

Total active listings (inventory)

7,023

5,116

-27.2%

Average days on market 

107

91

-15.0%

Single-family closed sales (month/month)

595

314

-47.2%

Single-family median closed price (month/month)

$410,000

$425,000

+3.7%

Single-family inventory

3,608

2,461

-31.8%

Condominium closed sales (month/month)

593

285

-51.9%

Condominium median closed price (month/month)

$270,000

$260,000

-3.7%

Condominium inventory

3,415

2,655

-22.3%

Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior.
However, COVID-19 left many sellers uncertain about the real estate market. With the quarantine recommendations in place, fewer sellers listed homes during May. Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history. May’s pending sales activity, a measure of signed contracts and not closings, increased 90% compared to April 2020, despite tight supply.
Heightened buyer demand is also evident in the number of Days on Market for May as reflected in a decrease of 15% to 91 days on market compared to May 2019, which reported 107 days on market.
There was a significant number of high-end pending sales in May. The impact of the stock market rebound renewed consumer confidence in May with a certain percentage of wealthy individuals looking to diversify their portfolio and invest in real estate again.

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…

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.