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.

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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.