Naples Area – Real Estate Market Report – April 2020

Naples, Fl – May 22nd 2020 – Coronavirus slowed real estate market activity in April as expected during Florida’s safe-at-home restrictions. According to the April 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
The good news is that – even during a pandemic – Naples home values are being maintained.  The report shows April’s overall percentage of current list price received increased .5%.  This figure represents what the buyer paid for their home compared to the seller’s listed sale price. In April, the contract price averaged 95.9% of list price. In comparison, during April 2019, the contract price averaged 95.4% of list price. This statistic demonstrates that homes in the Naples area did not lose their values during April, the worst month of the pandemic to date.  

 




 

 

 

 

 

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

  • Overall closed sales decreased 28.6% to 838 closed sales compared to 1,173 closed sales in April 2019.

  • Inventory decreased as well in April by 29.1% to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact.

  • Median closed prices increased .3% in April to $340,000 from $339,000 in April 2019. Although there were slightly fewer price decreases in April than in March, still 1,654 or 31% of all listed properties experienced reductions in their offering price during April.

  • As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6%, as was expected.

  • The desire for virtual home showings has risen rapidly. During video tours, agents become the eyes of the buyer. They’re talking more than they would on a traditional tour, pointing out things that would be obvious in person but aren’t as clear through a camera lens like the quality of workmanship on any repairs or whether a bedroom will fit a king-size bed. Virtual home tours are becoming the new first step in home buying.

 

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Apr 2019

Apr 2020

CHANGE

Total closed sales (month/month)

1,173

838

-28.6%

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

1,322

613

-53.6%

Median closed price (month/month)

$339,000

$340,000

+0.3%

Total active listings (inventory)

7,605

5,394

-29.1%

Average days on market 

98

87

-11.2%

Single-family closed sales (month/month)

510

409

-19.8%

Single-family median closed price (month/month)

$464,500

$429,500

-7.5%

Single-family inventory

3,850

2,639

-31.5%

Condominium closed sales (month/month)

663

429

-35.3%

Condominium median closed price (month/month)

$272,500

$270,000

-0.9%

Condominium inventory

3,755

2,755

-26.6%

Not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2%.

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Naples Area – Real Estate Market Report – March 2020

Naples, Fl – April 23rd 2020 – Like all industries impacted by the COVID-19 pandemic, the Naples area housing market was not immune to its effect in March. While home sales dropped, home prices remained steady, and in some cases, increased.
Because the stay-at-home order went into effect mid-month, real estate activity during the first two weeks of March was strong, while activity during the second half of March tempered remarkably well. Brokers analyzing the March 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that the report showed one indisputable truth: The need for housing in the Naples area – whether it be a rental, new home construction, or homes in the resale market – is essential and still in demand.




 

 

 

 

 

Here are the main statistics of the report for March 2020:

  • Overall closed sales in March increased 15.8% to 1,148 closed sales compared to 991 closed sales in March 2019.
    This was an increase of 359 closed sales over February (789 closed sales) and 426 more closed sales than January (722 closed sales)!

    The report also showed a 22.5% increase in closed sales for the first quarter of 2020 (2,689 total closed sales) compared to the first quarter of 2019 (2,195 total closed sales).

  • Pending sales took a hit during the second half of March, down 38.1% for the month to 977 pending sales compared to 1,578 pending sales in March 2019.

    But “pending sales increased 5.3% during the first quarter of 2020 compared to the first quarter of 2019. The Naples area housing market was on solid footing before the coronavirus pandemic flared up.”

  • There were still over 19,000  scheduled showings in March.
    Serious buyers are not being discouraged by the stay-at-home order. Because real estate is considered essential, buyers can tour homes as long as they abide by the social-distancing order – or they can tour homes virtually with their REALTOR on site hosting their virtual tour.”
  • Overall inventory remained strong with 5,772 available properties. This was a 27.5% decrease in inventory compared to March 2019, which had 7,965 properties available.
  • Overall median closed price  increased 10% to $372,750 compared to $339,000 in March 2019. 
  • Median closed prices for the single-family home market increased 16%  to $470,000 compared to $405,500 in March 2019.
  • Median closed price for the condominium market decreased 1.3% to $276,500 compared to $280,000 in March 2019.

  • New Construction: Many builders in the area are offering big incentives in order to move their new home inventory. It’s good to work with a REALTOR® who understands the local market well and can negotiate the best price, whether it’s a home for sale by a builder or an independent seller of an existing home.

CATEGORIES

Mar 2019

Mar 2020

CHANGE

Total closed sales (month/month)

991

1,148

+15.8%

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

1,568

977

-38.1%

Median closed price (month/month)

$339,000

$372,750

+10.0%

Total active listings (inventory)

7,965

5,772

-27.5%

Average days on market 

106

98

-7.5%

Single-family closed sales (month/month)

485

563

+16.1%

Single-family median closed price (month/month)

$405,500

$470,000

+15.9%

Single-family inventory

4,055

2,862

-29.4%

Condominium closed sales (month/month)

506

585

+15.6%

Condominium median closed price (month/month)

$280,000

$276,500

-1.3%

Condominium inventory

3,910

2,910

-25.6%

The March 2020 Market Report also shows a solid inventory.
Current low interest rates and a strong stock market are favorable reasons why people buy second homes. Low fuel prices will also inspire people to travel more by air and car to Southwest Florida once the -stay-at-home order is lifted. It may take a few months to get back to normal, but  the housing market in Naples will recover fast because people love the beach and we have 24 miles of it to explore. Plus, after being locked at home for months, people are going to want to live in a community that doesn’t have high-density issues.

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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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October – Naples Market Report – Buyers are Back: Homes Under Contract Soar 24%

Naples, Fl. (November 22, 2019) – As predicted by a group of Naples real estate brokers, buyer activity began to rise in October with a remarkable 23.7% increase in overall pending sales (homes under contract) to 987 pending sales during October 2019 compared to 798 pending sales in October 2018. Sellers also felt a surge in showings (up 40% compared to October 2018), and the number of price reductions slowed to just 15% of the properties available in October’s overall inventory compared to September,
which saw 26% of its inventory’s prices reduced. Price reduction activity is an important behavior for buyers to watch as it is an indication of how eager sellers are to sell.
Closed sales during October increased 9.7% to 758 closed sales compared to 689 closed sales in October 2018, according to the October 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Market Report – August Home Sales Strong as Prices Hold Steady

Naples, Fla. (September 20, 2019) – Closed sales of homes in Collier County increased 7.4% in August, but overall inventory fell 17.8% to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory – which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August – resulted in a six-month supply of inventory for Collier County at the end of August…
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Market Report – April Shows Market Resurgence Continues

Naples, Fla. (May 24, 2019) – Closed sales during April in the Naples housing market increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Broker analysts reviewing the April 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported that April was a solid month with strong sales activity in both the single-family and condominium markets.
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Naples Area Real Estate Report – November 2018 – More Opportunities For Buyers

Naples, Fla. (December 21, 2018) – Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). “The November report shows greater balance in the market which is propelling strong performance,” said Budge Huskey, President, Premier Sotheby’s International Realty, who added that the 24 percent increase in overall closed sales for November is “significant because it reflects our recovery from the hurricane last year.”

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Naples Area Real Estate Report – October 2018 – Increased Inventory

nabor-report-october-2018 nabor-stats-october-2018The Naples Area Board of REALTORS® (NABOR) has released the real estate market report for October 2018 for transactions in the Naples area.
Closed sales of homes in the Naples market grew 20% in October 2018 compared to October 2017.
In the meantime inventory during October has jumped 20% to 5,992 homes (the highest level since October 2012) giving more choices for buyers.
Here are also the other highlights from the report:

  • Inventory increased 20%.
  • 7.5 months of supply.
  • 10% oe the new inventory is new construction.
  • Overall pending sales up 17% for the $1M to $2M price category.
  • Median Closed Price in the Naples Beach area (west of US 41) decreased 13% in October compared to October 2017.

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Naples Real Estate Report – 3Q 2018: Market Remains Strong

Naples real estate market report 3rd Quarter 2018

Naples, Fla. (October 19, 2018) – One year after Hurricane Irma, overall closed sales in Naples increased 62 % to 644 homes in September of 2018 compared to 398 closed sales of homes in September of 2017. According to broker analysts, this impressive increase in month over month sales is a result of the effect of the hurricane when homes sales halted following the massive storm.
“The September Market Report shows how resilient and desirable our market is,” said Lauren U. Melo, PA, Licensed Real Estate Broker with Florida’s Realty Specialists. “A 3 % increase in pending and closed sales, year over year, is strong considering the reduced sales activity during the troubled period following the hurricane. This was when many sellers were making repairs caused by the hurricane. The September statistics show that our market is in a good position to see positive activity for the fourth quarter.”
Here are the major points of this Naples real estate market report for the 3rd Quarter of 2018:

  • Overall pending sales in the third quarter are up 20 % closed sales are up 13 % the median closed price is up 3 % inventory is up 4 % and the days on market decreased 1 %.
  • Closed sales of homes between $300,000 and $500,000 increased 24% more than other categories.
  • Pending Sales for the condominiums market increased 21% and closed sales 20%.

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Naples Real Estate Market Report – July 2018

Naples Real estate Market Infographics July 2018

July Housing Market in Naples Defies National Trends

Naples, Florida. (August 24, 2018) – According to the National Association of REALTORS July market report, existing home sales in America decreased for the third straight month as a result of the severe housing shortage that is not releasing its grip on the nation’s housing market.
Conversely, homes sales in the Naples area were up 8 % in July according to the July 2018 Market
Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The nation has only a 4.3-month supply of home inventory, while Naples has a healthier 6.25-month supply of inventory.
“The Naples area overall median home price increase in July 2018 seems to be the only statistical category where we match national trends,” said Kathy Zorn, “Naples saw an 8 % increase in its overall median closed price in July 2018 compared to July 2017; whereas nationally, median closed prices went up just 4 %

Here are the major points of this Naples real estate market report for July 2018:

  • Home Sales up 8% in July 2018 compared to July 2017.
  • Inventory fell 1% to 4,871 properties, compared to July 2017.
  • 39% increase in condominium closings in the Naples Beach area (West of US 41).
  • Overall Pending Sales up 11% in July.
  • Pending Sales for luxury condominiums ($2 million +) up 150% in July!
  • Cash Sales account for 50% in Naples (compared to 20% nationwide).

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