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…

New-Home Starts Rebound 4.3% After Steep Decline

New-home construction bounced back from early pandemic lows, though it’s 23.2% below May 2019 numbers. But building permits, a predictor of future growth, surged 14.4%.

WASHINGTON (AP) – U.S. home construction rebounded 4.3% in May after steep declines caused by shutdowns due to the coronavirus.

The Commerce Department reported Wednesday that new homes were started at a seasonally adjusted annual rate of 974,000 last month after steep declines in April and March. Compared with last year, however, construction activity remains 23.2% below last year’s pace.

Home builders are hoping that as the nation re-opens, housing will post a strong recovery, helped by super-low mortgage rates. Industry analysts caution that the fledgling rebound could be derailed if infections spike again, causing potential buyers to put off looking for a new home.
Read the Full article…
New Construction in SW Florida…

 

Bonita Beach – New Listing – Condo For Sale

Look at this beautiful, updated and turnkey furnished condo for sale on Bonita Beach! Directly on the beach, enjoy the sunsets and the sound of the waves!

Click here to see more pictures and detailed information.

 
 
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Showing Agent:
Dominick Tascher
Realtor®, Sales Associate, MD, ABR®, GRI, SRS
MVP Realty
239-839-5688
Questions?
Schedule a Showing!
MLS#: 220034575
Licensed In:
Fl
License #:
3090978
 
 
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Mortgage Rates Hit Record Low – Third Time this Year

At 3.15%, the median 30-year, fixed-rate mortgage set another record. It’s down from last week’s 3.24% and the lowest since Freddie Mac started tracking in 1971.

WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.

The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.

Spurred by the fall in borrowing rates, demand for home purchases by prospective buyers has rebounded from a decline of 35% in mid-April to an 8% increase as of last week, Freddie economists noted.
Read the Full Article...

Now is the time to purchase your dream home in SW Florida! 
Browse Properties from Naples to Fort Myers…

Collier & Lee County Approved For Vacation Rentals

As of Tuesday morning, Fla. DBPR approved plans for 42 counties to safely reopen vacation-rental properties – an increase from 26 counties last Friday.

TALLAHASSEE, Fla. – Part of Florida Gov. Ron DeSantis’ response to the coronavirus pandemic was to authorize the Florida Department of Business and Professional Regulation (DBPR) to approve the reopening of vacation rentals based on plans submitted by counties. During the pandemic and until they received DBPR approval, those homes were been banned from accepting reservations or hosting renters after DeSantis signed an executive order in late March.

As of Tuesday morning, 42 of Florida’s 67 counties had received DBPR approval to reopen under safety guidelines set by each county. While those rules may be different, DeSantis set some general guidelines when he announced the change, such as prohibiting or discouraging renters from pandemic hotspots, such as New York or Louisiana.

Last week, however, the governor announced a reopening of vacation rentals, providing steps were taken to minimize the spread of COVID-19 and counties agreed to make sure those safety measures were followed.

Many counties quickly submitted approval plans following the announcement, and DBPR has quickly approved a number of them. On Friday, 26 counties had received DBPR approval, and that number grew to 42 only four days later.

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.

 

CATEGORIES

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%.

View Detailed Statistics Report…
View Residential Real Estate For Sale in the Naples to Estero Area…

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Naples Square – Real Estate Market Report – 1st Quarter 2020

Here is the real estate market report in Naples Square, a luxury condominiums complex in downtown Naples, at walking distance of Fifth Avenue S. for the First Quarter of 2020.
 
Active Listings:
There are currently 15 condos on the market (22 if the pre-market condos in Quattro are included)
Average days on market: 169.
Average asking price: $1,342,000 ($750,000 to $2,300,000).
 
Pending Sales:
No pending sales as of today.
 
Closed Sales:
8 condos have sold in the first quarter of 2020.
Average days on market: 148.
Average Sale Price: $1,016,000 ($647,000 to $1,595,000)
Average Sale Price/Square Foot: $557.
 
Let me know if you have any questions about this report and/or  about Naples Square.

Populous Cities Losing Appeal During COVID-19 Shutdown

 Nearly 1 in 3 Americans might move to less densely populated areas due to the pandemic, according to a Harris Poll – a possible big change for the real estate market.

NEW YORK – Ben Greenzweig is itching to move his wife and three kids South, a plan that may get accelerated due to the coronavirus pandemic.

The CEO and co-founder of conference company Momentum Event Group, says he’s looking to move to either North Carolina or South Carolina from the New York City suburbs in Westchester County, for cheaper costs and bigger living space amid fears that a deep and prolonged economic slump in the state could eventually force residents to pay higher taxes.

“It would be an unbelievable escape,” Greenzweig, 42, says. He typically works from home which gives him flexibility.

“Our children’s involvement in school is the single largest tether keeping us here. If there’s a hint that school won’t resume in the fall for my kids, then the biggest reasons for us staying here, which are friendships and school activities, evaporates.”

Nearly a third of Americans are considering moving to less densely populated areas in the wake of the pandemic, according to new data from Harris Poll. That may foreshadow a shift that would have a major impact on residential real estate sales and home prices.

Urbanites (43%) were twice as likely than suburban (26%) and rural (21%) dwellers to have recently browsed a real estate website for homes and apartments to rent or buy, the survey showed, which was conducted among 2,050 U.S adults from April 25-27.

“People will be much more cautious about living in high-density areas with so many people nearby,” predicts Lawrence Yun, chief economist at the National Association of Realtors.

Read the Full Article…
Contact us to Relocate to SW Florida…

Rapallo At Coconut Point – Market Report – First Quarter 2020

Rapallo At Coconut Point

This is the real estate market report for Rapallo At Coconut Point, for the first quarter of 2020.
There are currently 12 properties for sale in Rapallo.
Condominiums:
There are only 2 Terrace Condos on the market in Rapallo.
Listed from $268,888 to $279,900.
There are also 2 pending sales.
View Active Listings.
In the past quarter, 2 terrace condos has sold in Rapallo:
– From $250,000 to $277,000.
– Average Days on Market: 21.
– Average Sale Price per SQFT: $190/SQFT.
– Average Sale Price: $263,500.
View Sales for the Terrace Condos.

Coach Homes:
There are currently 6 Coach Homes on the market in Rapallo.
Listed from $278,000 to $342,000.
View Active Listings.
2 other ones are under contract.
In the past quarter, 6 coach homes have sold in Rapallo:
– From $281,000 to $340,000.
– Average Days on Market: 50.
– Average Sale Price per SQFT: $174/SQFT.
– Average Sale Price: $306,000.
View Sales for the Coach Homes.

Carriage Homes:
There are currently 2 Carriage Home on the market in Rapallo.
Listed from $409,000 to 420,000.
View Active Listings.
Another one is under contract.
In the past quarter, 2 carriage homes have sold in Rapallo:
– From $360,000 to $395,000.
– Average Days on Market: 48.
– Average Sale Price per SQFT: $166/SQFT.
– Average Sale Price: $377,500.
View all Recent Sales for the Carriage Homes.

Courtyard Villas:
There are currently 2 villas for sale. Listed for $470,000 to $489,900.
In the past quarter 1 courtyard villa has sold in Rapallo:
– For $490,000.
View Sales for the Villas.

Let us know if you have any questions and how we can help you about Rapallo or any properties in Estero

Pelican Sound – Market Report – First Quarter 2020

Here is the real estate market sales report for Pelican Sound Golf & River Club,  for the first quarter of 2020.
There is currently only 1 property for sale in Pelican Sound!

Condominiums:
None on the market as of today.
7 condos are under contract.
In the past quarter 9 condos have sold in Pelican Sound:
– From $192,000 to $280,000.
– Average Days on Market: 83.
– Average Sale Price per SQFT: $178/SQFT.
– Average Sale Price: $226,000.
View Sales for the Condos.

Coach Homes:
There is currently 1 Coach Home on the market in Pelican Sound. Listed for $339,900.
View Active Listings.
2 coach homes are under contract.
In the past quarter, 7 coach homes have sold:
– From $322,500 to $355,000.
– Average Days on Market: 47.
– Average Sale Price per SQFT: $211/SQFT.
– Average Sale Price: $340,000.
View all Recent Sales for the Coach Homes.

Carriage Homes:
There are none of the Carriage Homes on the market right now.
2 are under contract.
In the past quarter, 3 carriage homes have sold:
– From $430,000 to $449,000.
– Average Days on Market: 70.
– Average Sale Price per SQFT: $235/SQFT.
– Average Sale Price: $442,000.
View Sales for the Carriage Homes.

Single-Family Homes (Including Estate Homes):
None are on the market as of today.
2 are under contract.
In the past quarter, 2 homes have sold:
– For $680,000 to $685,000.
– Days on Market: 30.
– Average Sale Price per SQFT: $321/SQFT.
View Sales for the Single-Family Homes.

Let us know if you have any questions about theses sales or the properties on the market in Pelican Sound or if you want to sell your property as the market is extremely active and we need listings.