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.

View Complete Detailed Statistics…
View Residential Real Estate For Sale in the Naples to Estero Area…
View New Construction…

Florida 4th-most Investing State in New Housing

Florida is investing the fourth-most in new housing among all U.S. states, according to a new report by Construction Coverage. The analysis found that 154,711 new homes were built in Florida in 2019. For every 10,000 residents, Florida built 72.6 new housing units in 2019, which is the fourth most among all U.S. states, the report shows. In addition, the Cape Coral-Fort Myers metro area came in at No. 5 for mid-size metros investing the most in new home construction, building 120.6 new housing units per 10,000 residents in 2019. For every 10,000 residents, the Naples-Marco Island built 99.3 new housing units in 2019, which is the 10th most among all midsize metropolitan areas in the U.S. Punta Gorda ranked No. 8 in small metros investing the most in new home construction, building 121.3 new housing units per 10,000 residents in 2019.
View New Communities in SW Florida…

 

FLORIDA POWER & LIGHT PLANS TO LOWER BILLS

 
Florida Power & Light (FPL) announced Monday in a letter to customers that it is taking the unprecedented step of asking the Florida Public Service Commission to allow the utility to fast-track a significant decrease in electric bills beginning in May, which would result in FPL’s average residential customer who currently pays about $96 each month, receiving a one-time decrease of nearly 25% on their May bill. Business customers also will see a significant one-time decrease in May. Click here to learn more. ​​​​​​​

Florida – PROPERTY TAX PAYMENT DUE DATE EXTENDED

PROPERTY TAX PAYMENT DUE DATE EXTENDED

Department of Revenue Executive Director Jim Zingale has issued an emergency order to extend the final due date for property tax payments for the 2019 tax year. Order of Emergency Waiver/Deviation #20-52-DOR-001applies to all 67 Florida counties. Property tax is normally due by March 31 in the year following the year the taxes are assessed. The Department waives the due date so that payments remitted by April 15, 2020, for the 2019 tax year will be considered timely paid. Property taxpayers can visit the official Lee County Tax Collector website to complete their payment online. Florida Gov. Ron DeSantis on March 16 directed the Department of Revenue to provide flexibility on tax due dates to assist those adversely affected by COVID-19. In addition, Zingale issued Emergency order #20-52-DOR-002 in relation to filing deadlines for Florida businesses. Taxpayers adversely affected by COVID-19 are encouraged to send questions to email questions here. For more information, click here.

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.

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

Naples Reserve, Phase III Completed

Naples Reserve, a 688-acre community of Southern Coastal-inspired attached villa, single-family and custom estate homes in South Naples, announces that Phase III of the community is now open to buyers.
These are the final two neighborhoods that will be released in Naples Reserve:
– The Bimini Isle neighborhood, and more than 75% of its 35 homesites offer lake views (with the rest overlooking preserve land). Bimini Isle features homes  ranging from 2,517 to 3,012 square feet of living space, priced from the $700s.
Crane Point features 84 homesites, many with lake views. Homes  will offer 2,445 to 3,097 square feet of living space and are priced from the $500s.
View All Homes For Sale in Naples Reserve, by Neighborhoods…

Highest-Priced Sale in Park Shore, Naples

A beachfront penthouse has sold for a record-breaking $14 million, the highest-priced residential sale in the history of Park Shore Beach.

The penthouse encompasses 12,050 square feet of interior luxury living, with four bedrooms, four full and two partial baths.
Located in The Regent, an exclusive high-rise building offering only 37 residences on 24 floors.
View All Properties For Sale in Park Shore, Naples…

Study: It’s 16% Cheaper to Buy Now than Late 2018

Home prices are going up; mortgage rates are going down. A study by Black Knight found that the buyer savings from mortgage rate drops more than offsets the rise in home prices by about 16% (about $48,000) in just over a year’s time.

JACKSONVILLE, Fla. – Jacksonville-based Black Knight Inc. examined home price growth and affordability in the context of today’s lower-interest-rate environment in its latest monthly report. It found that the negative impact of rising home prices has been more than offset by mortgage interest rate declines.

“Even with home price growth accelerating, today’s low-interest-rate environment has made home affordability the best it’s been since early 2018,” says Black Knight Data & Analytics President Ben Graboske. “At that time, the housing market was red-hot with national home price growth at 6.6% and climbing – before rising rates and tightening affordability triggered a pullback in growth rates.”

Even though average home prices have increased by almost $13,000 a little over a year ago, “the monthly mortgage payment required to buy that same home has actually dropped by 10% over that same span due to falling interest rates,” Graboske says.

Black Knight analysis

  • Home prices continue to react to falling interest rates. December marked four consecutive months of acceleration in the annual rate of growth and had the largest single-month acceleration in more than 6.5 years
  • After falling from nearly 7% in early 2018 to 3.8% in August 2019, the national home price growth rate gained nearly a full percentage point increase over the last four months of 2019, climbing to 4.7% to close out the year
  • Still, 30-year interest rates fell to 3.6% in late January 2020 and made housing the most affordable it’s been since early 2018
  • Despite the average home price increasing by nearly $13,000 from just over a year ago, the monthly mortgage payment required to buy that same home has dropped by 10% over that same span due to falling interest rates
  • It now requires 20.6% of median monthly income to purchase the same home as it did just over a year ago – the smallest such payment-to-income ratio in two years Put another way, buying power for those shopping for the average-priced home has increased by 16% (approximately $48,000) in just over a year’s time

© 2020 Florida Realtors®

Browse For Residential Real Estate in the Naples Area…

Estero Council approves 306 apartments near Corkscrew Road and I-75

A rendering of the rental apartments at Estero Crossing, located south of Corkscrew Road in the village of Estero. (Photo: Stock Development via Village of Estero)

The Estero Village Council on Wednesday approved a new development that would bring 306 apartments and 60,000 square feet of commercial space. 

Naples-based Stock Development owns the site known as Estero Crossing. The development is planned on a 43-acre vacant property south of Corkscrew Road that is 1,000 feet west of the busy Interstate 75 interchange. 
Read the full article…
Search for Real Estate in Estero…

Navona At The Colony – 2019 Real Estate Sales Report

This is the 2019 real estate sales report for Navona At The Colony, in Bonita Springs, FL.

Navona is a luxury high-rise building offering 100 condos.

There are currently 7 condos on the market in Florencia. 
Listed from $499,900 to $849,000.
Average Days on Market: 87.
Average Price per SqFt: $357.
There are also 2 pending sales.
View Active Listings in Navona.

In 2019, 4 condos have sold in Navona:
– From $450,000 to $5,80,000.
– Average Days on Market: 338.
– Average Sale Price per SQFT: $282/SQFT.
– Average Sale Price: $514,000.
View Recent Sales in Navona
Let us know if you have an interest or any questions about Navona At The Colony or in any of other neighborhoods in The Colony.