There is a lot going on in the Naples Florida real estate market with significant year over year changes. The reduced real estate inventory continues to be challenging for buyers in Naples. Not surprisingly, closed sales of homes above $2 million have increased by 30.7 percent in the 12months ending Sep 2020. In Sep 2020, the Naples Florida real estate inventory decreased 32.2 percent to 3,980 properties from 5,873 properties in Sep’19. The median closed prices increased 18.2 percent to $384,000 from $325,000 as of Sep 2019. There are currently less than 500 properties on the market over $2 million and some are being bought sight unseen. According to the September Market Report, 9.9 percent of the sales reported in September were from new construction sources. There were multiple offers in Sept 2020. So our advice would be to buyers not to delay with an offer if they find one they would like to buy.
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Sept 2019 to Sept 2020 CHANGES IN REAL ESTATE Naples Florida
When we analyze the sales from the same time in 2019 to 2020, the total closed sales are up 52.9% and pending sales (homes that are under contract) are up 83.4%. The median closed price is up 18.2% and total active listings are down 32.2%. The average days on market are down by over 32%. Single family closed sales are up 57.2% over last year and the median closed price for single family homes is up 17.9% while the inventory of single family homes is down 44.1%. The condominium market is also pretty healthy with closed sales up 48.3% and the median price up 17.8%. The condominium inventory is down 19.4% as due to Covid-19 there’s been a rush on single family homes and a move away from shared amenities.
We will keep you posted on the status of the market; feel free to reach out to us at any time at 239.293.0246 or email us at napleslaw@yahoo.com. Stay well, stay safe and buy Naples.
