July 2020 Naples Real Estate Market Report

July 2020 Naples Real Estate Market Report


July 2020 Naples Real Estate Market Report
Brought To You By Barry Brown
Broker Associate, Coldwell Banker
239-298-0522

 

“I’m Back” quoting Randy Quaid from the Independence Day movie, and the same is true for the Naples Real Estate Market.  Sales are up, inventory is down and prices are up.  Great news considering the impact of social distancing, foreign buyers forced to stay home and domestic travel down.  My Complete July 2020 Naples Real Estate Market Report is as follows:

Sales in June were up 45.6% at 875 units over last month, but are down 436 units or 8.0% since the first of the year.  This is much better than expected give that they were down 905 units in April and May as the economy was basically shut down.   The median days to sell continues to tack lower this year than last coming in at 67 days.  Not bad considering the decrease in the number of potential buyers.

 The total number of units for sale including new construction dropped from 4,900 to 4,456 units or 9.1%.  Resale homes dropped from 4,340 to 3,974 or  8.4%.  At the same time the number of months of inventory dropped from 7.5 months to 4.4 month which is definitely a sellers’ market for most communities and points out the need for new listings.  As I have pointed out in the past, buying a home in Naples is a discretionary purchase and buyers will go home or look elsewhere if they do no find one they really like.

Both the average and median sales prices were up from last month and the first of the year.  The average was up 21.5% from last month at $737,523 and up 24.0% from the first of the year.  The median was up 7.0% from last month at $360,620 and up 3.8% from the first of the year.   At the  same time the average price per square foot increased 10.6% to $287.33 last month.  All very positive.

When we look at price trends by price range and housing type we see as expected that most categories are trending upward.

As always, we get a better idea when we look at prices by community and housing type.  But even this does not consider community, location, view, upgrades, floor, pool, furnished, etc.

The question as always is “Where is the Naples Real Estate Market Heading?” To answer this we need to first look at the list price and sales to list price ratio trends. While paralleling the prior 12 months Naples list prices are back from the hit they took at the height of the pandemic.   Equally important is that the sales to list price ratio continues to hold steady in the 96% range which is where it has been for the last five years.

As always the question is “what should I do now?”

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low.  It is exactly at that time when you will be able to negotiate your best possible deal.  Interest rates are at an all time low and people are looking for a place where they can escape, especially those who have been locked up for the last three months up north with no real end in sight.

If you are looking to buy and are not going to be in Naples, watch the internet and if you see one you really like,   have an agent you trust take a look and give you his or her honest opinion.   If you find one you love, then by all means make an offer.  You can always make it contingent on a personal inspection within a reasonable amount of time.   Prices are as low as they are gong to be and are only going to increase.

I hope you found my July 2020 Naples Real Estate Market Report helpful and informative.  Take care, be safe and don’t take any unnecessary risks!

Best Regards:

Barry

Barry L. Brown
Broker Associate, Coldwell Banker
550 Fifth Avenue South. Naples Florida 34119
239-298-0522
www.barry4homes.net
barry4homes@aol.com

 

When you are ready to put your home on the market and would like a no obligation Comparative Market Analysis, please let me know.  I would love the opportunity to earn your business.  If you know of anybody who is looking to buy or sell, please feel free to share my July 2020 Naples Real Estate Market Report with them.   If you want to keep track of the Naples Real Estate Market make sure to visit my web site www.barry4homes.net, I post my latest market report towards the end of every month.

This report discusses the overall Naples real estate market and not any specific property.   It only includes Collier county and excludes manufacture homes.  The source of the data is the Sunshine MLS and Naples Board of Realtors.  The opinions are those of the author and should not be considered to be a specific recommendation.  They along with the data are presented to help you make an informed decision.

 

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