June 2020 Naples Real Estate Market Report

June 2020 Naples Real Estate Market Report


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

There is no question that the Corona Virus has had a significant impacted on the Naples real estate market. Both the number of homes on the market and closed sales declined as expected. Sales prices are mixed and list prices are up nicely. The good news is that both new listings and pending sales are trending upward.  My complete monthly June 2020 Naples Real Estate  Market Report is as follows:

The number of homes on the market was down from April 12.6% or 5,176 to 4,900. This year parallels last year and is a little tight but better than I anticipated. It is interesting to note that of the 4,900 homes on the market, 4,340 are resale with the rest being new construction.

Closed Sales were down 70.8% at 597 from last month’s 843 and are down 50.5% from May of last year. This is vividly illustrated when you look at the year to year variance by month.

The good news is that both the average and median days to sell are holding their own in the 90 and 60 day range, The months of inventory has increased to 7.5 months due to the lower sales in May. I expect this to drop as the market continues to improve.

The question is, “how has the virus impacted prices?” Both the average and median sales prices have dropped since March due to COVID-19 by 16.7% and 10.4% respectively. Over the same period the average price per square foot has increased 10.1% and is up 26.4% over last month which is positive.

Narrowing this down to by sales price range and housing type starts to present a better picture of today’s market.

When looking where prices are going it is also important to look at both the list price trend and the sales to list price ratio. The good news for sellers is that the list price is trending upward and is up 14.3% from last month and 10.7% from the first of the year.   The sales to list price ratio continues to run in the 96% range which is where it has been for the last 14 months and shows that sellers are not panicking because of COVID-19.

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 and 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.

If my June 2020 Naples Real Estate  Market Report has been of interest and you would like to see my latest updates and analysis, make sure to check www.barry4homes.net as I always post my latest market report mid-month. You will not want to miss next month as it will include my latest Corona Virus update.

Take care, be safe and don’t take any unnecessary risks!

Barry

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

 

P.S. 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 June 2020 Naples Real Estate  Market Report with them.

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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