March 2021 Market Naples Real Estate Report

March 2021 Market Naples Real Estate Report


March 2021 Market Naples Real Estate Report
Brought To You By Barry Brown
Broker Associate, Coldwell Banker
239-298-0522

 

Despite a severe shortage of homes for sale, the Naples real estate market continues to be extremely hot.  Sales and prices are both up while the number of homes on the market is at a 15 year low.  Your Complete March 2021 Market Naples Real Estate Report is as follows:

Closed sales in February were up 15.3% from last month and 57.0% for the year at 1,301 which is the highest single month since I started tracking sales in January of 2004.  At the same time the number of days that it takes to sell a home continues to trend downward with the average and median coming in at 73 and 34 days respectively.

As one would expect, the average number of days to sell by price range and housing type continue to trend downward with the number of days ranging from a low of 47 for villas to a high of 161 for homes priced at $2,000,000 and above.

There were only 1,735 homes for sale at the end of February which is an all time low.  This was down 57.9 % from the start of the month and 60.5% from December 31st and represents a supply of only 1.3 months.  This is also an all time low and there is no question that this is a sellers’ market.

When we look more closely at the number of months of inventory by price rage and housing type we see that they are all below three months which again is a sellers’ market.

It does not come as a surprise that prices continue to increase given the high demand and low supply.  Both the average and median sales prices increased in February with the average up 1.7%  at $813,249 and the median up 2.5% at $415.000 from last month.  However the average was down 6.1% from the first of the year while the median came in at the same number.  As one would expect, the average price per square foot is also trending upward and is up 2.1% from last month at $314.17.

A better picture begins to emerge when we look at price trends by price range and housing type which as expected, all are trending upward.

Looking at prices by community and housing type can give us an even better picture.   However this still does not consider upgrades, furnishings, floor, view, or condo or development within a community.  If you want to get a real estimate of what a specific property is worth, you need to consult a professional realtor or home appraiser.  However even then, the only real number is what a buyer is willing  to pay.

When looking at where the market is going, it is important to consider both the list price and sale to list price ratio trends.  The median list price for Naples continues to trend upward and is at an all time high at $489,000 and up 14.3% from last month and 22.3% from February of last year.  The sales to list price ratio also continues to trend upward and is at an all time high at 97.5%.

Also important are the current mortgage rates which remain extremely low with the 30 year fixed at 3.23%, 15 year fixed at 2.58% and the 3.0 year jumbo at 3.46%.

As always the question is “where is the market going?”.  To answer this, one has to ask what is driving the market today and the consensus is that it is being fueled by a large number of people looking for a place to escape the Corona Virus.  Given this, I feel that the market will remain strong till the various vaccines become readily available and we start to see a significant decline in the number of new cases.  When this happens I look for prices to level out.

If you’re thinking of selling, now is absolutely the best time.  You will be able to negotiate the best possible deal due to the high demand and low supply.  If you are looking to buy, now is a great time.  Naples is a great place to escape the Virus, prices are not going to decrease and mortgage rates are at an all time low.

I hope that you found my March 2021 Market Naples Real Estate Report interesting and helpful.

Best Regards and Stay Safe,

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 March 2021 Market Naples Real Estate 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 Southwest Florida MLS.  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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