Naples Real Estate November 2020 Market Report

Naples Real Estate November 2020 Market Report


 

Naples Real Estate November 2020 Market Report

 

Brought To You By Barry Brown
Broker Associate, Coldwell Banker
239-298-0522.

 

The real estate market in Naples is Hot, Hot, Hot!  Sales and prices are up and the number of homes on the market is extremely low.  I contribute this to the impact of the Corona Virus and people looking for a safe place to escape.  One can only wonder where we would be if we had the foreign buyers in town.  My complete Naples Real Estate November 2020 Market Report is as follows:

Closed sales came in at 1,261 and are up 9.8% from last month and 13.9% from the first of the year which is the highest number I have seen since I first started tracking sales in 2004.  At the same time, the average number of days a property is on the market came in at 171 days and continues to trend downward from the prior 12 months.

Inventory, the number of homes on the market, continues to be a problem with only 3,509 on the market at the beginning of the month.  This is 3 units higher than last month but represents only a 2.8 months supply which is definitely a sellers’ market.  While this may be good for sellers, it is important to realize that  Naples is a discretionary market and many buyers will go home if they do not find something they really like.

As expected, both the average and median sales prices are up.  The average sales price came in at $754.101 which was up 15.4% from last month and 36.8% from the first of the year and the median sales price which is a better indicator was up 1.3% from last month and 14.2% from the first of the year at $395,000.  Both are approaching the prices that we saw at the top of the bubble in 2006, but without the rapid run up caused by little or no mortgage restrictions.  As one would expect, the average sold price per square foot continues to trend upwards as well coming in at $298.00.

When we look at trends by price range and housing type, we see that sold prices at the higher end are trending down a tad while prices at the lower end and those by housing type are all trending upward.   Looking at prices by community and housing type we see mixed results as Naples is very community driving, i.e. 35 of the 56 communities I track are trending upward.  However to get an accurate picture of what your home is worth, you need to get a Comparative Market Analysis (CMA) from a professional realtor as this analysis does not consider location, view, upgrades, furnishings, etc.

Note that Windstar is the perfect example of a large sale ($3,700,000) sail skewing the trend line.

he question as always is “Where is the Naples Real Estate Market Heading?”  To answer this we also need to look at the list price and sales to list price ratio trends.   The median list price has been trending upward for the last 10 years and there is no reason for this to change in the short term.   Equally important is that the sales to list price ratio continues to hover in the high 96% range.   Given all of the above and that we are experiencing historically low interest rates, I don’t see any reason that these trends will not continue well into next season.

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There is no better time to sell than when demand is high and supply is low. It is exactly at this time you will be able to negotiate the best possible deal

If you are looking to buy, now is a great time.  Naples is a great place to escape the Virus and prices and mortgage rates are only going to increase.

I hope you enjoyed my Naples Real Estate November 2020 Market Report.  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 Naples Real Estate November 2020 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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