How’s the Naples Real Estate Market? Sales Accelerate & Property More Scarce

Posted on Saturday, February 29, 2020

For our customers interested in the local real estate markets we offer a snapshot of how things stand this Friday afternoon February 28, 2020.  Our position is natural demand for Naples real estate, even if compromised in the short term by economic disruption, will remain the driving force in our southern Florida marketplace. Quite simply more people would like to live here, in fact a lot more people would like to live here. Evidence continues to emerge there is significant upward momentum in the market today. To name a few examples:

1. Pending Sales, that is sales under contract to close in the next 120 days, are gaining not losing momentum. At the end of December, 2019 there were 1091 pending units, January, 2020 there were 1,457 pending units and this month there are 1,973 pending units. And these figures do not include new construction! Sales are accelerating, not slowing down.
2. Inventories continue to tighten as demand outpaces supply.  Inventory now stands at 6.41 months, tighter than January’s 6.52 months. These inventory levels support price increases in the short term.
3. The average price of a single family home has increased slightly each and every month in the last five months.
4. Condo prices have also risen every month in the last five months.
5. Renters, another source of future buyers, are struggling to find available units.

These are signs of a healthy, growing real estate market.  We expect these trends to continue in the short term and probably gain strength thought the end of season toward April month end.

 

Please give us a call if you are considering buying, selling or renting – or would like to learn more. We would love to listen to you and help you.

 

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