Naples August Real Estate Recap

The current Naples August real estate recap for the area showed 1,033 properties sold for just over $800 Million during August! The highest priced property sold for $18,500,000 in Port Royal. And, the luxury market remains strong as evident by the 167 properties sold at or above $1 Million.

So, many buyers have been asking about the Naples housing market. In fact, several buyers have taken a step back and put their search on hold. Sound familiar?

Nationwide headlines are saying home sales are slowing, listings and prices are declining. However, it is important to differentiate between national trends and local trends.

Short of having a crystal ball which will tell the future of the housing market, what I can share is Naples is unique.  We are a resort town located on the Gulf Coast in a tax friendly state with fantastic weather.

While certain areas of the country have seen demand start to subside, Naples remains a prime destination for a second home or vacation home. First, the work from home trend continues to drive home buyers to resort and remote destinations such as Naples.  In fact, Chief Economist Lawrence Yun has shared how Vacation-Home Sales Are Defying The Housing Market Slowdown. According to Yun, “vacation-home sales will continue to move higher, this year, next year, and for the foreseeable future.”

Additionally, baby boomers are retiring in record numbers and earlier than expected as their lifestyle is driving their desire to relocate to be near family or a warmer climate in an active community.

Finally, we are about to see an influx of international buyers who have been on the sidelines for the past year and half due to travel restrictions.  With the easing of travel polices, we anticipate an influx of foreign buyers this fall.

While experts don’t expect homes to appreciate at the same level they did over the past year, they do expect home prices to continue to increase. For those who are expecting to see a pull back, while that may be true in some areas of the country, it’s highly unlikely to be the case in Naples Florida.

Naples Real Estate Trends

Demand for homes in the Naples area remained very strong during the month of August. Despite limited inventory, we did see 992 new listings come to market and overall inventory continues to hover around 1200 homes for sale. To give you a sense of how strong activity was, REALTORS® did virtual showings or escorted buyers on more than 30,000 home showings during the month.

The high showing activity combined with a significant decrease in days on market to 22 days means most homes were listed, shown and sold in less than 30 days.

August 2021 versus August 2020 Highlights

• Closed sales decreased 8 percent compared to August of last year.
• Overall pending sales decreased 26 percent versus the same time period.
• Inventory dropped 77 percent down from 5,503 homes to 1,249 homes for sale.
• Average days on market fell 77 percent down to 22 days.

Due to the decrease in inventory combined with the strong buyer demand, single family home sales fell 10.5 percent during the month. Similarly, condo sales declined 5 percent compared to August of 2020. More importantly, the median home sales price for single family homes rose 31.6 percent and condos rose 16.9 percent.

Historically, median closed prices tend to dip during the summer months, however, that trend did not hold true this year. In fact, the median sale price in August was $75,000 higher than the median closed price reported in January.

Similar to previous months, we continued to see multiple offers submitted on properties and often within hours of a new listing hitting the market. The Naples Golf Guy Team recently listed a home in a luxury golf community and within 24 hours, we had 12 showings and 3 offers, all of which were above list price.

We continue to see an increase in homes go under contract before they were even listed on the open market. Established agents who have been in the market for years in our area have extensive networks. For example, if you are considering a golf community, we do have new listings about to come on line which and we also have buyers ready to purchase homes in multiple golf communities.

Additionally, with almost 20 years of experience, we also have connections with other Realtors in the industry who we can connect with to learn if they have upcoming listing in a specific neighborhood. And due to our connections with membership directors throughout Southwest Florida, many will let us know if another agent is about to list a home. As such, we currently have 4 contracts pending for properties which never hit the market.

So, if you are considering purchasing a home, let’s connect. We have the network and the experience in finding off market listing and negotiating deals with multiple offers. Keep in mind, you will need to be prepared to move quickly if you see something you are interested in purchasing.

If you’re considering selling, you remain in the driver’s seat. Home prices continue to appreciate, inventory is low and demand is high. All of which make it a seller’s market. Let’s connect to discuss your home’s value in today’s market. It is likely worth more than you think.

What is my home worth…

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September 24th, 2021 Posted by NaplesGolfGuy