August Real Estate Trends

August Real Estate Trends For Naples Florida

The August Real Estate Trends Report continues to show high demand for properties in Naples, Florida. Pending sales (homes under contract) increased 70 percent over last August and closed sale increased 35 percent during the same time period. Additionally, overall the number of Naples homes for sale declined 29 percent. As a result, the exceptionally low inventory is driving home prices up.

Lifestyle changes continue to drive the types of homes being purchased. Single family homes with four bedrooms showed the strongest sales activity. Buyers are looking for homes with enough space for a home office, home schooling, home fitness and plenty of space for all family members.

Ultimately, it is a seller’s market. So, if you are considering selling, now is a good time to jump in the market to take advantage of the high demand for Naples property.

2020 August Real Estate Trends

August 2020 Versus August 2019 Real Estate Activity Highlights

Single family home sales increased by 39 percent with 583 Naples real estate transactions
Condo sales increased to 515 sales which was a 32 percent decrease compared to last July
Overall pending sales increased to 1,479 representing a 70 percent increase
Overall inventory fell 29 percent down to 4,174 properties for sale compared to the same time last year
Days on market decreased to 96 days which is a 6 percent decrease versus August 2019

Naples Closed Sales

The latest Naples real estate market reports show home sales continue to be exceptionally strong during the month of August. Overall, closed sales increased in August by 35 percent compared to the same time last year.

Additionally, once again closed sales for the past 12 months shows home sales increased in almost every price category. Most notably, Naples Luxury homes between $1 million and $2 million with a 14.3 percent increase over the same time period last year. Also notable was the increase in sales between $500,000 and $1,000,000 which were up 15.5 percent.

Unlike last month which only showed a slight increase in ultra luxury Naples homes, sales above $2 million dollars, this month the increase in closed sales was 18% higher than last year.

Once again, it’s clear there is a shift in buyers looking for single family homes with more space and privacy. Single family home sales increased 9.9 percent compared to condos which decreased 3.1 percent.

Additionally, single family homes homes with at least four bedrooms saw a 14.1 percent increase in closed sales activity. As more home buyers make a shift to working remotely, surveys have shown they are looking for properties with enough rooms for their family as well as space for a dedicated home office.

Days on Market for Naples Home Sales

Due to the heightened demand for Naples homes, the number of days on Market decreased once again. Overall, the number of days a home was on the market before it went to contract dropped to 96 days which represented a 6 percent decline compared to August of last year. The price range with the largest decrease in days on market over the past 12 months were properties priced between $500,000 and $1,000,000.

Additionally, buyer interest continues to be significantly higher than usual for the summer months.

Naples Inventory of Homes for Sale

Overall inventory during June decreased 29 percent to 4,174 homes down from 5,887 homes in August of 2019. Single-family homes for sale fell by 41.3 percent and condos available for sale dropped by 16 percent.

As evident in the chart to the left, all price ranges saw major reductions to inventory levels. Properties priced between $300,000 and $500,000 saw the biggest impact with a 39.7 percent decline in properties for sale. The decrease in inventory is primarily due to pending home sales which rose significantly due to buyer demand. In fact, total pending sales or homes that went to contract during the month increased from 868 to 1,479 which represented a 7.4 percent increase.

Additionally, several people have asked if homeowners are lowering home prices and the answer is a resounding “no”. Housing supply is just not keeping up with buyer demand. As a result of low inventory levels, home prices are actually increasing and in some cases being sold over list price with multiple offers.

Naples single family homes saw an increase of 15.7 percent in the median closed sales price. Similarly, Naples condos saw an 18.4 percent increase.

Also notable is the percentage of list price which was 96 percent of list price for single family homes and 95.4 percent of list price of condos over the past 12 months. Ultimately, the percentage of list price increased or remained flat in all price categories. It remains a sellers market due to low inventory. Therefore, if you are a buyer, you should be prepared for homeowners who are less willing to negotiate.

Ultimately, Naples offers a luxury lifestyle with numerous outdoor activities, sunshine and low taxes. So, if you are considering buying a primary residence, second home or vacation home now is a great time start your search.

If you are seller contemplating listing your home, now is an ideal time to maximize the value of your home. Buyer traffic continues to increase and season is still a couple of months away. For those who are just in the planning stages of selling your home, there is no better time than now to connect with us to learn about your home’s value.

More August Real Estate Trends For Naples

August 2020 Naples Real Estate Statistics

Luxury Golf Community Real Estate Trends

Find a Real Estate Expert Who Specializes in Golf Community Real Estate

Look for an agent who specializes in the type of community or properties you are interested in purchasing. If you are considering a Southwest Florida Golf Community, there are more than 150 golf course communities to chose from. How do you know which one is right for you and your family? Find a specialist who has the knowledge and experience about golf community real estate to help you navigate the various clubs, courses, membership options, amenities and location that will best match your lifestyles.

“Luxury Lifestyle” has different meanings for different people. What does it mean to you? Golf course communities in our area have enhanced their amenities to provide members with the ultimate luxury experience. From wellness centers to pickleball and everything in between. We will help you identify the best communities to visit.

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Selling Your Home? Work with an Experienced Naples Luxury Realtor

In today’s rapidly changing market, it’s critical to make sure you have a digital game plan and an effective online marketing strategy when selling your home. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd.

So, if you’re ready to move forward, our virtual practices can help make your sale happen. We know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to a survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:

Virtual tour of the home
Accurate and detailed listing information
Detailed neighborhood information
High-quality listing photos
Agent-led video chat
Paperless transactions

So, if you are contemplating selling a home in Bonita Springs, Estero, Naples or Fort Myers, we encourage you to work with a Professional Real Estate Agent or REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price.

Now more than ever, an agent’s presence on the internet is critical to selling your home. Let’s connect to talk about how we would leverage new real estate technology such as virtual tours and high-end photography, e-mail marketing, social media marketing and much more.

Finally, if you live in a golf community in southwest Florida, you are competing with more than 150 other golf communities. Contact us today to learn how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price.

Should I Use a Realtor or Sell on My Own?