December Real Estate Review
December Real Estate Review For Naples Florida
The December Real Estate Review for Naples Florida continued to show very strong activity. Pending sales (homes under contract) increased 89 percent over last December and closed sales increased 45 percent during the same time period. Additionally, overall the number of Naples homes for sale declined 49 percent.
The sustained market demand is placing pressure on home values. In fact, the median closed price jumped up to $405,000 which was an 18% compared to last December.
Out of state buyers continue to look for a resort style living in the Naples area. Larger homes with more space are at the top of the list for home buyers.
2020 December Real Estate Review
December 2020 Versus December 2019 Real Estate Activity Highlights
- Single family home sales increased by 41 percent with 692 Naples real estate transactions
- Condo sales increased to 704 sales which was a 50 percent increase compared to last November
- Overall pending sales increased from 814 to 1,535 which represented an 88.6 percent increase
- Overall inventory fell 49.1 percent down from 6,163 homes for sale to 3,140 properties for sale compared to the same time last year
- Days on market decreased to 77 days which is a 21 percent decrease versus December of 2019
It continues to be a seller’s market. Property showings increased 65 percent over this same time last year, which equated to an average of 10 showings per listing. Buyers are actively looking and ready to purchase a vacation home or relocate to Naples altogether. So, if you are considering selling, now is an excellent time to jump in the market to take advantage of the high demand for Naples property.
Naples Closed Sales
Additionally, closed sales increased in nearly every price category. Most notably, Naples Luxury homes priced above $2 million increased significantly with a 62.4 percent increase over the same time period last year. Also notable was the increase in sales between $1,000,000 and $2,000,000 which were up 38.1 percent.
The most expensive home sold in Naples during the month was in Old Naples for $19,500,000. For those purchasing luxury golf homes, Pelican Bay, Grey Oaks, Talis Park and Mediterra topped the list with the highest priced home sold coming in at $8,495,000.
The trend of homebuyers looking for properties with more space continued during December. Sales of single family homes with 4 bedrooms or more increased 35.4 percent and condos with at least 4 bedrooms increased 75.5 percent.
As more home buyers make a shift to working remotely, or others are accelerating their plans to retire to Naples, they continue to look for properties with enough rooms for their family as well as space for a dedicated home office, home schooling and home fitness.
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 77 days which represented a 21 percent decline compared to December of last year.
Single family homes saw a 9.9 percent decline and condos saw a 11.8 percent decline in days on market. The price range with the largest decrease in the average number of days between when a property was listed and when an offer was accepted over the past 12 months were properties priced between $300,001 and $500,000.
Naples Inventory of Homes for Sale
Similar to the rest of the country, inventory in the Naples area remains a challenge. Overall inventory during December decreased 49.1 percent to 6,163 homes. Single-family homes for sale fell by 57.6 percent and condos available for sale dropped by 40.5 percent.
As evident in the chart to the left, all price ranges saw major reductions to inventory levels. Properties priced between $300,001 and $500,000 saw the biggest impact with a 56.1 percent decline in properties for sale. Similar to the previous month, the decrease in inventory is primarily due to the large number of pending and closed sales which rose significantly.
Bidding wars continued to be a common occurrence during the month. So, if you are planning to buy a home be prepared to make an offer quickly if they see a property you are interested in buying.
Also notable is the percentage of list price remained high at 96.3 percent of list price for single family homes and 95.6 percent of list price of condos over the past 12 months. Ultimately, the percentage of list price increased in all price categories. As a result of the low inventory, it remains a sellers market. Therefore, if you are a buyer, you should be prepared for home sellers 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.
December Real Estate Review For Naples Florida
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.
Selling Your Home? Work with an Experienced Naples Luxury Realtor
It is a seller’s market so why work with a realtor? There are over 100 actions required to complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys and a mountain of paperwork. We’ll save you time!
Additionally, we’ll help ensure your home is priced to maximize the return on your investment.
To ensure you obtain the highest value for your home, it is critical to expose your home to as many potential buyers as possible. As such, a digital game plan and an effective online marketing strategy will help you secure the best and highest offer on your home.
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.
Contact Matt: Matt@NaplesGolfGuy.com
January 28th, 2021, Posted by NaplesGolfGuy