February 2020 Naples Real Estate Trends

Like most real estate professionals throughout the country, we’re working remotely. While physical offices are closed real estate transactions are still in full swing. Existing sales in process are working their way towards their close dates as scheduled. In the meantime, for those sitting on the sidelines gathering information, the following is a February 2020 market update.

According to the latest reports released by NABOR, overall closed sales increased 29 percent to 789 properties closed in February of this year compared to 610 closed sales in February of 2019.

Additionally, overall pending sales in February increased 43 percent to 1,526 pending sales compared to 1,068 pending sales in February of last year! There were also 32,712 showings by agents in Collier Collier during February, which is roughly 11,000 more showings than reported in February 2019.

February 2020 versus February 2019 Highlights

• Single family home sales increased by 25 percent with 376 Naples real estate transactions
• Condo sales increased to 413 sales which is a 33 percent increase compared to last February
• Overall pending sales increased to 1,526 representing a 43 percent increase
• Overall inventory fell 29 percent down to 5,825 properties for sale compared to this same time last year
• Days on market decreased to 95 days which is a 6 percent decrease versus February 2019

Ultimately, February was a very active month for closed sales and pending sales. There’s still a shortage of properties available depending on the community. If you want to ensure you are purchasing a home in a community which will appreciate over time, it’s important to connect with a knowledgeable agent who will provide specific real estate activity within the communities you are evaluating.

Naples Closed Sales:

Year to date, overall closed sales increased 27 percent. Single family home sales led the way up 32.9 percent and condos were up 20.9 percent.

Also, during February, homes in all price categories increased with Naples Luxury homes between $1 million and $2 million leading the way with a 20.8 percent increase.  Equally notable was the uptick in ultra luxury homes sold above $2 million dollars which saw a 5.6 percent increase.  Finally, properties priced between $300,000 and $500,000 saw a double digit increase in sales which were up 14.6 percent.

In looking at the property type, the largest increase in closed sales active were single family homes priced between $1 million and $2 million dollars. Close behind were sales of condos priced above $2 million which saw a 19.7 percent increase.

From a geographical perspective, closed sales were strong throughout the entire county. The Naples Beach area (34102, 24103 and 34108) saw a 48 percent increase in closed sales and central Naples (24104, 34105 and 34116) wasn’t far behind with 43 percent in closed sales. North Naples (34109, 34110 and 34119) also exhibited strong sales activity with a 24.7 percent increase in real estate transactions.

To sum it up, activity for the first two months of the year was very strong.

Naples Inventory of Homes for Sale

Due to the significant increases in closed sales and pending sales during February, it has further reduced the total number of homes available for sale. Overall inventory fell 29 percent. Inventory of single family homes fell 30.6 percent and condo inventory was similar with a 26.6 percent reduction.

Ultimately, Collier County still has a 6.7 month supply of homes for sale, which is much higher than many other hot markets in Florida. A healthy level of inventory is considered to be 6 to 7 months of supply of homes for sale. Therefore, the Naples area inventory is in great shape which is good news for both buyers and sellers.

As you can probably imagine, due to the current circumstances scheduled trips to Southwest Florida have been postponed so we anticipate activity will drop for the next couple of months.

However, we are very resilient community. Just like Hurricane Irma, this situation too will pass and we will rebound even stronger than before.  In the meantime, home buyers who are in town are still looking at houses on-line and gathering knowledge about various communities so when the coast is clear they can hit the ground running. For those planning to sell there house, there is no better time than now to connect with an agent to start preparing your home for sale.

February 2020 Real Estate Reports

Naples Area Market Report

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