July Real Estate Trends
July Real Estate Trends For Naples Florida
The July Real Estate Trends Report continues to show high demand for properties in Naples, Florida. Pending sales (homes under contract) increased 57.3 percent over last July and closed sale increased 35.4 percent during the same time period. At the same time, inventory is exceptionally low. Overall the number of Naples homes for sale declined 29 percent.
Lifestyle has become significantly more important to many people over the past several months. Home buyers are reassessing where they live and are embracing the freedom to work from anywhere. As a result, buyers are so motivated to move to larger homes in less populated areas that we’ve even sold multiple homes sight unseen. With low inventory, it is a seller’s market.
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.
Finally, the real estate industry continues to adapt to today’s environment. The number of virtual open houses, high end video tours and live chat sessions with potential homebuyers continues to rise. Additionally, as we transition to a virtual world, we’ve adopted paperless transactions for the entire real estate process so buyers and sellers are able to conduct transactions without traveling or leaving their homes.
2020 July Real Estate Trends
July 2020 Versus July 2019 Real Estate Activity Highlights
- Single family home sales increased by 43 percent with 637 Naples real estate transactions
- Condo sales increased to 517 sales which was a 27 percent decrease compared to last July
- Overall pending sales increased to 1,446 representing a 57 percent increase
- Overall inventory fell 29 percent down to 4,390 properties for sale compared to the same time last year
- Days on market decreased to 92 days which is an 12 percent decrease versus July 2019
Naples Closed Sales
The latest Naples real estate market reports show home sales are exceptionally strong during the month of July. Overall, closed sales increased in July by 35.4 percent compared to the same time last year.
Additionally, 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 lead the way with a 10.4 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 9.9 percent.
Last month we saw a slight increase in ultra luxury homes sold above $2 million dollars which had a 0.6 percent increase in closed sales. This month, sales of ultra luxury Naples homes rose 3.1 percent.
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 5.1 percent compared to condos which decreased 1.6 percent.
Additionally, single family homes homes with at least four bedrooms saw a 10.2 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 92 days which represented a 12 percent decline compared to July 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. There were 15,634 in person property showings in July. This activity does not include virtual showings and tours which are becoming routine. As buyers are reevaluating their lifestyles, the Naples area is high on the list for those looking for larger homes with more space in a safe community.
Naples Inventory of Homes for Sale
Overall inventory during June decreased 29 percent to 4,390 homes down from 6,168 homes in July of 2019. Single-family homes for sale fell by 38.9 percent and codos available for sale dropped by 17.9 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 almost a 40 percent decline in properties for sale. The decrease in inventory is primarily due to pending home sales which rose significantly. In fact, total pending sales or homes that went to contract during the month increased from 919 to 1,446 which represented a 57.3 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. Naples single family homes saw an increase of 14.1 percent in the median closed sales price. Similarly, Naples condos saw a 13.5 percent increase.
Also notable is the percentage of list price which increased 96 percent of list price for single family homes and 95.3 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 usually less willing to negotiate.
Ultimately, Naples offers a luxury lifestyle with numerous outdoor activities, sunshine and low taxes. So, if you are considering relocating or perhaps buying a primary residence, second home or vacation property now is a great time start your search.
If you are seller contemplating listing your home, now is a good time to take advantage of the low inventory. Traffic has increased considerably over the past couple of months and virtual showings are the new normal. There are many buyers looking for homes in less populated areas and with more space and Naples is high on their list of destinations.
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 talk about how we can prepare your home for sale safely.
More July Real Estate Trends For Naples
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
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.
Contact Matt: Matt@NaplesGolfGuy.com
August 23rd, 2020, Posted by NaplesGolfGuy