June Real Estate Trends
June Real Estate Trends For Naples Florida
The June Real Estate Trends Report shows high demand for properties in Naples, Florida continues. Pending sales (homes under contract) increased 61.3 percent over last June. Additionally, there was a 25.8 percent increase in new listings to the market.
The resiliency of the Naples market is undeniable. As evident by the staggering increase in pending sales of single family homes which increased 83.9 percent. Condos also saw significant activity with an increase of 38.7 percent of condos going to contract during the month.
Additionally, buyers are back in full force. There were 36,912 property showings in June. This level of activity is unprecedented for this time of year. As buyers are reassessing their lifestyles, the Naples area is high on the list for those looking for larger homes with more space in a safe community.
Finally, the real estate industry continues to adapt to today’s environment. There has been a significant increase in virtual open houses, high end video tours and live chat sessions with potential homebuyers. Additionally, we’ve adopted paperless transactions for the entire real estate process. In fact, some homebuyers have purchased a home 100 percent remotely.
2020 June Real Estate Trends
June 2020 Versus June 2019 Real Estate Activity Highlights
- Single family home sales increased by 3 percent with 498 Naples real estate transactions
- Condo sales decreased by 383 sales which was a 13 percent decrease compared to last June
- Overall pending sales increased to 1,469 representing a 61 percent increase
- Overall inventory fell 28 percent down to 4,739 properties for sale compared to the same time last year
- Days on market decreased to 96 days which is an 8 percent decrease versus June 2019
Naples Closed Sales
The latest Naples real estate market reports show home sales are up significantly compared to the previous month. Overall, closed sales by price range for a rolling 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 7.9 percent increase over the same time period last year.
Unlike 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.
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 7.1 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
Once again, another bright spot for the month was the decrease in the number of days a property was on the market before it sold. The overall median days on market fell 8 percent compared to June of last year.
Naples Inventory of Homes for Sale
Overall inventory during June decreased 28 percent to 4,739 homes down from 6,547 homes in June of 2019. The majority of the reduction in housing supply was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent.
As evident in the chart to the left, all price ranges saw major impacts to inventory levels. Properties below $500,000 saw the biggest impact with over a 30 percent decline in property 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 911 to 1,469 which represented a 61.3 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 an 8.2 percent increase in the median closed sales price. Similarly, Naples condos saw a 1.9 percent increase in the median sales price. Additionally, the percentage of list price increased or remained flat in all price categories. It is a sellers market due to low inventory and therefore homeowners are 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 second home or vacation home now is a great time to get started.
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 weeks and virtual showings are the new normal. There are many buyers looking for homes in less populated areas and with more space.
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 June Real Estate Trends For Naples
Find a Real Estate Expert Who Specializes in Golf Community Real Estate
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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, especially if you are selling a luxury 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 the same 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 agents 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
July 28th, 2020, Posted by NaplesGolfGuy