May Real Estate Trends
May Real Estate Trends For Naples Florida
The May Real Estate Trends Report shows high demand for single family homes in Naples, Florida. Property showings in May increased 244 percent compared to showings in April. The most notable trend was the increase in pending sales in May which increased 90 percent compared to pending sales in April.
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.
In all, 599 buyers purchased homes in Naples last month. According to Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. , “The Naples real estate market is extremely resilient. REALTORS were able to adapt fast as new buyers started pouring into the market in May.”
2020 May Real Estate Trends
May 2020 Versus May 2019 Real Estate Activity Highlights
- Single family home sales decreased by 47 percent with 314 Naples real estate transactions
- Condo sales decreased to 285 sales which was a 52 percent decrease compared to last May
- Overall pending sales decreased to 599 representing a 50 percent decrease
- Overall inventory fell 27 percent down to 5,116 properties for sale compared to the same time last year
- Days on market decreased to 91 days which is a 15 percent decrease versus May 2019
Naples Closed Sales
Despite the unique situation we are in at the moment, overall closed sales by price range for a rolling 12 months shows home sales increased in most price categories. Most notably, Naples Luxury homes between $1 million and $2 million lead the way with a 5.4 percent increase over the same time period last year.
On the flip side, we saw a slight decrease in ultra luxury homes sold above $2 million dollars which had just under a 2.1 percent decline.
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 4.7 percent compared to condos which decreased 1.9 percent. Additionally, single family homes homes with at least three bedrooms saw increases in closed sales activity.
Days on Market for Naples Home Sales
Once again, a 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 15 percent. Single family homes saw a slightly larger decrease in days on market down 17.4 percent compared to condos which fell by 12.5 percent.
Naples Inventory of Homes for Sale
Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019. However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new listings of condominiums.
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. The decrease in inventory is primarily due to homeowners either waiting to list their property until the fall or until our current health crisis passes.
Several people have asked if homeowners are lowering home prices and the answer is “no”. With inventory levels low and with only a 5.8 months supply of single family homes for sale, home prices are actually increasing. Additionally, the percentage of list price increased in all price categories. With low inventory, 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 who took your home off the market, consider relisting now. 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.
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, 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, truly giving buyers a detailed and thorough view of your home.
So, if you’re ready to move forward, virtual practices may help you win big when you’re ready to sell. While abiding by state and local regulations is a top priority, we 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
June 20th, 2020, Posted by NaplesGolfGuy