Naples March Market Report

The Naples March Market Report will definitely be one for the history books. Like all industries, the Naples area housing market was impacted by the current pandemic. The good news is we were off to such a great start for the month, Naples home sales increased 16 percent over last year during the same time despite the stay-at-home order that went into effect mid-month.

So, unlike other areas of the country, activity remained steady in our area. Ultimately, the consensus among local experts is the the need for housing in the Naples area – whether it be a rental, new home construction, or homes in the resale market – is essential and still in demand.

March 2020 Versus March 2019 Real Estate Activity Highlights

Single family home sales increased by 16 percent with 563 Naples real estate transactions
Condo sales increased to 585 sales which was also a 16 percent increase compared to last March
Overall pending sales decreased to 977 representing a 38 percent decrease
Overall inventory fell 28 percent down to 5,772 properties for sale compared to this same time last year
Days on market decreased slightly to 98 days which is an 8 percent decrease versus March 2019

Naples Closed Sales

During March, homes in all price categories showed an increase in sales with Naples Luxury homes between $1 million and $2 million leading the way with a double digit increase. Luxury home sales in the above category were up 22.8 percent over the same time period last year.

Equally notable was the uptick in ultra luxury homes sold above $2 million dollars which saw a 15.7 percent increase.

Additionally, the number of homes sold for less than $1,000,000 in all price categories showed double digit increases.

In looking at the property type, the largest increase in closed sales activity were ultra luxury condos priced above $2 million which saw a 36.8 percent increase versus last year. Single family homes priced between $1 million and $2 million dollars also saw a substantial increase in the percentage of closed sales up 26.6 percent.

Overall closed sales in March increased for both single family homes and condos in the Naples area. Even with the slower activity during the second half of the month, the first quarter of the year showed a 22.5 percent increase in closed sales or 2,689 total real estate transactions compared to the first quarter of 2019 when there were 2,195 total closed sales.

So what should we expect for April? Based on the decrease in pending sales activity we expect closed sales to be slower than normal. However, consensus among the experts is we’ll bounce back quickly.

Naples Inventory of Homes for Sale

While closed sales increased significantly during March, pending sales fell 38 percent from 7,965 down to 5,772 properties compared to last year. Further, inventory of single family homes fell 29.4 percent and condo inventory was similar with a 25.6 percent reduction.

Interestingly, inventory in March only had 53 fewer properties than February.

Ultimately, Collier County still has a 6.4 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.

However, it is important to connect with a knowledgeable Realtor®. Inventory varies from community to community. For example, from a geographical perspective, the Naples Beach area (34102, 34103, 34108) had the most inventory in the Naples area available in March, with 8.6 months of supply. This makes homes located along the beach area a buyers market.

Many are wondering about the current level of activity. Due to the current circumstances, although many buyers have postponed or re-scheduled trips to Southwest Florida, we are still proactively working with clients virtually. From sharing video tours, to live video chats, buyers have the opportunity to learn about homes and communities from the safety of their home.

Additionally, we are having regular phone conversations to share the latest news about the Naples area.

Ultimately, Naples is a very resilient community. Similar to the aftermath of Hurricane Irma, we will rebound even stronger than before. In the meantime, if you are considering relocating or perhaps buying a second home or vacation home now is a great time to gather information about various communities so when the coast is clear you can hit the ground running.

For those planning to sell your home, there is no better time than now to connect with us to talk about how we can prepare your home for sale.

More Naples March Market Report Information

NABOR’s Naples Area Market Report

Luxury Golf Community Trends

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.

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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, 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

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.

Should I Use a Realtor or Sell on My Own?