Naples October Real Estate Recap

The current Naples October real estate recap for the area showed 858 properties sold for just over $700 Million! The highest priced property sold for $18,837,500 in Port Royal. And, the luxury market remained strong as evident by the 150 properties sold at or above $1 Million.

Although inventory remains low, in October we saw a rise in the number of new listings compared to September. Due to high demand, the new listings are snapped up quickly. And there is no indication demand is going to slow anytime soon. In fact, we’ve seen an increase in the number of home tours compared to the summer months with more than 33,500 showings.

So what’s contributing to the continued demand? First, studies have recently shown employers are solidifying remote work polices giving employees more flexibility to consider vacation homes which increased 70% during October.

Additionally, you’ve probably heard of the “Great Resignation” as many American’s have decided to retire early. Approximately 3 million Americans are expected to exit the workforce early and guess where they are retiring to? States such as Tennessee and Florida which have warmer weather and tax-friendly policies.

Now, add the “Great Reshuffle” to the mix. Many employees who recently made a job change have relocated to a new area. Workforce migration data provided by LinkedIn showed employees relocated to the South and West. Primarily, to cities with strong economic growth, plenty of jobs and a lower cost of living. In Southwest Florida, Sarasota is near the top of the list of the Top 10 cities job seekers are now flocking to.

Finally, lifting of the international travel ban is expected to lead to a boost in foreign buyers looking to invest in property in the U.S. with Florida being a prime destination for a second home.

What will the impact of these changes be to our local market? Prices will continue to appreciate as the supply of homes for sale remains low.

Naples Real Estate Trends

Naples continues to be a beneficiary of life changing trends as people continue to relocate or buy a second home in our area. Lifestyle and amenities are a significant factor when people are deciding where they want to live in Southwest Florida. And golf communities are at the top of the list for a growing number of couples. And it’s not just about golf, it’s about the social calendar, the additional amenities available such as Pickleball (the fastest growing sport in the country), Tennis, Bocce Ball, Fitness Center, Beach Access and more.

October 2021 versus October 2020 Highlights

• Closed sales decreased 32 percent compared to October of last year.
• Overall pending sales decreased 31 percent versus the same time period.
• Inventory dropped 76 percent down from 5,181 homes to 1,240 homes for sale.
• Average days on market fell 75 percent down to 23 days.

Overall, the limited inventory and buyer demand drove home prices up during the month. The median price of a single family home in Naples rose 18.8 percent. Similarly, the median price of a condo rose 31 percent during October. The good news is there were 1,027 new listings added up from 961 compared to the prior month.

Despite the low inventory, there are still opportunities to buy a home in Naples. We’ll work with you to identify new properties which reach the market or even before they hit the market.

Most importantly, since it remains a sellers market you’ll need to be prepared to move quickly if a property presents itself. Be prepared to submit an offer within 24-48 hours, especially if the home has recently been renovated and is on a prime lot in a good community.

Overall, average number of days on market before going to contract was 23 days. For those of you considering buying a home in a golf community, during October there were 46 homes that went to contract. Fifteen percent were under contract within 48 hours and over half of them were pending in less than 10 days.

Or, if you’re considering selling, you remain in the driver’s seat. Home prices continue to appreciate, inventory is low and demand is high. All of which make it a seller’s market. Let’s connect to discuss your home’s value in today’s market. It is likely worth more than you think.

What is my home worth…

Considering Selling Your Naples Golf Home? Why Work with the Naples Golf Guy Team

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we’re helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

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November 25th, 2021 Posted by NaplesGolfGuy