September Real Estate Review
September Real Estate Review For Naples Florida
The September Real Estate Review shows continued heightened demand for properties in Naples, Florida. Pending sales (homes under contract) increased 83 percent over last September and closed sale increased 53 percent during the same time period. Additionally, overall the number of Naples homes for sale declined 32 percent. As a result, the exceptionally low inventory is driving home prices up.
As we head into fall, buyer interest remains unusually high as evident by the number of property showings during the month. The number of showings increased 80 percent to 35,465 compared to 18,745 appointments last year. Why is there such a large increase in showings? Homebuyers from all over the country are reassessing their lifestyle and they are embracing the ability to work from anywhere. There is an increased interest in home fitness, accommodating home schooling while still having plenty of space for the whole family. As a result, demand for single family homes with four bedrooms or more showed the strongest sales activity for the second straight month.
Despite the fact that it’s a seller’s market, buyers are relocating to Naples. So, if you are considering selling, now is an excellent time to jump in the market to take advantage of the high demand for Naples property.
2020 September Real Estate Review
September 2020 Versus September 2019 Real Estate Activity Highlights
- Single family home sales increased by 57 percent with 577 Naples real estate transactions
- Condo sales increased to 519 sales which was a 48 percent increase compared to last September
- Overall pending sales increased to 1,509 representing an 83 percent increase
- Overall inventory fell 32 percent down to 3,980 properties for sale compared to the same time last year
- Days on market decreased to 90 days which is a 12 percent decrease versus September of 2019
Naples Closed Sales
The latest Naples real estate market reports show home sales continue to be exceptionally strong during the month of September. Overall, closed sales increased in September by 35 percent compared to the same time last year and year-to-date closed sales are up 7.5 percent.
Additionally, once again closed sales for the past 12 months shows home sales increased in almost every price category. Most notably, Naples Luxury homes priced above $2 million increased significantly with a 30.7 percent increase over the same time period last year. Also notable was the increase in sales between $500,000 and $2,000,000 which were up 19 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 13.2 percent compared to condos which only increased 6.3 percent.
Additionally, single family homes homes with at least four bedrooms saw a 19.6 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, home schooling and home fitness.
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 90 days which represented a 12 percent decline compared to September of last year.
Single family homes saw a 14.4 percent decline and condos saw a 9 percent decline in days on market. The price range with the largest decrease in the average number of days between when a property was listed and when an offer was accepted over the past 12 months were properties priced between $500,001 and $1,000,000.
Naples Inventory of Homes for Sale
Similar to the rest of the country, inventory in the Naples area remains a challenge. Overall inventory during September decreased 32 percent to 3,980 homes down from 5,873 homes in September of 2019. Single-family homes for sale fell by 44.1 percent and condos available for sale dropped by 19.4 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 a 41.6 percent decline in properties for sale. The decrease in inventory is primarily due to the large number of pending and closed sales which rose significantly. In fact, total pending sales or homes that went to contract during the month increased from 823 to 1,509 which represented a 83 percent increase.
Additionally, continue to ask if homeowners are lowering home prices and the answer is a definite “no”. Housing supply simply will not keeping up with buyer demand. As a result of low inventory levels, home prices are actually increasing and in some cases being sold over list price with multiple offers.
Naples property inventory saw an increase of 18.2 percent in median closed sales price. In particular, single family homes saw an increase of 17.9 percent in the median closed sales price. Similarly, Naples condos saw an 17.8 percent increase.
Also notable is the percentage of list price which rose to 96.4 percent of list price for single family homes and 95.7 percent of list price of condos over the past 12 months. Ultimately, the percentage of list price increased in all price categories. So, it remains a sellers market due to low inventory. Therefore, if you are a buyer, you should be prepared for homeowners who are less willing to negotiate.
Ultimately, Naples offers a luxury lifestyle with numerous outdoor activities, sunshine and low taxes. So, if you are considering buying a primary residence, second home or vacation home now is a great time start your search.
If you are seller contemplating listing your home, now is an ideal time to maximize the value of your home. Buyer traffic continues to increase and season is still a couple of months away. 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 learn about your home’s value.
More September Real Estate Review 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
October 24th, 2020, Posted by NaplesGolfGuy