Decade Ends with Strongest Year in Home Sales According to the Year End Market Report

According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), existing home sales through December 2019 were the highest in a decade. Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. Additionally, overall pending sales in 2019 also broke a record over the last decade with a total of 12,604 total pending sales or a 9.4 percent increase over 2018 when there were 11,520 pending sales.

Year End Market Report Highlights

• Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.

• A breakdown of December’s closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.

• While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state’s average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.

• Additionally, there were 1,550 price reductions in December, which represents 26 percent of the available inventory.

• Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018.  But, on a month to month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.

• Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared to just 7 in December 2018.

Naples Luxury Real Estate Market

The 2019 Year End Market Report showed closed sales in 2019 increased in almost all price categories. The exception was the Naples Luxury Real Estate Market, properties priced in the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes.

However, there are signs the luxury market is picking up steam. In December, there were a total of 14 single-family homes priced above $4 million which closed compared to just 7 in 2018. Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.

Finally, only the $2 million and above price category had a significant increase of 6.7 percent during the year.

2019 Year End Market Reports

Naples Area December Market Report

Annual 2019 Naples Area Housing Report

January 27th, 2020 Posted by NaplesGolfGuy