With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.
🚨 March 2021 📢 Just Released Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ exp Realty 🌴 SW FL 🍀
Dated: March 24 2021
First of all Kim and I hope that you and yours are doing good; hope 2021 is being kind to you and yours so far.
Hot off the press please find info from the just released February 2021 Market Report combined with data from our Collier County based; Southwest Florida Board of Realtors; NABOR with this as part of the report: “ This is not a housing boom as many people suggest” the Hoey Team ☘ feel the same way as we look at the full picture for all of the US and experience what is happening here.
In addition, please do check out the stats in the different Naples / Collier County Property Types & Price Ranges.
(Let us know if you want more information on any aspect of the Real Estate market; we can provide Detailed Reports & Data for any part; Locally and Nationally in conjunction with our extended team; just let us know.)
Utilizing our Hoey Team ☘ Cutting Edge Technologies; including the best available Virtual Tools, etc. we are continuing to Efficiently Help Sellers & Buyers; previewing, showing, negotiate deals & Selling Homes; helping people to move / relocate across the US on a daily basis. Southwest Florida seems to keep increasing in desirability for US buyers; both end users & investors.
Interesting Statistics for February 2021 versus February 2020:
· Overall inventory down 69%.
· Overall Pending Sales up 51%
· Median closed sale price up 17%.
· Overall Closed Sales up 62%
· Single family home sales up 47%
· Condo home sales up 76%
· Days on market down 24%
Sellers, Buyers and REALTORS need be fully informed to help you make the best possible Real Estate actions.
Increased Demand in February Shows Homebuyers Recognize a Great Value
Naples, FL (March 24, 2021) – The February 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), marks the last month of comparative activity before the pandemic shuttered the global economy in March 2020. That said, overall closed sales of existing homes in Naples for February increased 62 percent to 1,307 closed sales from 807 closed sales in February 2020.
Broker analysts reviewing the February 2021 Market Report were not surprised at the increased momentum as many report buyers are scooping up the available inventory of homes in all geographic locations within Naples almost as fast as they come onto the market. Inventory fell 68.8 percent in February to 2,224 homes from 7,127 homes in February 2020.
Single-family homes continue to be in high demand so, according to the report, many buyers pivoted to condominiums in February. As a result, the condominium market experienced a 75.7 percent increase in closed sales and a 66.6 percent decrease in inventory. In fact, condominium sales in February 2021 eclipsed its comparable sales in any month over the past 15 years.
“This is not a housing boom as many people suggest,” said Spencer Haynes. “I consider it a ‘market correction,’ as our area has simply been undervalued until now and it is finally experiencing its due appreciation.”
Haynes added that “in many desirable locations like California and Atlanta, high buyer demand, low inventory, and rising prices have been a reality for years. And unlike 2005 / 2006, activity is not a result of ‘manufactured wealth’. Sales today are done with real money, which is why home values in our area are finally increasing. Besides, we have what everyone is looking for as it’s now possible to work from anywhere in the world so why not live and work in paradise.”
In addition to the struggle to find existing properties for sale in all price categories, buyers are also finding new home purchasing options are diminishing.
“Builders are reporting a big shortage in materials for new home construction,” said Jeff Jones. “For example, orders for new windows are out 14 months because there’s not enough glass for production. And there’s also a shortage of resin for pipe production and lumber has been scarce too.”
Corey McCloskey, NABOR® President concurred, commenting that she’s heard from REALTORS® in South Carolina and Arizona that hundreds of new homes in their towns are sitting finished without windows.
Another result of high buyer demand in Naples: “New home communities are nearly sold out so were seeing many put their last lots up for bid,” said Dominic Pallini.
It’s not surprising then that February saw pending sales of existing homes in Naples skyrocket 50.7 percent to 2,299 pending sales from 1,526 pending sales in February 2020. In comparison, there were more pending sales (2,299) at the end of February than inventory (2,224). This resulted in a drastic drop in supply as the February report revealed our area now has only a 2-months supply of homes available to buyers.
The NABOR® February 2021 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
In February, the median closed price increased 17.4 percent to $405,000 from $345,000 in February 2020. As such, the average closed price also increased in February by 25.7 percent to $796,936 from $633,898 in February 2020. The luxury single-family home market continues to drive sales in Naples as reflected in the average closed price for single-family homes in the Naples Beach area, which increased 35.4 percent to $3,270,814 from $2,414,826 in February 2020.
According to Wes Kunkle, even though interest rates are low, “many buyers are purchasing homes with cash as it provides leverage during the sale”. This occurrence often happens in multiple offer situations because financing can often weaken an offer. So buyers use cash to make the purchase with the intent of refinancing to enjoy the low interest rates once the sale is complete. Not surprising, cash sales accounted for 57.9 percent of all closed sales during February.
Whether new listings – which fell 8.6 percent in February to 1,435 new listings from 1,570 new listings in February 2021 – can meet the demand in the coming months will depend on seller motivation. In a tight inventory climate, brokers said it’s not uncommon for REALTORS® to approach a homeowner in a desirable community and ask: “I know your home is not for sale but how much do you want to sell it because I have a buyer?”
Jones added that it’s important the public understand “our market today is based on equity – not speculative lending like we saw in 2005 leading up to the housing market bubble.”
The demand for single-family homes in Naples is so high right now that its convincing many homeowners to downsize in order to take advantage of the market’s demand and enjoy a nice profit. That’s one reason condominium sales increased in February and why properties in 55 and older communities also saw increased activity.
The February report continues to show that sellers are at an advantage with lower inventory and increasing prices; but, deals are available, and the Hoey Team have secured a number of deals recently for Buyers; we help both Sellers and Buyers.
If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team ☘ exp who serve all of Southwest Florida including Fort Myers, North Fort Myers, Cape Coral, Matlacha; Sanibel, Captiva and the Islands; Miromar Lakes; Estero; Bonita Springs; Marco Island; Goodland; Everglades City; Ave Maria; basically all of Collier and Lee Counties; based in Naples who have respected qualifications, track record, experience; skills; additional education; best available technology; knowledge and the most desirable credentials to help you including to correctly provide an accurate market comparison and efficiently negotiate a sale with impressive results. Please ask for or click here to check out our sales stats and testimonials to help verify this.
For home owners / sellers considering to sell a home in Naples or any part of Southwest Florida; should you want to upsize, or downsize, contact Barry and Kimberly with the Hoey Team ☘ exp Realty who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison in todays market so you can determine the right asking price to achieve the best possible bottom line. Our vast array of marketing methods / tools and negotiation skills are second to none.
REALTORS Barry & Kim can also ensure your next purchase in the Naples / Southwest Florida market area is a success in an efficient, stress-free way. We facilitate deals for Sellers and Buyers; guiding the transaction all the way through close.
P.S. ~ If You'd like for us to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We will get a custom video tour to you.
For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our growing team; find out more at: www.HoeyTeam.Net or contact Barry or Kim via email at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or, Call/Text the Hoey Team ☘ : (239)-360-5527
Barry & Kim with the Hoey Team ☘ exp Realty
Barry Hoey PA, REALTOR®, CIPS, CLHMS, CRS, GRI, SRES
Full time Real Estate Broker Associate
Kimberly Zuponcic PA, REALTOR®, CRS
Full time Real Estate Sales Associate
"Your Real Estate Concierge"
Call/Text Hoey Team: (239)-360-5527
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CREA (Canadian Real Estate Association) Global Affiliate
Member of The Institute for Luxury Home Marketing®
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Overseas member of the Institute of Professional Auctioneers and Valuers (IPAV) MIPAV (OS) MMCEPI
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