Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
April 2020 ☘ Just Released Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ eXp Realty
Dated: April 30 2020
First of all Kim and I hope that you and yours are doing good as we navigate through those unprecedented times; and we trust that we will get through all of it soon with as little loss as is possible.
We will all get through this; together. We are keeping everyone in our prayers. ☘
As our beaches open up, please be safe out there. We are all in it together, for each other.
Hot off the press please find the April 2020 Market Report combined with data from our Collier County based; SW FL Board of Realtors; NABOR. Also 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 amidst our current COVID-19 Coronavirus issue; we can provide Detailed Reports & Data for any part; Locally and Nationally; just let us know.)
Incese you are wondering, utilizing our many Virtual Tools and system we are continuing to help sellers and buyers, and we have sold a number of homes since this pandemic started.
Interesting Statistics for March 2020 versus March 2019:
· Overall inventory down 28%.
· Overall Pending Sales down 38%
· Median closed sale price up 10%.
· Overall Closed Sales up 16%
· Single family home sales up 16%
· Condo home sales up 16%
· Days on market down 8%
REALTORS, Sellers, and Buyers need be fully informed to help you make the best possible decisions.
March Housing Activity Signals Essential Need for Homes
Naples, Fla. (April 23, 2020) - Like all industries impacted by the COVID-19 pandemic, the Naples area housing market was not immune to its effect in March. While home sales dropped, home prices remained steady, and in some cases, increased. Because the stay-at-home order went into effect mid-month, real estate activity during the first two weeks of March was strong, while activity during the second half of March tempered remarkably well. Brokers analyzing the March 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that the report showed one indisputable truth: 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.
"The real estate industry has been given a great responsibility in this time of crisis to help meet the needs of Naples area residential and commercial property buyers and owners, and the overall welfare of our local economy. Of utmost importance to all real estate professionals is that all real estate transactions are undertaken with the strictest adherence to health and safety guidelines. Real estate transactions are moving forward," stated Lauren Melo, PA, President of NABOR®.
Overall closed sales in March increased 15.8 percent to 1,148 closed sales compared to 991 closed sales in March 2019. This was an increase of 359 closed sales over February (789 closed sales) and 426 more closed sales than January (722 closed sales)! The report also showed a 22.5 percent increase in closed sales for the first quarter of 2020 (2,689 total closed sales) compared to the first quarter of 2019 (2,195 total closed sales).
Coco Amar pointed out that the report showed closed sales for properties priced between $1 million and $2 million increased 23 percent year over year (12-months ending March 2020) and its median closed price decreased by 2.3 percent. "The high-end of the market is becoming popular again, especially condominiums over $2 million, which had the highest percentage increase in sales [37 percent] in the last 12 months."
Pending sales took a hit during the second half of March, down 38.1 percent for the month to 977 pending sales compared to 1,578 pending sales in March 2019. But according to Melo, "pending sales increased 5.3 percent during the first quarter of 2020 compared to the first quarter of 2019. The Naples area housing market was on solid footing before the coronavirus pandemic flared up."
Bill Coffey pointed out that "even though showings in March decreased 41 percent compared to showings in February, there were still over 19,000 appointments scheduled to show homes in March. Serious buyers are not being discouraged by the stay-at-home order. Because real estate is considered essential, buyers can tour homes as long as they abide by the social-distancing order - or they can tour homes virtually with their REALTOR on site hosting their virtual tour."
Open house guidelines by NABOR®, which follow Centers for Disease Control and local Department of Health recommendations, ensure safety practices are being followed by REALTORS®. Let us know if you have Questions about open house guidance during COVID-19.
Mike Hughes added that homebuyers were not the only people looking for housing in March. "We saw an uptick in rental contract extensions in March as many winter residents are choosing to stay in the Naples area rather than return to their northern homes in states where virus activity rates are high."
The March report showed overall inventory remained strong through March, with 5,772 available properties. This was a 27.5 percent decrease in inventory compared to March 2019, which had 7,965 properties available. Interestingly, while March had only 53 fewer homes on the market than what was available in February, the month of March had 11 more homes available in inventory than what was reported in January! Plus, Collier County holds steady with 6.4 months of supply compared to other highly desirable counties in Florida like Orlando, which reported 2.3 months of supply in March.
According to Jeff Jones "There were fewer price reductions during March compared to previous months in the quarter." The overall median closed price in March increased 10 percent to $372,750 compared to $339,000 in March 2019. The month of March also reported the highest median closed price compared to the other months in the first quarter. However, while median closed prices for the single-family home market increased 16 percent in March to $470,000 compared to $405,500 in March 2019, the median closed price for the condominium market decreased 1.3 percent in March to $276,500 compared to $280,000 in March 2019.
Jones also pointed out that the pandemic is affecting the new home construction industry. "Many builders in the area are offering big incentives in order to move their new home inventory. It's good to work with a REALTOR® who understands the local market well and can negotiate the best price, whether it's a home for sale by a builder or an independent seller of an existing home."
The NABOR® March 2020 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:
Total closed sales (month/month)
Total pending sales (homes under contract) (month/month)
Median closed price (month/month)
Total active listings (inventory)
Average days on market
Single-family closed sales (month/month)
Single-family median closed price (month/month)
Condominium closed sales (month/month)
Condominium median closed price (month/month)
"There is solid inventory in all price categories right now," said Hughes. Phil Wood agreed with Hughes adding that "current low interest rates and a strong stock market are favorable reasons why people buy second homes. Low fuel prices will also inspire people to travel more by air and car to Southwest Florida once the -stay-at-home order is lifted. It may take a few months to get back to normal, but I believe the housing market in Naples will recover fast because people love the beach and we have 24 miles of it to explore. Plus, after being locked at home for months, people are going to want to live in a community that doesn't have high-density issues."
Geographically, the Naples Beach area (34102, 34103, 34108) had the most inventory in the Naples area available in March, with 8.6 months of supply. New listings were highest in East Naples (34114, 34117, 34120, 34137), which had an increase in March of 9.2 percent.
If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team ☘ who serve all of Southwest Florida; based in Naples who have the qualifications, track record, experience; skills; additional education; 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 ☘ brokered by eXp Realty who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison 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.
P.S. ==> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing.
For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our growing team; find out more at: www.HoeyTeamExp.com or contact Barry or Kim via email at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or, Call/Text the Hoey Team ☘ : (239)-360-5527
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press