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 –
February 2020 ☘ Just Released Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ eXp Realty
Dated: February 22 2020
Hot off the press please find the February 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; we can provide Detailed Reports & Data for any part; Locally and Nationally; just let us know.)
Interesting Statistics for January 2020 versus January 2019:
· Overall inventory down 26%.
· Overall Pending Sales up 33%
· Median closed sale price up 6%.
· Overall Closed Sales up 22%
· Single family home sales up 14%
· Condo home sales down 31%
· Days on market up 12%
REALTORS, Sellers, and Buyers need be fully informed to help you make the best possible decisions.
Luxury Home Buyers are Back!
January Home Sales Set the Stage for Solid 1st Quarter
Naples, Fla. (February 21, 2020) - Despite a tug on inventory that resulted in a 26 percent decrease to 5,761 properties in January 2020 compared to 7,773 properties in January 2019, overall closed sales in Collier County rallied in January, especially in the luxury market. A 22 percent increase in January's overall closed sales has many broker analysts optimistic that continued strong sales activity can be expected through the first quarter.
Aside from the 26 percent decrease in January's month-end inventory compared to January 2019, we actually gained 360 more listings in January than what was available to buyers in December. Collier County has a 6.6-month supply of homes, which is much higher than many other hot markets in Florida. A recent Realtor.com analysis showed that other areas in Florida also experienced double-digit decreases in active listings for January including Tampa/St. Pete (20.2 percent decrease), Orlando (15.8 percent decrease), and Miami/Ft. Lauderdale/West Palm Beach (11.2 percent decrease).
"Unlike the first quarter of 2019, home buyers should move quickly, as time is not your friend this quarter," said Mike Hughes, "especially those in the high-end home market." Hughes was referring to buyers interested in the $1 million to $2 million single-family home market in Collier County, which saw a 20 percent increase in closed sales year-over-year ending January 2020. According to the January 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there are currently 354 single-family homes on the market in this price category.
"A year ago, many economists were predicting a recession by the end of 2019, but they've since changed their tune and the affluent buyer is listening," said Budge Huskey, "It looks like many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes because they fear they won't make the same returns as last year. The stock market inertia has reignited the luxury markets. Purchasing power is bringing back home buyers to the Naples area luxury home market. In essence, they believe now is the time to buy a luxury home in Naples."
NABOR Board President Lauren Melo, agreed with Hughes and Huskey, adding that the report indicated that "showings of single-family homes in the $1 million to $2 million price category increased 109 percent in January 2020 compared to January 2019!"
For perspective and as noted by Spencer E. Haynes, "Seasonal visitors arrived earlier and spent more time during the 2019 holiday season looking for homes to purchase than in the previous holiday season." This was demonstrated in the November and December 2019 Market Reports, which showed a 27 percent and 21 percent increase in pending sales, respectively.
Median closed prices increased 5.5 percent in January to $343,000 compared to $325,000 in January 2019. But this is still much lower than the median closed price reported in January 2018, which was $375,000. Interestingly, median closed prices for the 12-months ending January 2020 actually fell in all price categories except for the $2 million and above, which increased 6.1 percent.
The NABOR® January 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 (year/year)
Total pending sales (homes under contract) (year/year)
Median closed price (year/year)
Total active listings (inventory)
Average days on market
Single-family closed sales (year/year)
Single-family median closed price (year/year)
Condominium closed sales (year/year)
Condominium median closed price (year/year)
Adam Vellano noted that the report showed 1,885 price decreases in January, which he believes is "mostly old inventory that is finally coming to the buyer as a result of appealing price reductions."
Responding to Vellano's comments, Jeff Jones, added that "January's price reductions represented 33 percent of active listings in January [5,761 properties], which is much higher than the 25 to 28 percent shown in the Market Reports over the last few months."
Geographically, Melo was surprised to see that the median closed price for homes in the 34120 zip code was flat and remained at $300,000, the same as January 2019, as this is an area where a majority of new construction is taking place. Other areas with sales activity that stood out in January were Naples Beach, which had a 57.1 percent increase in closed sales of condominiums; South Naples had a 7.1 percent decrease in closed sales of single-family homes; and North Naples had a 2.3 percent decrease in median closed prices for single-family homes.
If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team ☘ who are based in Naples and 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.
For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our growing team; find out more at: www.BarryHoey.eXpRealty.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
Please inquire or feel free to share this update with others.
Barry & Kim with the Hoey Team ☘ Brokered by eXp Realty
Barry Hoey PA, REALTOR®, CIPS, CLHMS, CRS, GRI
Full time Real Estate Broker Associate
Kimberly Zuponcic PA, Realtor
Full time Real Estate Sales Associate
"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