July 2020 โ˜˜ Just Released Market Report for Naples and for all of Southwest Florida โ˜˜ Hoey Team โ˜˜ eXp Realty โ˜˜ Overall Pending Sales up 61%

Dated: July 24 2020

Views: 346

Hello,

First of all Kim and I hope that you and yours are doing good as we continue to help one another within our local communities.

Hot off the press please find the just released July 2020 Market Report combined with data from our Collier County based; Southwest Florida Board of Realtors; NABOR with this as part of the report: “The everlasting desirability of the Naples real estate market was undeniable in June”; as overall pending sales were up 61% month over month.

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 amidst our current happenings; we can provide Detailed Reports & Data for any part; Locally and Nationally in conjunction with our extended team; just let us know.)

In case you are wondering, utilizing our Team & Company Cutting Edge Technologies; including the best available Virtual Tools and other system we are continuing throughout all of this to help sellers & buyers.  We have sold a number of homes since this pandemic started.  And we continue to preview, show, and negotiate deals on a daily basis.

Click Here and Below for a Link to Live Market Statistics for all of Southwest Florida.

 

Interesting Statistics for June 2020 versus June 2019:

·        Overall inventory down 28%. 

·        Overall Pending Sales up 61%

·        Median closed sale price up 8%.

·        Overall Closed Sales down 5%

·        Single family home sales up 3%

·        Condo home sales down 13%

·        Days on market down 8%

Sellers, Buyers and REALTORS need be fully informed to help you make the best possible decisions.

 

June Market Activity Sets the Stage for Strong Summer Sales

 

Naples, Fla. (July 24, 2020) - According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewing the report also noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.

Naples Market Report - July 2020 infographic June 2020 v June 2019 - Hoey Team eXp Realty

The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June increased 38.7 percent to 634 pending sales from 457 pending sales in June 2019.

 

"The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May," said Budge Huskey. "Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties."

 

While closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. However, according to Brenda Fioretti, "June had the third highest number of showings this year, behind the historically high showing months of January and February.  In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February."

 

Before the pandemic, the number of closed sales of single-family homes and condominiums was about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019, as closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383.  This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.

 

Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent.  The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7 percent in June compared to June 2019.

 

As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. Bill Coffey, remarked, "The overall median closed price increased in June because the luxury market is hot this summer, and the level of demand is driving up the prices, particularly in the $1 million and above market."

 

Coffey's comment was validated by other brokers reviewing the report including Huskey and Phil Wood, who both claimed their offices saw multiple offer situations in the luxury market during June.  Fioretti added that her agents reported multiple offers in every price point during June.

 

Wood added that closed sales for the year are not yet on track with last year's activity due to the pandemic, yet he's optimistic because "as of June, the number of closed sales were only 400 less than last year at this time." He added, "When the stock market dropped at the beginning of the pandemic, high-end buyers hit pause.  But the stock market is strong today and these buyers - who we typically only see during high season - are seeking to buy luxury properties in Naples this summer."

 

The NABOR® June 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: 

 

CATEGORIES

June 2019

June 2020

CHANGE

Total closed sales (month/month)

923

881

-4.6%

Total pending sales (homes under contract) (month/month)

911

1,469

+61.3%

Median closed price (month/month)

$330,000

$357,000

+8.2%

Total active listings (inventory)

6,547

4,739

-27.6%

Average days on market 

104

96

-7.7%

Single-family closed sales (month/month)

484

498

+2.9%

Single-family median closed price (month/month)

$398,450

$437,500

+9.8%

Single-family inventory

3,382

2,215

-34.5%

Condominium closed sales (month/month)

439

383

-12.8%

Condominium median closed price (month/month)

$265,000

$270,000

+1.9%

Condominium inventory

3,165

2,524

-20.3%

 

Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34103, 34108), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019.  But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1 percent.

 

The market data indicates that now is a good time to sell, as the number of showings and pending sales are increasing, and prices are also rising!  

 

If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team โ˜˜ eXp who serve all of Southwest Florida; 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 โ˜˜ 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 us 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 โ˜˜ :  (239)-360-5527

 

Click Here to View Live Stats for the Overall Naples Market Area

 

Click Here to View Live Stats for All of the Southwest Florida Market Areas

 

Click Here to Instantly Find Your Estimated Home’s Value

 

Barry & Kim with the Hoey Team  โ˜˜ 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

 

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"Your Real Estate Concierge"

 

Barry@SWFLLuxury.Com

Call/Text Hoey Team:  (239)-360-5527

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