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 –
March 2020 ☘ Just Released Market Report amidst COVID-19 for Naples and for all of Southwest Florida ☘ Hoey Team ☘ eXp Realty
Dated: March 27 2020
First of all Kim and I hope you and yours are doing good; in unprecedented times currently.
Within uncharted waters we do hope and pray that we will get through all of it soon with as little loss as possible.
Collectively; we will all get through this; together.
We are keeping everyone in our prayers. Please reach out if we are able to help in any small way within our communities. ☘
Just Released; please find the March 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.)
Interesting Statistics for February 2020 versus February 2019:
· Overall inventory down 29%.
· Overall Pending Sales up 43%
· Median closed sale price up 3%.
· Overall Closed Sales up 29%
· Single family home sales up 25%
· Condo home sales up 33%
· Days on market down 6%
REALTORS, Sellers, and Buyers need be fully informed to help you make the best possible decisions.
February Housing Activity Reflects Naples Enduring Desirability
Naples, Fla. (March 27, 2020) - Despite state recommendations to practice self distancing, the housing market in the Naples area continues to breathe with life. The February 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed overall closed sales increased 29 percent to 789 closed sales in February 2020 compared to 610 closed sales in February 2019. Admittedly, this report reflects comparable activity in February 2020 - which preceded self-distancing recommendations due to COVID-19 - but it is a glimpse at our market's significant and enduring desirability.
"We have a resilient real estate market that was proven during the last recession," said Dominic Pallini, who was the President of NABOR® during Hurricane Irma in 2017. "This interruption should end in a few months; not seven to ten years."
Like many professionals, REALTORS® in Naples are working remotely or from home and using creative solutions to stay connected to their buyers and sellers. Brenda Fioretti, remarked that "some offices are closed, but we are all still in business!"
In an industry that is already technology-focused and adept, NABOR® and its members are continuing efforts to help foster the sale of homes, all while following the Centers for Disease Control guidelines. NABOR® is also providing new digital resources during the coronavirus outbreak to help keep the public and real estate professionals connected and safe.
Overall pending sales in February increased 43 percent to 1,526 pending sales compared to 1,068 pending sales in February 2019! There were also 32,712 showings by agents in Collier County during February, which is roughly 11,000 more showings than reported in February 2019.
Wes Kunkle keeps an eye on market activity daily by analyzing activity in the Southwest Florida MLS and said on March 25, 2020, that "the MLS data is showing an average of 25 new pending sales every day."
Fioretti said her firm is "currently focusing our efforts on closing pending transactions because February's pending sales were so strong and many buyers and sellers are eager to successfully close on their properties."
Fioretti added that "there are many important tasks that must be completed in order to have a successful closing, such as inspections, appraisals, final walk through, meeting lender requirements, Homeowner Association applications and approval and more." She predicts that March closings should be strong as a result of strong February pending sales, and the vigorous efforts of REALTORS®, lenders, and closing agents.
February's Market Report also shows a renewed and growing interest in condominium sales, which saw pending sales increase 45 percent to 802 pending sales in February 2020 compared to 552 in February 2019.
Budge Huskey agreed with Fioretti that March's closed sales will be strong as "most everywhere there is respect for the need to foster closings of pending sales."
Properties priced between $1 million and $2 million reported the highest increase in closed sales (21 percent) for the 12-months ending February 2020 than any other price category. Single-family home sales in the $1 million to $2 million price category had the highest increase among all properties reported with a 27 percent increase (12-months ending February 2020)! However, condominiums priced above $2 million had the highest increase in closed sales for its property type, reporting a 20 percent increase (in the 12-months ending February 2020). These increases are in line with what broker analysts predicted in January that many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes.
Overall median closed prices increased 3 percent in February to $345,000 compared to $335,000 in February 2019. Broken down by property type, median sales prices rose 5 percent for single family homes and nearly 7 percent for condominiums in February 2020 compared to February 2019. Fioretti added that "price increases in February were expected due to the low inventory we are still experiencing."
Because the federal government enacted stricter standards for financing following the recession in 2008, "most buyers in the last ten years have purchased homes using cash or conventional financing with significant down payments," said Adam Vellano. "This has created larger amounts of equity in the market and, with our current balanced inventory, we can absorb a short disruption."
Vellano added that we are not facing a housing crisis like what we experienced in 2008 because we don't have a lot of highly leveraged owners with second mortgages that will be forced into foreclosure.
The NABOR® February 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)
The February 2020 Market Report also showed a 6-month supply of inventory for properties under $500,000, while properties priced above $500,000 are at an 8-month supply. Interestingly, there is currently a 14-month supply of inventory for properties priced above $2 million.
"The February report is a continuation of the incredible pace of the market we saw in January, with impressive results across all categories and price ranges," said Huskey. "These figures reflect the market in advance of the coronavirus impact, which will no doubt be evident in March. The reality is business is continuing, albeit at a far slower pace as the REALTOR® community and the public enact the recommended precautionary steps to ensure the situation is short-lived. But, the first two months of the year confirmed that Naples is more desirable than ever, an attraction which will be sustained long after concerns of the virus have passed."
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
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For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
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