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 –
October 2020 ☘ Just Released Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ exp Realty 🌴
Dated: October 23 2020
First of all Kim and I hope that you and yours are doing good.
Hot off the press please find the just released October 2020 Market Report combined with data from our Collier County based; Southwest Florida Board of Realtors; NABOR with this as part of the report: "Best September on Record for the Naples Area Housing Market.”
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.)
Utilizing our Team Cutting Edge Technologies; including the best available Virtual Tools and other system we are continuing to efficently help sellers & buyers. We have sold many homes since this pandemic started. And we continue to preview, show, and negotiate deals on a daily basis.
Interesting Statistics for August 2020 versus August 2019:
· Overall inventory down 32%.
· Overall Pending Sales up 83%
· Median closed sale price up 18%.
· Overall Closed Sales up 53%
· Single family home sales up 57%
· Condo home sales up 48%
· Days on market down 12%
Sellers, Buyers and REALTORS need be fully informed to help you make the best possible decisions.
Best September on Record for Naples Housing Market
Naples, Fla. (October 23, 2020) - According to the September 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), performance in several key areas was at a 20-year high compared to activity reported during any other September on record. As such, closed sales increased 52.9 percent to 1,096 closed sales in September 2020 from 717 closed sales in September 2019. Pending sales activity also increased a whopping 83.4 percent to 1,509 pending sales in September 2020 from 823 in September 2019.
"September is typically the slowest month for REALTORS® in Naples," said Brenda Fioretti, who added, "but agents were very busy this September as the number of showings increased 80 percent to 35,465 appointments compared to 18,745 appointments in September 2019."
Confirming the activity, Budge Huskey, also remarked, "beyond pent-up demand from COVID-19, there is a clear change in buying behavior as a result of the pandemic resulting in a departure from normal seasonality. It's unclear whether this unprecedented pace of sales is sustainable, as some of these buyers were held over from last winter season while others appear to be buying early in advance of the upcoming season."
Huskey added, "the National Association of REALTORS® forecasted sales in 2020 would increase by only 1 percent; yet there are currently hot markets around the country benefiting from the environment reporting 3 and 4 percent increases to date for the year. In comparison, the incredible allure of the Naples market is reflected in closed sales up 7.5 percent since January compared to the same time frame in 2019."
"I believe that the pandemic pushed some people to make buying decisions a few years early," said Adam Vellano, who added that "many buyers from northern states have said they are concerned that proposed tax increases could make long-term retirement difficult for them. Instead, they are opting to move to Florida before their home states get aggressive with tax adjustments."
Median closed prices for September increased 18.2 percent to $384,000 from $325,000 in September 2019. Broker analysts reviewing the market data also said they saw an uptick in multiple offer occurrences in September and advise buyers facing this situation not to delay with an offer if they like a property. Contact Barry or Kim with the Hoey Team for a guide on how to navigate multiple offer negotiations.
Inventory continues to be a challenge for buyers in Naples. In September, inventory decreased 32.2 percent to 3,980 properties from 5,873 properties in September 2019. Spencer Haynes said, "Multi-million properties are being grabbed up with many buyers making an offer sight-unseen. There are currently less than 500 properties on the market over $2 million. " Not surprisingly, closed sales of homes above $2 million have increased 30.7 percent in the 12-months ending September 2020.
According to the September Market Report, 9.9 percent of the sales reported in September were from new construction sources. But broker analysts say this number does not adequately reflect actual sales activity for the new construction market as sources indicate that builders are just too busy to input every sale in the MLS.
The NABOR® September 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 has been a 19.6 percent increase in closed sales of homes with a minimum of four bedrooms over the last year," said Coco Amar. "This data reflects another shift in buying behavior as a result of the pandemic. The demand for single family homes with additional space to accommodate a home office and a virtual schoolroom is increasing." The September Report showed a decrease of 37.9 percent to 779 properties on the market with four or more bedrooms compared to 1,255 in September 2019.
Upon reviewing the report, Jeff Jones remarked "30 percent of the inventory available in September has been on the market for over 150 days. In many cases, the properties that have been on the market for a long time will require considerable repairs or renovations, which is why they have not sold. Some may not be priced correctly. Working with Barry or Kim can help you negotiate an offer that takes into account the property's condition."
The September report continues to show that sellers are at an advantage with decreasing inventory and rising prices.
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, Cape Coral; Sanibel, Captiva and the Islands; Estero; Bonita Springs; Marco Island; 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 ☘ 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 ☘ : (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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Certified Luxury Home Marketing Specialist™
CREA (Canadian Real Estate Association) Global Affiliate
Member of The Institute for Luxury Home Marketing®
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Member of FIABCI-USA; the International Real Estate Federation
Overseas member of the Institute of Professional Auctioneers and Valuers (IPAV) MIPAV (OS) MMCEPI
Member of the European Association of Real Estate Professions (CEPI)
Your Real Estate Resource in Southwest Florida and beyond
New Construction Community Negotiator
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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