Friday, June 19, 2020
Let's Talk Hot Off The Press...
Heightened Buyer Demand Influences
Naples Real Estate Market
Naples, Fla. (June 19, 2020) - REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.
"Despite the restrictions of social distancing, with many REALTORS® conducting virtual open home tours and adopting electronic signings and virtual closings, 599 buyers purchased homes in Naples last month. REALTORS® and brokerages adapted to the challenges at hand - and will continue in the future - to ensure the real estate industry is a leading factor in our country's economic recovery," remarked NABOR® President Lauren Melo, PA, Licensed Real Estate Broker with Florida's Realty Specialists.
"The Naples real estate market is extremely resilient," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. "REALTORS were able to adapt fast as new buyers started pouring into the market in May. This is apparent because the report shows pending sales in May increased 90 percent compared to pending sales in April."
Upon reviewing the May Market Report, Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate, commented, "Buyers have less negotiating power because inventory in the Naples area continues to decline. This shrinking inventory led to modest price increases in the single-family home market during May, which saw a 31.8 percent decrease in inventory and 3.7 percent increase in median closed prices compared to May 2019.
Prices held stable, in spite of the outlying issues, with the year-to-date median closed price up a modest 2.3 percent. Jeff Jones, Broker at Keller Williams Naples, pointed out, "The report showed only 103 price increases during May out of the 5,116 properties in inventory, and there were fewer price reductions in May than reported in April."
Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019. However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new listings of condominiums.
"We have a 5.8-months' supply of single-family homes in Naples," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "Buyers don't have as many single-family home choices right now so they shouldn't hesitate to make an offer if they find a home they love."
For the full Report contact me today...