Naples, FL (November 23, 2021) – Home sales were bridled by low inventory during October, but new listings are on the rise according to the October 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall closed sales for October decreased 32.1 percent to 858 closed sales from 1,263 closed sales in October 2020. But irrespective of the home buying frenzy that took place during the second half of 2020 (including October 2020), closed sales in October were historically higher than average for a typical October in Naples, even with the lowest inventory level on record by NABOR®.
The overall median closed price in October increased 16.9 percent to $450,000 from $385,000 in October 2020. The COVID-19 pandemic affected buying behaviors and sales of single-family homes outpaced condominiums as people sought more open space in 2020; but those buying behaviors have now shifted. While overall inventory decreased 76.1 percent in October to 1,240 properties from 5,181 properties in October 2020, condominium inventory decreased 84.4 percent in October. As such, there were nearly half as many condominiums (435) available compared to single-family homes (805) at the end of October. Not surprising, the median closed price for condominiums increased 31 percent to $370,000 from $282,500 in October 2020, while the median closed prices for single-family homes increased 18.8 percent to $615,000 from $517,750 in October 2020.
“Closed sales are down for one reason: we just don’t have the inventory,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “But that doesn’t necessarily mean prices will keep rising at the rate we saw this past year.
Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., commented, “In the past, if you couldn’t find a home to buy, you’d just rent for a while until something came along. But there are few rentals today and this is exacerbating the low inventory issue because sellers can’t just pick up and move when their home sells. A REALTOR® can help them develop a plan that includes finding a place to live once their home sells.”
The NABOR® October 2021 Market Report 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:
According to Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, “There were fewer homes over $1 million coming onto the market in October than in previous months. In fact, we saw more new listings of homes on the lower end and further east become available. Hopefully, the rush of seasonal visitors will bring more sellers with high-end properties to the table.”
“It’s impossible for a home buyer or seller to keep their pulse on the market without a REALTOR®,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “For sellers, a REALTOR® can often negotiate a higher closed price than what they could have received on their own because a REALTOR® can interpret the MLS, evaluate purchase offers, and take steps to maximize their return. For buyers, a REALTOR® can help them find the right home, carefully craft an offer, and quickly maneuver through negotiations, escalation clauses, and closings.”
If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370