Blog – The Wakelin Team

The Naples Area Board of Realtors June 2020 Market Report

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.

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, CEO, Premier Sotheby’s International Realty. “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, Managing Broker with Berkshire Hathaway Home Services Florida Realty, “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, Broker Manager of Amerivest Realty Naples, 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, President & CEO of John R. Wood Properties, 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, 34013, 34018), 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 Naples, contact The Wakelin Team as we have the ability to provide a virtual showing, an accurate market comparison or negotiate a sale. We can ensure your next purchase or sale in the Naples area is a success.

The Naples Area Board of Realtors May 2020 Market Report

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.”

The NABOR® May 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	May 2019	May 2020	CHANGE
Total closed sales (month/month)	1,188	599	-49.6%
Total pending sales (homes under contract) (month/month)	1,218	1,167	-4.2%
Median closed price (month/month)	$354,450	$333,000	-6.1%
Total active listings (inventory)	7,023	5,116	-27.2%
Average days on market	107	91	-15.0%
Single-family closed sales (month/month)	595	314	-47.2%
Single-family median closed price (month/month)	$410,000	$425,000	+3.7%
Single-family inventory	3,608	2,461	-31.8%
Condominium closed sales (month/month)	593	285	-51.9%
Condominium median closed price (month/month)	$270,000	$260,000	-3.7%
Condominium inventory	3,415	2,655	-22.3%

Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior. However, COVID-19 left many sellers uncertain about the real estate market. With the quarantine recommendations in place, fewer sellers listed homes during May. Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history. May’s pending sales activity, a measure of signed contracts and not closings, increased 90 percent compared to April 2020, despite tight supply.

Heightened buyer demand is also evident in the number of Days on Market for May as reflected in a decrease of 15 percent to 91 days on market compared to May 2019, which reported 107 days on market.

“There was a significant number of high-end pending sales in May,” said Hughes, who added that the stock market has come back from a low of 18,000 in late March to over 25,000 at the end of May. “The impact of the stock market rebound renewed consumer confidence in May with a certain percentage of wealthy individuals looking to diversify their portfolio and invest in real estate again.”

Spencer E. Haynes, Director of Business Development and Broker with John R. Wood Properties, is optimistic that summer sales will be strong in Naples, but added “even if a second surge of coronavirus cases emerges that force new restrictions, REALTORS® and the public have become very adept at using technology like virtual showings and electronic closings, which can help overcome the challenges that might affect home sales activity in Naples.”

If you are looking to buy or sell a home in Naples, contact The Wakelin Team as we have the ability to provide a virtual showing, an accurate market comparison or negotiate a sale, especially in the unusual circumstances of this health crisis and its challenges. We can ensure your next purchase or sale in the Naples area is a success.

The Naples Area Board of Realtors April 2020 Market Report

April Report Shows Naples Real Estate Market
Held Its Value During Pandemic

Naples, Fla. (May 22, 2020) – Coronavirus slowed real estate market activity in April as expected during Florida’s safe-at-home restrictions. According to the April 2020 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 decreased 28.6 percent to 838 closed sales compared to 1,173 closed sales in April 2019. Inventory decreased as well in April by 29.1 percent to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact.

“Our priority is the safety of Naples residents and our members, as we all continue to practice socially responsible distancing while we conduct business during this health crisis,” said NABOR® President Lauren Melo, PA, Licensed Real Estate Broker with Florida’s Realty Specialists. “With the assistance of technology, creativity, and cooperation, real estate professionals are successfully completing transactions.”

To encourage a safe path to homeownership, NABOR® implemented three new actions in April to assist members as they conduct business during the COVID-19 pandemic:

NABOR® lobbied state and local governments to successfully recognize real estate services as an essential service, in accordance with the U.S. Department of Homeland Security;
NABOR® created a COVID-19 addendum and amendment to sales contracts to protect buyers and sellers;
NABOR® trained members on new COVID-19 related services including virtual open house tours, COVID-19 stimulus relief package benefits, and new lender requirements.

According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, “The good news is that – even during a pandemic – Naples home values are being maintained. The report shows April’s overall percent of current list price received increased .5 percent.” This figure represents what the buyer paid for their home compared to the seller’s listed sale price. In April, the contract price averaged 95.9 percent of list price. In comparison, during April 2019, the contract price averaged 95.4 percent of list price. This statistic demonstrates that homes in the Naples area did not lose their values during April, the worst month of the pandemic to date.

Median closed prices increased .3 percent in April to $340,000 from $339,000 in April 2019. “Although there were slightly fewer price decreases in April than in March, still 1,654 or 31 percent of all listed properties experienced reductions in their offering price during April,” said Jeff Jones, Broker at Keller Williams Naples.

Like many essential service businesses, REALTORS® in Naples focused on implementing new strategies and modifying their business models during April to comply with self-distancing practices and accommodate for the welfare and safety of their staff, clients and the community.

“We saw a surge in virtual showings during April,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “What happened was a buyer would participate in several virtual showings, typically while their REALTOR® did the walkthrough onsite. Then, once the buyer eliminated the options down to one or two homes, they would do a physical walkthrough.”

As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6 percent, as was expected.

“The desire for virtual home showings has risen rapidly,” remarked Fioretti. “During video tours, agents become the eyes of the buyer. They’re talking more than they would on a traditional tour, pointing out things that would be obvious in person but aren’t as clear through a camera lens like the quality of workmanship on any repairs or whether a bedroom will fit a king-size bed. Virtual home tours are becoming the new first step in homebuying,” added Fioretti.

Another asset that REALTORS® added to their toolbox in April was NABOR®’s COVID-19 contract addendum (or amendment for active contracts). The revised contract extends a closing date for an agreed amount of time if the lender is unable to approve the loan due to temporary obstacles caused by the pandemic including employee furloughs, and delayed appraisals, inspections, or government filing services.

“Given the amount of uncertainty right now, agents are quickly adding our special coronavirus addendum to new and existing contracts to provide some breathing room for delays in this fast-changing environment. These new documents are keeping deals together,” said Jones. “It’s providing much peace-of-mind for both buyers and sellers.”

The NABOR® April 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	Apr 2019	Apr 2020	CHANGE
Total closed sales (month/month)	1,173	838	-28.6%
Total pending sales (homes under contract) (month/month)	1,322	613	-53.6%
Median closed price (month/month)	$339,000	$340,000	+0.3%
Total active listings (inventory)	7,605	5,394	-29.1%
Average days on market	98	87	-11.2%
Single-family closed sales (month/month)	510	409	-19.8%
Single-family median closed price (month/month)	$464,500	$429,500	-7.5%
Single-family inventory	3,850	2,639	-31.5%
Condominium closed sales (month/month)	663	429	-35.3%
Condominium median closed price (month/month)	$272,500	$270,000	-0.9%
Condominium inventory	3,755	2,755	-26.6%

Adam Vellano, West Coast Sales Manager, BEX Realty – Florida, said the April report “shows real estate is essential. The fact that REALTORS® were able to process over 800 closed sales during a month when most of the world was on lockdown is a testament to our market’s desirability and how real estate professionals are quickly adapting and conducting business in new ways. REALTORS® are helping their customers buy and sell homes through this crisis.”

Not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2 percent.

Broker analysts reviewing the April Market Report are optimistic that activity in the Naples area real estate market will resume momentum in the coming months (barring a return to April’s restrictions). If you’re a seller who took your home off the market in April because you feared social distancing would prevent a sale, consider relisting your home in May. You could attract an eager buyer. Property values are holding steady with price increases in two price categories reported in April (i.e., the $300,000 and below price category and the $2 million and above price category reported median closed price increases in April). And the overall list to sales price has remained steady at about 95 percent (for April 2019 compared to April 2020).

The Naples Area Board Of Realtors March 2020 Market Report

March Housing Activity Signals Essential Need for Homes

Naples, Fla. (April 23, 2020) – Like all industries impacted by the COVID-19 pandemic, the Naples area housing market was not immune to its effect in March. While home sales dropped, home prices remained steady, and in some cases, increased. Because the stay-at-home order went into effect mid-month, real estate activity during the first two weeks of March was strong, while activity during the second half of March tempered remarkably well. Brokers analyzing the March 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that the report showed one indisputable truth: The need for housing in the Naples area – whether it be a rental, new home construction, or homes in the resale market – is essential and still in demand.

“The real estate industry has been given a great responsibility in this time of crisis to help meet the needs of Naples area residential and commercial property buyers and owners, and the overall welfare of our local economy. Of utmost importance to all real estate professionals is that all real estate transactions are undertaken with the strictest adherence to health and safety guidelines. Real estate transactions are moving forward,” stated Lauren Melo, PA, President of NABOR®, andLicensed Real Estate Broker with Florida’s Realty Specialists.

Overall closed sales in March increased 15.8 percent to 1,148 closed sales compared to 991 closed sales in March 2019. This was an increase of 359 closed sales over February (789 closed sales) and 426 more closed sales than January (722 closed sales)! The report also showed a 22.5 percent increase in closed sales for the first quarter of 2020 (2,689 total closed sales) compared to the first quarter of 2019 (2,195 total closed sales).

Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate, pointed out that the report showed closed sales for properties priced between $1 million and $2 million increased 23 percent year over year (12-months ending March 2020) and its median closed price decreased by 2.3 percent. “The high-end of the market is becoming popular again, especially condominiums over $2 million, which had the highest percentage increase in sales [37 percent] in the last 12 months.”

Pending sales took a hit during the second half of March, down 38.1 percent for the month to 977 pending sales compared to 1,578 pending sales in March 2019. But according to Melo, “pending sales increased 5.3 percent during the first quarter of 2020 compared to the first quarter of 2019. The Naples area housing market was on solid footing before the coronavirus pandemic flared up.”

Bill Coffey, Broker Manager of Amerivest Realty Naples, pointed out that “even though showings in March decreased 41 percent compared to showings in February, there were still over 19,000 appointments scheduled to show homes in March. Serious buyers are not being discouraged by the stay-at-home order. Because real estate is considered essential, buyers can tour homes as long as they abide by the social-distancing order – or they can tour homes virtually with their REALTOR on site hosting their virtual tour.”

Open house guidelines by NABOR®, which follow Centers for Disease Control and local Department of Health recommendations, ensure safety practices are being followed by REALTORS®. Questions about open house guidance during COVID-19 can be found HERE.

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added that homebuyers were not the only people looking for housing in March. “We saw an uptick in rental contract extensions in March as many winter residents are choosing to stay in the Naples area rather than return to their northern homes in states where virus activity rates are high.”

The March report showed overall inventory remained strong through March, with 5,772 available properties. This was a 27.5 percent decrease in inventory compared to March 2019, which had 7,965 properties available. Interestingly, while March had only 53 fewer homes on the market than what was available in February, the month of March had 11 more homes available in inventory than what was reported in January! Plus, Collier County holds steady with 6.4 months of supply compared to other highly desirable counties in Florida like Orlando, which reported 2.3 months of supply in March.

According to Jeff Jones, Broker at Keller Williams Naples, “There were fewer price reductions during March compared to previous months in the quarter.” The overall median closed price in March increased 10 percent to $372,750 compared to $339,000 in March 2019. The month of March also reported the highest median closed price compared to the other months in the first quarter. However, while median closed prices for the single-family home market increased 16 percent in March to $470,000 compared to $405,500 in March 2019, the median closed price for the condominium market decreased 1.3 percent in March to $276,500 compared to $280,000 in March 2019.

Jones also pointed out that the pandemic is affecting the new home construction industry. “Many builders in the area are offering big incentives in order to move their new home inventory. It’s good to work with a REALTOR® who understands the local market well and can negotiate the best price, whether it’s a home for sale by a builder or an independent seller of an existing home.”

The NABOR® March 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	Mar 2019	Mar 2020	CHANGE
Total closed sales (month/month)	991	1,148	+15.8%
Total pending sales (homes under contract) (month/month)	1,568	977	-38.1%
Median closed price (month/month)	$339,000	$372,750	+10.0%
Total active listings (inventory)	7,965	5,772	-27.5%
Average days on market	106	98	-7.5%
Single-family closed sales (month/month)	485	563	+16.1%
Single-family median closed price (month/month)	$405,500	$470,000	+15.9%
Single-family inventory	4,055	2,862	-29.4%
Condominium closed sales (month/month)	506	585	+15.6%
Condominium median closed price (month/month)	$280,000	$276,500	-1.3%
Condominium inventory	3,910	2,910	-25.6%

“There is solid inventory in all price categories right now,” said Hughes. Phil Wood, President & CEO of John R. Wood Properties, agreed with Hughes adding that “current low interest rates and a strong stock market are favorable reasons why people buy second homes. Low fuel prices will also inspire people to travel more by air and car to Southwest Florida once the -stay-at-home order is lifted. It may take a few months to get back to normal, but I believe the housing market in Naples will recover fast because people love the beach and we have 24 miles of it to explore. Plus, after being locked at home for months, people are going to want to live in a community that doesn’t have high-density issues.”

Geographically, the Naples Beach area (34102, 34103, 34108) had the most inventory in the Naples area available in March, with 8.6 months of supply. New listings were highest in East Naples (34114, 34117, 34120, 34137), which had an increase in March of 9.2 percent.

If you are looking to buy or sell a home in Naples, contact The Wakelin Team as we have the experience and knowledge to provide an accurate market comparison or negotiate a sale. We can ensure your next purchase or sale in the Naples area is a success.

The Naples Area Board Of Realtors February 2020 Market Report

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, Broker at Vanderbilt Realty, 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, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, 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 Collier during February, which is roughly 11,000 more showings than reported in February 2019.

Wes Kunkle, President and Managing Broker at Kunkle International Realty, 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, President, Premier Sotheby’s International Realty, 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, West Coast Sales Manager, BEX Realty – Florida. “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:

CATEGORIES	Feb 2019	Feb 2020	CHANGE
Total closed sales (year/year)	610	789	+29.3%
Total pending sales (homes under contract) (year/year)	1,068	1,526	+42.9%
Median closed price (year/year)	$335,000	$345,000	+3.0%
Total active listings (inventory)	8,160	5,825	-28.6%
Average days on market	101	95	-5.9%
Single-family closed sales (year/year)	300	376	+25.3%
Single-family median closed price (year/year)	$403,750	$425,500	+5.4%
Single-family inventory	4,134	2,868	-30.6%
Condominium closed sales (year/year)	310	413	+33.2%
Condominium median closed price (year/year)	$265,000	$283,250	+6.9%
Condominium inventory	4,026	2,957	-26.6%

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.”

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%

CATEGORIES

May 2019

May 2020

CHANGE

Total closed sales (month/month)

1,188

599

-49.6%

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

1,218

1,167

-4.2%

Median closed price (month/month)

$354,450

$333,000

-6.1%

Total active listings (inventory)

7,023

5,116

-27.2%

Average days on market

107

91

-15.0%

Single-family closed sales (month/month)

595

314

-47.2%

Single-family median closed price (month/month)

$410,000

$425,000

+3.7%