Records were broken in March!
The March2021 Market Report released by the Naples Area Board of which tracks home listings and sales within Collier County. The activity last month confirmed that March broke records; but celebrations to commemorate the month’s record high statistics should be postponed because the market is probably not done breaking records for the year. According to the report, March’s historic activity included 1,851 closed sales, $1,582,474,997 in total sales volume, and 60,147 showing appointments. This makes March 2021the highest performing month on record over the last 13years reflecting the area’s housing market activity. March was also the first month in several years where there were more reported price increases than decreases. Median closed prices in March increased 12.2 percent to $415,000 (the highest median price increase month/month on record since 2008) from $370,000 in March 2020. In March 2021, there were just 1,819 homes in inventory (the lowest it has been since 2014), which was a 73.2 percent decrease from 6,795 homes in inventory in March 2020. Most of the high appreciation that’s driving median and average closed prices up in recent months is in the $2 million and over market.”
Pending sales (homes under contract) activity in March also broke records, as seen in the152.7 percent spike to 2,469 pending listings from 977 pending listings in March 2020. However, broker analysts were quick to remind each other that a high number of sales during the second half of the month last year were lost as we were in a pandemic lockdown. Despite last March’s COVID-19-related market anomaly, this March’s pending sales still eclipsed pending sales activity reported in any March over the last eight years.
The March Market Report showed remarkable closed sales performance in the condominium market during March too, which had a 71.6 percent increase in sales to 1,021 closed sales from 595 closed sales in March 2020. Closed sales of single-family homes over $2 million also increased 68.4 percent in March. Geographically, closed sales of condominiums in Central Naples rose 118.3 percent in March, while the average sale price for single family homes in Central Naples increased 38.4percent to $901,807 from $651,370 in March 2020.
If you are looking to buy or sell a home or commercial property in Naples, contact me at 239-261-1186 or by email [email protected] or on the web www.BartleyRealty.com.