Like many industries, the Naples area real estate market was tested in 2020 when the COVID-19 pandemic hit and shuttered businesses in every community. Fortunately, real estate professionals obtained essential-service designation from the state. The effects of the pandemic negatively impacted the housing market during March and April, two months that historically have been the best months for home sales during the year. As lockdown restrictions began to loosen, pent up demand for homes in Naples resulted in more homes sales during the second half of the year than during the first six months, a phenomenon broker analyst has never occurred in the history of Naples real estate.
Closed sales for 2020 increased 19.4 percent to 12,300 closed sales from 10,302 closed sales in 2019. Closed volume for the year was also incredible. There was a 41 percent increase in closed volume year over year, which equated to are markable increase from $12.9 billion in 2019 to $18.2 billion in 2020.
Looking at a quarterly analysis of closed sales during 2020, the annual report showed that the first quarter had an increase of 21.1 percent in closed sales, while quarter two had a decrease of 29.4 percent. The housing market rallied during the third and fourth quarters, with increases in closed sales of 40.6 percent and 55.5 percent.
Even facing many unknown challenges during the second quarter, we saw incredible efforts to close transactions despite many lockdown obstacles and economic uncertainty, which further proved to me the amazing resiliency and desirability of our area’s housing market. October was the top month for closed sales in 2020, with a 65 percent increase in closed sales compared to October 2019.
Closed sales of homes priced $2 million and above outperformed all other price points tracked by NABOR® in 2020. With a notable 62.4 percent increase over 2019.
Median closed prices for single-family homes in the Naples Beach area saw the greatest leap in 2020 with an increase of 27.1 percent.
Because of the popularity of single-family homes, that sector of inventory decreased 58 percent in 2020, while the condominium inventory decreased 41 percent.
The NABOR®YE 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:
If you are looking to buy or sell a home in Naples, contact David R. Bartley, Sr of Bartley Realty LLLP. I can provide a virtual showing, an accurate market comparison, or negotiate a sale.
https://linktr.ee/BartleyRealty