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

David R. Bartley, Sr
Published on May 22, 2020

Naples FL 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.

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.

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

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 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%

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.

I am 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).

If you are looking to buy or sell a home in Naples, contact me at 239-261-1186 or [email protected]

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