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Naples Florida Monthly Real Estate Market Update – February 2020 – LUXURY MARKET

Naples Florida Real Estate Market News –
February 2020

LUXURY MARKET

 

 

 

 

 

LUXURY MARKET $1M+ (WEST OF 41)

PORT ROYAL TO BONITA BEACH ROAD – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending February 29, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 11% year-over-year (398 vs 358). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending February 29, 2020, a total of 634 new listings were added to the market, this is a 6% decrease compared to the same time period 12 months ending February 29, 2019. 
  • Available inventory as of February 29, 2020 consisted of 461 units, a decrease of 12% vs the same time period in 2019. Current inventory represents 14 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,493,893, which decreased 9% vs the same time period in 2019. 
  • The median sales price for the area decreased 30% to $2,667,500 vs 2019. 

 

LUXURY MARKET $1M+ (WEST OF 41)

PORT ROYAL TO BONITA BEACH ROAD – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending February 29, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 16% year-over-year (398 vs 342). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending February 29, 2020, a total of 636 new listings were added to the market, remaining relatively the same with a decrease less than 1% vs the same time period 12 months ending February 29, 2019. 
  • Available inventory as of February 29, 2020 consisted of 435 units, an 8% decrease vs the same time period in 2019. Current inventory represents 13 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $2,000,037, an increase of 2% vs the same time period in 2019. 
  • The median sales price for the area increased 5% to $1,610,000 vs 2019. 

 

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2019 Southwest Florida MLS. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Naples Florida Monthly Real Estate Market Update is provided by Dustin Beard.”