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

Naples Florida Real Estate Market News –
March 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 March 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 20% year-over-year (420 vs 349). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending March 31, 2020, a total of 631 new listings were added to the market, this is a 5% decrease compared to the same time period 12 months ending March 31, 2019. 
  • Available inventory as of March 31, 2020 consisted of 445 units, a decrease of 15% vs the same time period in 2019. Current inventory represents 8 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,526,515, which decreased 7% vs the same time period in 2019. 
  • The median sales price for the area increased 5% to $3,000,000 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 March 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 30% year-over-year (422 vs 335). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending March 31, 2020, a total of 630 new listings were added to the market, an increase of 2% vs the same time period 12 months ending March 31, 2019. 
  • Available inventory as of March 31, 2020 consisted of 390 units, a 17% decrease vs the same time period in 2019. Current inventory represents 6 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $2,073,928, an increase of 5% vs the same time period in 2019. 
  • The median sales price for the area increased 30% to $1,900,000 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.”