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Naples Florida Monthly Real Estate Market Update – March 2020

Naples Florida Real Estate Market News –
March 2020

 

 

 

 

NAPLES, BONITA SPRINGS AND ESTERO – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending March 31, 2020 for the Naples, Bonita Springs and Estero Area increased 13% year-over-year (7,959 vs 7,032). 
  • There were 70 closed sales, priced above two million, in March 2020 compared to 40 in March 2019 a 75% increase. During the 12 months ending March 31, 2020, sales in this category increased 13% over the same time period in 2019 (444 vs 394). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending March 31, 2020, a total of 11,164 new listings were added to the market, this is a 4% decrease vs the same time period 12 months ending March 31, 2019. 
  • Available inventory as of March 31, 2020 consisted of 5,265 units, a decrease of 16% 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 $665,807, which remained relatively the same with a decrease of less than 1% vs the same time period in 2019. 
  • The median sales price for the area decreased 4% to $429,900 vs 2019. 

 

NAPLES, BONITA SPRINGS AND ESTERO – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending March 31, 2020 for the Naples, Bonita Springs and Estero Area increased 10% year-over-year (6,277 vs 5,703). 
  • There were 31 closed sales priced above two million compared to 14 in March 31, 2019, a 121% increase. During the 12 months ending March 31, 2020, sales in this category increased 38% vs the same time period in 2019 (177 vs 128 units). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending March 31, 2020, a total of 8,495 new listings were added to the market, a 7% decrease vs the same time period 12 months ending March 31, 2019. 
  • Available inventory as of March 31, 2020 consisted of 4,132 units, a decrease of 20% 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 $422,322, an increase of 6% vs the same time period in 2019. 
  • The median sales price for the area remained relatively the same with an increased of less than 1% to $265,500 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.”