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

Naples Florida Real Estate Market News –
May 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 May 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 4% year-over-year (353 vs 368). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending May 31, 2020, a total of 626 new listings were added to the market, this is an 5% decrease compared to the same time period 12 months ending May 31, 2019.
  • Available inventory as of May 31, 2020 consisted of 410 units, a decrease of 10% vs the same time period in 2019. Current inventory represents 23 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,525,806, which decreased 5% vs the same time period in 2019. 
  • The median sales price for the area increased 39% to $3,575,000 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 May 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area remained relatively the same with an increase of 1% year-over-year (356 vs 352). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending May 31, 2020, a total of 627 new listings were added to the market, remaining relatively the same with an increase of less than 1% vs the same time period 12 months ending May 31, 2019. 
  • Available inventory as of May 31, 2020 consisted of 360 units, a 12% decrease vs the same time period in 2019. Current inventory represents 20 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $2,061,998, an increase of 2% vs the same time period in 2019. 
  • The median sales price for the area decreased 5% to $1,652,500 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.”