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

Naples Florida Real Estate Market News –
August 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 August 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 9% year-over-year (396 vs 364). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2020, a total of 674 new listings were added to the market, an increase of 5% compared to the same time period 12 months ending August 31, 2019.  
  • Available inventory as of August 31, 2020 consisted of 345 units, remaining relatively the same with an increase of less than 1% vs the same time period in 2019 (345 vs 344). Current inventory represents 9.6 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,465,347, a decrease of 12% vs the same time period in 2019.  
  • The median sales price for the area in August 2020 increased 42% to $2,900,000 vs August 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 August 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 13% year-over-year (416 vs 368). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2020, a total of 741 new listings were added to the market, an increase of 20% vs the same time period 12 months ending August 31, 2019.  
  • Available inventory as of August 31, 2020 consisted of 342 units, an 18% increase vs the same time period in 2019. Current inventory represents 3.3 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $2,092,866, remaining relatively the same with a decrease of 1% vs the same time period in 2019.  
  • The median sales price for the area in August 2020 increased 50% to $2,080,000 vs August 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.”