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

Naples Florida Real Estate Market News –
October 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 October 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 27% year-over-year (461 vs 364).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2020, a total of 688 new listings were added to the market, an increase of 7% compared to the same time period 12 months ending October 31, 2019.
  • Available inventory as of October 31, 2020 consisted of 328 units, a decrease of 10% vs the same time period in 2019 (328 vs 363). Current inventory represents 5 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,433,640, a decrease of 13% vs the same time period in 2019.
  • The median sales price for the area in October 2020 increased 38% to $2,900,000 vs October 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 October 31, 2020 for the luxury market from Port Royal to Bonita Beach Road Area increased 35% year-over-year (490 vs 363).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2020, a total of 765 new listings were added to the market, an increase of 24% vs the same time period 12 months ending October 31, 2019.
  • Available inventory as of October 31, 2020 consisted of 313 units, a 5% decrease vs the same time period in 2019. Current inventory represents 5.9 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $2,084,563, a decrease of 2% vs the same time period in 2019.
  • The median sales price for the area in October 2020 increased 16% to $1,750,000 vs October 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.”