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Naples Florida Monthly Real Estate Market Update – October 2020

Naples Florida Real Estate Market News –
October 2020

 

 

 

 

NAPLES AND BONITA SPRINGS – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2020 for the Naples and Bonita Springs Area increased 19% year-over-year (7,884 vs 6,640).
  • There were 79 closed sales, priced above two million, in October 2020 compared to 24 in October 2019, a 229% increase. During the 12 months ending October 31, 2020, sales in this category increased 47% over the same time period in 2019 (521 vs 354).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2020, a total of 10,244 new listings were added to the market, this is a decrease of less than 1% vs the same time period 12 months ending October 31, 2019.
  • Available inventory as of October 31, 2020 consisted of 3,599 units, a decrease of 20% vs the same time period in 2019. Current inventory represents 4.6 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $729,184 a 7% increase vs the same time period in 2019.
  • The median sales price for the area in October 2020 increased 24% to $477,500 vs October 2019.

 

NAPLES AND BONITA SPRINGS – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2020 for the Naples and Bonita Springs Area increased 6% year-over-year (5,613 vs 5,300).
  • There were 20 closed sales priced above two million compared to 7 in October 2019, a 186% increase. During the 12 months ending October 31, 2020, sales in this category increased 40% vs the same time period in 2019 (209 vs 149 units).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2020, a total of 8,199 new listings were added to the market, remaining relatively the same with an increase of 1% vs the same time period 12 months ending October 31, 2019.
  • Available inventory as of October 31, 2020 consisted of 3,264 units, a decrease of 6% vs the same time period in 2019. Current inventory represents 5.4 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $478,197, an increase of 10% vs the same time period in 2019.
  • The median sales price for the area in October 2020 increased 20% to $287,000 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.”