Here are some interesting statistics recently published by the Naples Area Board of Realtors. All data is based on overall MLS inventory and compares October 2019 to October 2020:
Inventory across the board is down 34%
Overall “pendings” increased a record 73%
Median closed price is up 17% to $385,000
Overall closed sales for the month increased 65%
Days on the Market have decreased 12% to 92 DOM
Over 30% of the current inventory has had a price increase in October 2020
Some other observations we have made include the fact that although the pandemic has disrupted our more typical seasonal patterns, we are heading into our “normal” selling season with less resale inventory, but new construction opportunities abound! We believe prices will continue to rise as more and more people are migrating away from the north and west and relocating to beautiful Naples Florida. Families are moving away from “big cities” therefore we are also seeing an influx from larger metro areas in Florida. Interest rates remain low and are still projected to stay low. Presently the 30 year fixed rate is hovering at 2.75%
Sellers are receiving multiple offers, so we are recommending to our buyers; if you want a property, make your best offer first. Get “pre-approved” before you look at homes. Last but not least, one of the most searched for home feature in the top real estate websites is currently “Home Office”.
Please call us if you have any comments or questions about Naples Real Estate. We are standing by to serve you by giving you service which will exceed your expectations.
Thank you! Have a safe and blessed Thanksgiving!
The Naples Real Estate Blogger