NABOR Market Report

Welcome, please find the most recent June 2020 Market updates from one of the MLS Boards that we are members of; NABOR (Naples Area Board of REALTORS)

Hello,

First of all Kim and I hope that you and yours are doing good as we continue to navigate through unusual times. 

We trust that we will get through all of it with as little loss / inconvenience as possible.  We continue to help one another within our local communities.

Hot off the press please find the just released June 2020 Market Report combined with data from our Collier County based; Southwest Florida Board of Realtors; NABOR with this as part of the report: “The Naples real estate market is extremely resilient”.  

In addition, please do check out the stats in the different Naples / Collier County Property Types & Price Ranges.

(Let us know if you want more information on any aspect of the Real Estate market amidst our current happenings; we can provide Detailed Reports & Data for any part; Locally and Nationally in conjunction with our extended team; just let us know.)

In case you are wondering, utilizing our Team & Company Cutting Edge Technologies; including the best available Virtual Tools and other system we are continuing throughout all of this to help sellers & buyers.  We have sold a number of homes since this pandemic started.  And we continue to preview, show, and negotiate deals on a daily basis.

Click Here and Below for a Link to Live Market Statistics for all of Southwest Florida.  

 

Interesting Statistics for May 2020 versus May 2019:

·        Overall inventory down 27%. 

·        Overall Pending Sales down 4%

·        Median closed sale price down 6%.

·        Overall Closed Sales down 50%

·        Single family home sales down 47%

·        Condo home sales down 52%

·        Days on market down 15%

Sellers, Buyers and REALTORS need be fully informed to help you make the best possible decisions.

 

Heightened Buyer Demand Influences Naples Real Estate Market

 

Naples, Fla. (June 19, 2020) - REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.

Naples Market Report - June 2020 infographic May 2020 v May 2019 - Hoey Team eXp Realty

 "Despite the restrictions of social distancing, with many REALTORS® conducting virtual open home tours and adopting electronic signings and virtual closings, 599 buyers purchased homes in Naples last month. REALTORS® and brokerages adapted to the challenges at hand ­- and will continue in the future - to ensure the real estate industry is a leading factor in our country's economic recovery," remarked NABOR® President Lauren Melo.

 

"The Naples real estate market is extremely resilient," said Mike Hughes. "REALTORS were able to adapt fast as new buyers started pouring into the market in May.  This is apparent because the report shows pending sales in May increased 90 percent compared to pending sales in April."

 

Upon reviewing the May Market Report, Coco Amar commented, "Buyers have less negotiating power because inventory in the Naples area continues to decline.  This shrinking inventory led to modest price increases in the single-family home market during May, which saw a 31.8 percent decrease in inventory and 3.7 percent increase in median closed prices compared to May 2019.

 

Prices held stable, in spite of the outlying issues, with the year-to-date median closed price up a modest 2.3 percent. Jeff Jones pointed out, "The report showed only 103 price increases during May out of the 5,116 properties in inventory, and there were fewer price reductions in May than reported in April."

 

Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019.  However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new listings of condominiums.

 

"We have a 5.8-months' supply of single-family homes in Naples," said Bill Coffey.  "Buyers don't have as many single-family home choices right now so they shouldn't hesitate to make an offer if they find a home they love."

 

The NABOR® May 2020 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

 

CATEGORIES

May 2019

May 2020

CHANGE

Total closed sales (month/month)

1,188

599

-49.6%

Total pending sales (homes under contract) (month/month)

1,218

1,167

-4.2%

Median closed price (month/month)

$354,450

$333,000

-6.1%

Total active listings (inventory)

7,023

5,116

-27.2%

Average days on market 

107

91

-15.0%

Single-family closed sales (month/month)

595

314

-47.2%

Single-family median closed price (month/month)

$410,000

$425,000

+3.7%

Single-family inventory

3,608

2,461

-31.8%

Condominium closed sales (month/month)

593

285

-51.9%

Condominium median closed price (month/month)

$270,000

$260,000

-3.7%

Condominium inventory

3,415

2,655

-22.3%

 

Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior. However, COVID-19 left many sellers uncertain about the real estate market.  With the quarantine recommendations in place, fewer sellers listed homes during May.  Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history.  May's pending sales activity, a measure of signed contracts and not closings, increased 90 percent compared to April 2020, despite tight supply.

 

Heightened buyer demand is also evident in the number of Days on Market for May as reflected in a decrease of 15 percent to 91 days on market compared to May 2019, which reported 107 days on market.

 

"There was a significant number of high-end pending sales in May," said Hughes, who added that the stock market has come back from a low of 18,000 in late March to over 25,000 at the end of May.  "The impact of the stock market rebound renewed consumer confidence in May with a certain percentage of wealthy individuals looking to diversify their portfolio and invest in real estate again."

 

Spencer E. Haynes is optimistic that summer sales will be strong in Naples, but added "even if a second surge of coronavirus cases emerges that force new restrictions, REALTORS® and the public have become very adept at using technology like virtual showings and electronic closings, which can help overcome the challenges that might affect home sales activity in Naples."

 

If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team  eXp who serve all of Southwest Florida; based in Naples who have respected qualifications, track record, experience; skills; additional education; best available technology; knowledge and the most desirable credentials to help you including to correctly provide an accurate market comparison and efficiently negotiate a sale with impressive results.  Please ask for or click here to check out our sales stats and testimonials to help verify this.  

 

For home owners / sellers considering to sell a home in Naples or any part of Southwest Florida; should you want to upsize, or downsize, contact Barry and Kimberly with the Hoey Team  brokered by eXp Realty who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison so you can determine the right asking price to achieve the best possible bottom line.  Our vast array of marketing methods / tools and negotiation skills are second to none.   

 

REALTORS Barry & Kim can also ensure your next purchase in the Naples / Southwest Florida market area is a success in an efficient, stress-free way.  

 

P.S. ~ If You'd like for us to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details.  We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing.

 

For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our growing team; find out more at:  www.HoeyTeamExp.com   or contact Barry or Kim via email at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com  or, Call/Text the Hoey Team  :  (239)-360-5527

 

Click Here to View Live Stats for the Overall Naples Market Area

 

Click Here to View Live Stats for All of the Southwest Florida Market Areas

 

Click Here to Instantly Find Your Estimated Home’s Value

 

Barry & Kim with the Hoey Team   eXp Realty

Barry Hoey PA, REALTOR®, CIPS, CLHMS, CRS, GRI, SRES

Full time Real Estate Broker Associate

 

Kimberly Zuponcic PA, REALTOR®, CRS

Full time Real Estate Sales Associate

 

Buying-Selling-Leasing-Relocation-International-Collaboration

"Your Real Estate Concierge"

 

Barry@SWFLLuxury.Com

Call/Text Hoey Team:  (239)-360-5527

eXp Realty

Search USA

Search / Research Florida

The Future of Work

 Senior Living

Hoey Team   Blogs

Hoey Team   Exclusive Listings; Watch 3D Tours 24/7

Hoey Team   Exclusive Listings

Hoey Team   Luxury Collection

Hoey Team   Facebook Page:    https://www.facebook.com/BarryHoeyPA/

eXp Certified Mentor

Certified Luxury Home Marketing Specialist™

CREA (Canadian Real Estate Association) Global Affiliate

Member of The Institute for Luxury Home Marketing®

Dubai International Property Consultant (DIPC)

Member of FIABCI-USA; the International Real Estate Federation

Overseas member of the Institute of Professional Auctioneers and Valuers (IPAV)  MIPAV (OS) MMCEPI

Member of the European Association of Real Estate Professions (CEPI)

Your Real Estate Resource in Southwest Florida and beyond

New Construction Community Negotiator

"Practicing Professional Standards of Excellence"   

Areas We Cover