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NABOR Market Report | September 2020

“September is typically the slowest month for REALTORS® in Naples,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, who added, “but agents were very busy this September as the number of showings increased 80 percent to 35,465 appointments compared to 18,745 appointments in September 2019.”

Median closed prices for September increased 18.2 percent to $384,000 from $325,000 in September 2019. Broker analysts reviewing the market data also said they saw an uptick in multiple offer occurrences in September and advise buyers facing this situation not to delay with an offer if they like a property.

Inventory continues to be a challenge for buyers in Naples. In September, inventory decreased 32.2 percent to 3,980 properties from 5,873 properties in September 2019. A Broker said, “Multi-million properties are being grabbed up with many buyers making an offer sight-unseen. There are currently less than 500 properties on the market over $2 million.” Not surprisingly, closed sales of homes above $2 million have increased 30.7 percent in the 12-months ending September 2020.

According to the September Market Report, 9.9 percent of the sales reported in September were from new construction sources. But broker analysts say this number does not adequately reflect actual sales activity for the new construction market as sources indicate that builders are just too busy to input every sale in the MLS.

The NABOR® September 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 Sept 2019 Sept 2020 CHANGE
Total closed sales (month/month) 717 1,096 +52.9%
Total pending sales (homes under contract) (month/month) 823 1,509 +83.4%
Median closed price (month/month) $325,000 $384,000 +18.2%
Total active listings (inventory) 5,873 3,980 -32.2%
Average days on market 102 90 -11.8%
Single-family closed sales (month/month) 367 577 +57.2%
Single-family median closed price (month/month) $402,000 $474,000 +17.9%
Single-family inventory 3,057 1,710 -44.1%
Condominium closed sales (month/month) 350 519 +48.3%
Condominium median closed price (month/month) $246,195 $290,000 +17.8%
Condominium inventory 2,816 2,270 -19.4%

“There has been a 19.6 percent increase in closed sales of homes with a minimum of four bedrooms over the last year,” said a Broker. “This data reflects another shift in buying behavior as a result of the pandemic. The demand for single family homes with additional space to accommodate a home office and a virtual schoolroom is increasing.” The September Report showed a decrease of 37.9 percent to 779 properties on the market with four or more bedrooms compared to 1,255 in September.

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