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The Naples FL real estate market forecast for 2020

Statistic for the Naples FL real estate market

What is going on with the real estate market in Naples FL for 2020

 

Are you curious about the Naples FL real estate market?

What effect has Covid-19 had on the real estate market in Naples?

What is the forecast for the remaining months ahead in real estate?

This market update report for Naples should give you some answers.

 


 

Here are some highlights from the Naples real estate forecast for 2020

 


 

What has Covid-19 done to the Naples Real Estate Market?

The statistics for the last four weeks are in and it’s not as bad as we thought it would be.

Why?

Homes are still selling! 

More and more homes have a virtual tour available. These tours have made looking at houses a bit easier.  People are putting in a contract on homes for sale without physically stepping foot inside a home.  Many of these pending sales are contingent on a physical inspection, this is still a great sign that the housing market in Naples continues to move forward.

Pending home sales for Naples FL during Covid-19
Pending home sales in Naples FL
 
What about the cost of a home in Naples?

The cost of a home in Naples fell slightly in April vs. March. That was to be expected. A big portion of the Naples real estate market is driven by second-home buyers and seasonal home buyers. These non-essential home purchases stopped with the uncertainty surrounding the virus plus the volatility of the stock market. 

With that said, the inventory of homes for sale in Naples had been dropping prior to March and that trend continues, creating a lack of homes on the market.  The lack of inventory has kept home prices from dropping. Also, homeowners currently feel their homes are not selling due to the virus and not because their home is overpriced.  Don’t expect to find many bargains in Naples.

How fast will Naples bounce back?

We all wish we had a crystal ball to tell us the future.  But I believe the Naples real estate market will remain strong.

Why?

People want to live in paradise!

Florida is a favorable place to live due to lower taxes.

Historically low-interest rates.

The weather and the outdoor lifestyle year-round.

To see more on what has happened to the Naples real estate market in the last 4 weeks, check out my video with more statistics.

 

What does all this mean?

Given the overall balance between supply and demand, opportunities exist for both buyers and sellers. Buyers, currently, have fewer options than in recent years. Interest rates are falling, making it more affordable for first time home buyers to enter the market. This will help to sell more homes, especially under the $1 million dollar range. Moreover, sellers, if their homes are priced competitively, should be able to sell in a reasonable timeframe at a price in line with recent closed sales.

 

 

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