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What happened to the Naples FL real estate market in January 2020?

Market update report for Naples FL January 2020

The Naples FL Real Estate Market Update Report for January 2020

 

Are you curious about the Naples FL real estate market?
Mortgage rates are dropping and dropping, is this a good time to buy my first home?
Should I sell my home in Naples now?
This market update report for Naples should give you some answers.

 


 

Here are some highlights from the current Naples real estate market update for January 2020

Click here to see the latest real estate market report from May 2020 

 


 

January home closings were higher than last year in Naples, again.

Naples Florida January home sales were strong with 722 closings verse 594 the same period last year.

That is an increase of 21.5%!

 

 

Closed home sales for Naples FL Jan 2020
Closed home sales for Naples FL Jan 2020

 

The market is very active.  There are 1359 pending sales waiting to close, up 33% from the same time last year.

Pending home sales for Naples FL Jan 2020
Pending home sales are up for January 2020

STILL: Closed home sales under $500,00 were leading the way in Naples.

BUT: Homes in the 1 to 2 million dollar range are starting to move!  13.4% more sold this January versus last January.

How about home inventory levels in Naples FL?

Inventory levels in the Naples real estate market for January down 26% again, from a year ago with 5761 houses on the market. This means there is still a only 6 month of supply of homes for sale in Naples Florida, currently.

inventory levels for homes for sale in Naples FL are down in January 2020
Naples FL saw fewer homes come to the market in January 2020, causing lower inventory numbers.

Overall Median Home Prices in Naples FL

The January 2020 overall median closed price was $343,000 an increase of 5.5 percent compared to January 2109 which was $325,000. Yet, not has high as 2018 when the median closed price was $375,000.

The single-family home median closed price decreased 4.3 percent in October as well as the condominium market median price decreasing 2 percent.

Holding onto the trend, houses priced under $1 million dollars far out sold homes over $1 million dollars.

Quick facts about the Naples FL real estate market
Quick facts about the Naples Fl real estate market for January 2020
 

 

What does all this mean?

Given the overall balance between supply and demand, opportunities exist for both buyers and sellers. Buyers, currently, have less 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 dolllar 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.

Read the complete Naples Real Estate Report, provided by John R Wood Properties.

 

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