Southwest Florida Real Estate Market Report 
Market Report

February Housing Activity Reflects Naples Enduring Desirability

Naples, Fla. (March 27, 2020) - Despite state recommendations to practice self distancing, the housing market in the Naples area continues to breathe with life. The February 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed overall closed sales increased 29 percent to 789 closed sales in February 2020 compared to 610 closed sales in February 2019. Admittedly, this report reflects comparable activity in February 2020 - which preceded self-distancing recommendations due to COVID-19 - but it is a glimpse at our market's significant and enduring desirability.
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In an industry that is already technology-focused and adept, NABOR® and its members are continuing efforts to help foster the sale of homes, all while following the Centers for Disease Control guidelines. NABOR® is also providing new digital resources during the coronavirus outbreak to help keep the public and real estate professionals connected and safe.

Overall pending sales in February increased 43 percent to 1,526 pending sales compared to 1,068 pending sales in February 2019! There were also 32,712 showings by agents in Collier Collier during February, which is roughly 11,000 more showings than reported in February 2019.

February's Market Report also shows a renewed and growing interest in condominium sales, which saw pending sales increase 45 percent to 802 pending sales in February 2020 compared to 552 in February 2019.

Properties priced between $1 million and $2 million reported the highest increase in closed sales (21 percent) for the 12-months ending February 2020 than any other price category. Single-family home sales in the $1 million to $2 million price category had the highest increase among all properties reported with a 27 percent increase (12-months ending February 2020)! However, condominiums priced above $2 million had the highest increase in closed sales for its property type, reporting a 20 percent increase (in the 12-months ending February 2020). These increases are in line with what broker analysts predicted in January that many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes.

The NABOR® February 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

Feb 2019

Feb 2020

CHANGE

Total closed sales (year/year)

610

789

+29.3%

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

1,068

1,526

+42.9%

Median closed price (year/year)

$335,000

$345,000

+3.0%

Total active listings (inventory)

8,160

5,825

-28.6%

Average days on market 

101

95

-5.9%

Single-family closed sales (year/year)

300

376

+25.3%

Single-family median closed price (year/year)

$403,750

$425,500

+5.4%

Single-family inventory

4,134

2,868

-30.6%

Condominium closed sales (year/year)

310

413

+33.2%

Condominium median closed price (year/year)

$265,000

$283,250

+6.9%

Condominium inventory

4,026

2,957

-26.6%

The February 2020 Market Report also showed a 6-month supply of inventory for properties under $500,000, while properties priced above $500,000 are at an 8-month supply. Interestingly, there is currently a 14-month supply of inventory for properties priced above $2 million.

 

View the detailed Feb 2020 Collier County Report

View the detailed Feb 2020 Lee County Condo Townhome Report

View the detailed Feb 2020 Lee County Single Family Home Report