Thursday, February 27, 2020 / by Robert Woessner
Naples Real Estate, Naples Real Estate Market update January 2020
February 21, 2020– Despite a tug on inventory that resulted in a 26 percent decrease to 5,761 properties in January 2020 compared to 7,773 properties in January 2019, overall closed sales in Collier County rallied in January, especially in the luxury market. A 22 percent increase in January’s overall closed sales has many broker analysts optimistic that continued strong sales activity can be expected through the first quarter.
Aside from the 26 percent decrease in January’s month-end inventory compared to January 2019, we actually gained 360 more listings in January than what was available to buyers in December. Collier County has a 6.6- month supply of homes, which is much higher than many other hot markets in Florida. A recent Realtor.com analysis showed that other areas in Florida also experienced double-digit decreases in active listings for January including Tampa/St. Pete (20.2 percent decrease), Orlando (15.8 percent decrease), and Miami/Ft. Lauderdale/West Palm Beach (11.2 percent decrease).
Unlike the first quarter of 2019, home buyers should move quickly, as time is not your friend this quarter, especially those in the high-end home market. Buyers interested in the $1 million to $2 million single-family home market in Collier County, which saw a 20 percent increase in closed sales year-over-year ending January 2020. According to the January 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there are currently 354 single-family homes on the market in this price category.
A year ago, many economists were predicting a recession by the end of 2019, but they’ve since changed their tune and the affluent buyer is listening. It looks like many buyers are rebalancing their portfolios and pulling money out of the stock market to buy homes because they fear they won’t make the same returns as last year. The stock market inertia has reignited the luxury markets. Purchasing power is bringing back home buyers to the Naples area luxury home market. In essence, they believe now is the time to buy a luxury home in Naples.
The report indicated that showings of single-family homes in the $1 million to $2 million price category increased 109 percent in January 2020 compared to January 2019!
For perspective seasonal visitors arrived earlier and spent more time during the 2019 holiday season looking for homes to purchase than in the previous holiday season. This was demonstrated in the November and December 2019 Market Reports, which showed a 27 percent and 21 percent increase in pending sales, respectively.
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