Old Naples Spotlight
Naples has many fabulous neighborhoods but Old Naples, otherwise known as downtown Naples, is the core of the community and is a treasured locale for residents and visitors alike.
Starting in May 2020, our real estate market has experienced a historic high level of demand and like many other areas, Old Naples has seen a dramatic reduction in supply and increase in property values over the past 12 months. As of 5-29-21 within Old Naples, there were 58 properties available, 82 pending and 144 closed over the last 90 days which means there is currently only a 1.2 month supply, clearly a seller’s market! As season comes to a close, the sales activity “should” slow a bit as many people head North but there are definitely more people in SWFL than usual for late May and with increased property values, it will be interesting to see if more property owners opt to list their property for sale this summer to take advantage of the current market conditions instead of waiting until next season. Here are a few charts showing changes in key market indicators over the past 3 years for Old Naples (single family homes & condos):
Starting in May 2020, our real estate market has experienced a historic high level of demand and like many other areas, Old Naples has seen a dramatic reduction in supply and increase in property values over the past 12 months. As of 5-29-21 within Old Naples, there were 58 properties available, 82 pending and 144 closed over the last 90 days which means there is currently only a 1.2 month supply, clearly a seller’s market! As season comes to a close, the sales activity “should” slow a bit as many people head North but there are definitely more people in SWFL than usual for late May and with increased property values, it will be interesting to see if more property owners opt to list their property for sale this summer to take advantage of the current market conditions instead of waiting until next season. Here are a few charts showing changes in key market indicators over the past 3 years for Old Naples (single family homes & condos):
Market Reports
How low can inventory go? If you look at the chart below, it sure looks like we are headed to zero!
There are typically 10k to 12k properties for sale in Collier County and 7k to 9k properties for sale in Lee County for a total inventory of 17k to 21k, currently there are only 2.8k properties on the market, 1162 in Collier County and 1652 in Lee County!
New vs Closed Listings $1M+
- Number of homes closed in 12 months ending 4/30/21 up 87%; condos up 99%.
- Current home inventory is 2.9 months of supply; condo inventory is 2.4 months.
- Full report detailed here. Stats include Naples luxury market; properties from Port Royal to Bonita Beach Rd, West of 41.
Overal Inventory ⬇️
- Despite Naples low inventory levels, we have seen a 106.2% increase in new listings compared to April 2020.
- Since January, the Naples area housing market has enjoyed a 14.3% increase in new listings.
- Bottom Line: Buyers shouldn’t give up searching for a home, paradise is waiting for you…
- Full report detailed here.
Homes for Sale | Old Naples Area
New vs Closed Listings $1M+
- Number of homes closed in 12 months ending 4/30/21 up 87%; condos up 99%.
- Current home inventory is 2.9 months of supply; condo inventory is 2.4 months.
- Full report detailed here. Stats include Naples luxury market; properties from Port Royal to Bonita Beach Rd, West of 41.
Overal Inventory ⬇️
- Despite Naples low inventory levels, we have seen a 106.2% increase in new listings compared to April 2020.
- Since January, the Naples area housing market has enjoyed a 14.3% increase in new listings.
- Bottom Line: Buyers shouldn’t give up searching for a home, paradise is waiting for you…
- Full report detailed here.
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Why You Should Live in Naples, Florida….
If you are outside of Southwest Florida and wish Matt’s twin was local in your market, please continue to reach out to Matt Brown Naples Realtor. Matt has a vast network of other trusted professionals nationwide from his two decades in the business as well as through Leading Real Estate Companies of the World, Who’s Who in Luxury Real Estate and Luxury Portfolio International of which he is affiliated.
If you’re looking for a luxury home Naples, Florida, Matt Brown has the luxury market experience you desire, the in-depth market data knowledge you appreciate, the connections to aid in smooth transactions and the relationships to help find your next luxury home, even before they hit the market. Contact Matt today for advice on the Real estates of Naples. He can be reached at 239-580-8864 or matt.brown@raveis.com.
