2020 Market Report Summary
2020 provided a couple dramatic unexpected turns for our real estate market in Naples – first of which was a slowdown with activity grinding almost to a halt in mid-March and April, then a dramatic acceleration starting in May through the end of the year with luxury properties selling with greater velocity than ever seen before with 826 sales of $2M or more, 68% more than 2019. Inventory of properties on the market over $2M averaged 17 months of supply during 2019 and was quickly reduced to only 6.4 months by the end of 2020.
Looking Ahead
If the demand for Naples real estate experienced during the 2nd half of 2020 keeps up, the inventory levels will enter seller’s market territory widely considered to be less than 6 months of supply (it’s already there in some segments) and prices would be likely to continue increasing. In 2020, some suburbs around the country saw widespread multiple offer situations as buyers looked to change their living environment. Multiple offers started occurring in Naples but there have not been a large volume of over asking sales, only 5.0% (591 of 11,707) of transactions under $2M closed above the asking price and only 3.0% (25 of the 826) of sales over $2M closed above the asking price, many due to including furniture or new construction upgrades.
Further details available in the market report…click the below image to download the full 75-page report. If you would like to receive future market reports, sign up here. Matt Brown Real Estate covers Southwest Florida’s coast line from Bonita Springs to Port Royal. If you are interested in Naples Luxury Real Estate, Matt Brown can be reached at (239) 580.8864 or matt.brown@raveis.com.
Recent Blog Posts
Naples Ranks 2nd on Best Places to Retire
Naples, Florida just moved two spots, now 2nd on Best Places to Retire in the United States! The beautiful beach town which previously ranked 4th on U.S. News’ list of best retirement cities, now boasts 2nd place on the list dominated by Southwest Florida. U.S. News analyzed data for the 150 largest ...
Naples Lifestyle with a Capital “L”
Naples’ style of living embodies relaxation...likely because residents are surrounded by beautiful white sand beaches, lush tropical scenery, Southwest Florida championship golf courses, elaborate fine dining options, a robust arts community, and a variety of shopping venues (which includes luxury ...
Naples Florida Art Scene
Explore Naples Florida rich art scene with us! Each year Naples witnesses an influx of individuals from all over the country who seek the area's natural beauty...and the plethora of cultural venues and events. Residents’ demands over the years have resulted in a nice supply of art classes, events, exhibitions and ...
