Decade Ends with Strongest Year in Home Sales!
Naples, Fla. (January 17, 2020) - According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), existing home sales through December 2019 are the highest in a decade.Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.
Overall pending sales in 2019 also broke a record during the last decade; resulting in 12,604 total pending sales, a 9.4 percent increase over 2018, which reported 11,520 pending sales.
Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.
A breakdown of December's closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.
While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state's average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single-family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.
Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.
The NABOR® YE 2019 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 |
YE 2018 |
YE 2019 |
CHANGE |
Total closed sales (year/year) |
9,704 |
10,244 |
+5.6% |
Total pending sales (homes under contract) (year/year) |
11,520 |
12,604 |
+9.4 |
Median closed price (year/year) |
$338,000 |
$332,514 |
-1.6% |
Total active listings (inventory) |
6,801 |
5,401 |
-20.6% |
Average days on market |
95 |
101 |
+6.3% |
Single-family closed sales (year/year) |
4,714 |
5,159 |
+9.4% |
Single-family median closed price (year/year) |
$425,000 |
$415,000 |
-2.4% |
Single-family inventory |
3,479 |
2,678 |
-23.0% |
Condominium closed sales (year/year) |
4,990 |
5,085 |
+1.9% |
Condominium median closed price (year/year) |
$265,000 |
$260,000 |
-1.9% |
Condominium inventory |
3,322 |
2,723 |
-18.0% |
Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018. Only the $2 million and above price category had a significant increase of 6.7 percent during the year. But, on a month to month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.
Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared to just 7 in December 2018.
CATEGORIES |
DEC 2018 |
DEC 2019 |
CHANGE |
Total closed sales (month/month) |
702 |
929 |
+32.3% |
Total pending sales (homes under contract) (month/month) |
676 |
817 |
+20.9% |
Median closed price (month/month) |
$326,000 |
$348,000 |
+6.7% |
Total active listings (inventory) |
6,801 |
5,401 |
-20.6% |
Average days on market |
94 |
97 |
+3.2% |
Single-family closed sales (month/month) |
362 |
476 |
-6.3% |
Single-family median closed price (month/month) |
$395,900 |
$439,000 |
+10.9% |
Single-family inventory |
3,479 |
2,678 |
-23.0% |
Condominium closed sales (month/month) |
340 |
454 |
+33.5% |
Condominium median closed price (month/month) |
$255,000 |
$262,500 |
+2.9% |
Condominium inventory |
3,322 |
2,723 |
-18% |
Broker analysts agreed that new state actions, led by Governor Ron DeSantis, to address water quality issues during 2019 made a significant impact in local real estate activity during 2019, especially during the summer months.
On whether an election year is a good time to buy a home, broker analysts contend that stable pricing, great financing rates, and above state-level months of supply in inventory are three great reasons for Naples real estate agents to be optimistic in 2020. Of course, location shouldn't be overlooked, as well.
View Naples December 2019 Market Statistics
View Naples Year End 2019 Market Statistics
Lee County Single Family December 2019
Lee County Condo and Townhome December 2019
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