April Report Shows Naples Real Estate Market
Held Its Value During Pandemic
Naples, Fla. (May 22, 2020) - Coronavirus slowed real estate market activity in April as expected during Florida's safe-at-home restrictions. According to the April 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales decreased 28.6 percent to 838 closed sales compared to 1,173 closed sales in April 2019. Inventory decreased as well in April by 29.1 percent to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact.
Like many essential service businesses, REALTORS® in Naples focused on implementing new strategies and modifying their business models during April to comply with self-distancing practices and accommodate for the welfare and safety of their staff, clients and the community.
As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6 percent, as was expected.
Another asset that REALTORS® added to their toolbox in April was NABOR®'s COVID-19 contract addendum (or amendment for active contracts). The revised contract extends a closing date for an agreed amount of time if the lender is unable to approve the loan due to temporary obstacles caused by the pandemic including employee furloughs, and delayed appraisals, inspections, or government filing services.
The NABOR® April 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 |
Apr 2019 |
Apr 2020 |
CHANGE |
Total closed sales (month/month) |
1,173 |
838 |
-28.6% |
Total pending sales (homes under contract) (month/month) |
1,322 |
613 |
-53.6% |
Median closed price (month/month) |
$339,000 |
$340,000 |
+0.3% |
Total active listings (inventory) |
7,605 |
5,394 |
-29.1% |
Average days on market |
98 |
87 |
-11.2% |
Single-family closed sales (month/month) |
510 |
409 |
-19.8% |
Single-family median closed price (month/month) |
$464,500 |
$429,500 |
-7.5% |
Single-family inventory |
3,850 |
2,639 |
-31.5% |
Condominium closed sales (month/month) |
663 |
429 |
-35.3% |
Condominium median closed price (month/month) |
$272,500 |
$270,000 |
-0.9% |
Condominium inventory |
3,755 |
2,755 |
-26.6% |
Not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2 percent.
Broker analysts reviewing the April Market Report are optimistic that activity in the Naples area real estate market will resume momentum in the coming months (barring a return to April's restrictions). If you're a seller who took your home off the market in April because you feared social distancing would prevent a sale, consider relisting your home in May. You could attract an eager buyer. Property values are holding steady with price increases in two price categories reported in April (i.e., the $300,000 and below price category and the $2 million and above price category reported median closed price increases in April). And the overall list to sales price has remained steady at about 95 percent (for April 2019 compared to April 2020).
View the April 2020 Naples Market Statistics
View the April 2020 Fort Myers Area Single Family Market Statistics
View the April 2020 Fort Myers Area Condo-Town Home Market Statistics
