Since January, the Naples area housing market has enjoyed a 14.3 percent increase in new listings compared to new listings during the same time period in 2020. Some buyers who haven’t found their ideal home yet might think, ‘There’s nothing left to see, but new listings are hitting the market everyday so they shouldn’t give up searching for a home.
Buyer demand in April took another bite on our inventory. April had 2,037 pending sales (homes under contract) and 1,882 closed sales, which resulted in 1,432 homes remaining in inventory by the end of the month. Not surprising, and because of increased demand for the Naples lifestyle, the 8-month supply of homes in April 2020 was reduced to a 1.1-month supply of homes at the end of April 2021. This substantial loss of inventory is attributed to post-pandemic relocation buying behaviors, a new reality in many Florida communities.
The median closed price in April increased 30.9 percent to $445,000 from $340,000 in April 2020.Pricing is not an issue with most buyers. What we are dealing with today is a market of real end-users, not investors or ‘speculative flippers’ like what we saw in 2005/2006. People are not willing to buy anything just to get into a home right now.
The number of new listings is going up and they are selling fast because demand is simply outpacing the inventory replenishment. The rise in homeowners’ equity during this hot market means everyone who bought a home in the last five or six years is in a good position to make a profit if they choose to sell now.
The NABOR® April 2021 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: