Less demand in July provided buyers opportunity to purchase homes.
According to the July 2021 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory decreased 77.2 percent to 1,295 homes in July 2021 compared to 5,672 homes in July 2020, but demand continues to be steady as there were only 30 fewer closed sales and just a 2 percent drop in showings.
There are simply not enough homes for sale on the market to accommodate the high purchasing demand from new home buyers. This continues to cause the spike in home values.
The median closed price in July increased 28.8 percent to $469,950 from $365,000 in July 2020. The median price is the price at which 50 percent of the homes sold were above that price, and 50 percent were below.
But will the market stay this way, or will prices come down? This is unlikely to happen since Naples is a luxury home destination with many families moving into the market.
Also the off season is a great time to get those reno’s completed such as home repairs, updating kitchens & bathrooms. Plus even upgrade your home. Naples home prices have increased 25 percent since January so even if you pay 99 percent of list price for a new home, your ‘not so perfect’ home is going to enjoy the same gain in value when it sells too. Your equity from the price appreciation can help power your next move.
Even though overall pending sales in July dropped 21.5 percent to 1,135 pending sales from 1,446 pending sales in July 2020, and overall closed sales dropped 2.6 percent to 1,142 closed sales from 1,172 closed sales in July 2020, activity in the high-end luxury home market picked up speed during the month as reflected in a 32.6 percent increase in closed sales for homes over $1 million, and a 17.1 percent increase in pending sales for single family homes valued over $1 million in July.
Homes are selling at record-fast rates. The July Market Report showed days on market decreased 69.6 percent to 28 days from 92 days in July 2020. For single family homes, days on market dropped to 25 days in July. Homes are available but they are just not staying on the market long, especially quality homes that are priced right.
The NABOR® July 2021 Market Report 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:
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Your friend & Realtor,