Sellers are Taking Advantage of Home Values Hitting Record Highs
More sellers are motivated to enter the market as home values continue to rise as a result of limited inventory and high demand in the Naples area. According to the February 2022 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the overall median closed price in February was $550,000, a 37.5 percent increase over the median closed price in February 2021. The high demand for homes is demonstrated by the number of showings in February, which was 43,032. When divided by the number of homes in inventory during February (1,176), this translates to 36 showings per home. For perspective, in 2019 there were 2.9 showings per home. The data also shows that homes sold fast in February, within 23 days on the market, and the percent of list price received was 100.6 percent, which pleased many sellers.
While inventory during February decreased 47.1 percent to 1,176 homes from 2,224 homes in February 2021. The real inventory number is actually higher because the report doesn’t capture the number of off-market listings. Sales are happening so fast that transactions in the ‘shadow inventory’ (homes that are not yet for sale but will be coming to market in the future) are more common than ever before. The median closed price in February increased 37.5 percent to $550,000 from $400,000 in February 2021. The median closed price only increased .2 percent from January to February, and the report shows February had more price decreases during the month than price increases. Closed sales in February during the years leading up to the pandemic (2017-2019) averaged in the low 600s, but demand for the Naples lifestyle and the amenities living in paradise offer have driven buyers to the paradise coast in record numbers in recent years. It is only due to a lack of inventory that home sales in Naples did not fare as well as last February. While overall closed sales decreased 39.5 percent to 804 in February from 1,330 in February 2021,
1,261 – The number of new listings added to the existing inventory
69.7% – The percentage increase in median closed price for properties located in 34113
$1,161,203 – The average closed price for single family homes (+5.3%)
5% – The percentage increase in overall closed sales in Central Naples (34104, 34105, 34116)
4 – The number of months in a row that condominiums have sold for over 100% of list price
46% – The percentage decrease in median closed price for single-family homes in the Naples Beach area (34102, 34103, 34108)
The NABOR® February 2022 Market Report provides 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 for 2022:
We encourage the following groups of homeowners to consider listing their properties now if they want to maximize profits before the market changes:
Owners of rental property that require substantial maintenance and who could gain the same or more profit from investment dividends
Older homeowners whose future plans include living in a retirement or assisted living community
Empty nesters who don’t require a large single-family home anymore
Second-home owners who would enjoy a profit and can purchase a Naples home closer to retirement
Having a REALTOR® on your side is the best way to ensure your interests are met and that you understand what to expect when you buy or sell a home in Naples.
If you are looking to sell a house in Naples, contact me for your personalized home evaluation. My abilities stretch way beyond just listing the house. I provide a concierge approach to selling your house starting with an accurate market comparison, creating your listing with exceptional marketing tools, managing all showings, negotiate offers, contingencies plus so much more!
Want to get this information sent to you directly monthly? Sign up for our newsletter and get access to up to date information here.
Your Friend & Realtor,