Buyers eager for more home choices were treated to an increase in new listings during April. According to the April 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,460 new listings added to the pool of homes for sale in Naples during April. This was a 106.2 percent increase in new listings compared to new listings added during April 2020. However, and as broker analysts reviewing the report were quick to point out, evaluating market conditions using month-over-month market data will not produce equitable comparisons for the next few months because the real estate industry, like virtually all businesses, experienced reduced productivity levels as a result of mandatory COVID-19 restrictions.
In case you missed it, see the Naples Real Estate Market Report for March 2021
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.
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:
Historically, new construction sales accounted for 25 percent of all home sales in Naples. But raw material shortages are forcing many local builders to require escalation clauses or press pause on future sales as it is becoming increasingly difficult for them to determine market prices a year from now.
While overall closed sales continued to climb across all neighborhoods in Naples during April. Closed sales in the $1 million and $2 million and above price categories outperformed all other lower priced home categories tracked by NABOR®. Traditionally, our seven-figure sales begin to level off after Easter. But today they remain strong. Whether it’s a single-family home over $1 million or a condominium over $2 million, the luxury market is still very much on fire.
Buyers are best served in today’s low inventory market environment when they work closely with a REALTOR®. These professionals are trained to help buyers navigate the Naples area housing market using real-time technology that alerts them immediately when new homes that meet their clients’ needs become available.
If you are looking to buy or sell a home in Naples contact 30+ year veteran Realtor, Corey Cabral at (239) 963-6590 or via email through our online contact form.