Naples November Real Estate Recap

Naples November Real Estate Recap

The current Naples November real estate recap for the area showed 1,198 properties sold for just under$800 Million! The highest priced property sold for $27,050,000 in Port Royal. And, the luxury market remained strong as evident by the 178 properties sold at or above $1 Million.

Although I can’t predict the future, I continue to review reports from economists and industry experts about the future of real estate. Forbes recently interviewed 50 notable industry leaders to get their take on What the Housing Market Will Look Like in 2022. and the overwhelming consensus is home price growth will slow down from double-digit gains down to single-digits.

Here are the key factors cited which will impact the overall housing market:

• 45 Million Millennials (aged 26 to 35) are at their prime first-time home buying age
• Gradual increase in mortgage rates, yet they remain historically low
• Increases in rental rates makes home buying a better alternative
• Remote workplace flexibility will continue
• New homes can’t keep pace with demand and supply chain issues and labor shortages will continue to drive prices upwards
• Foreign buyers are turning to the U.S. as travel restrictions have eased over the past couple of months
• Investors are reshuffling their portfolios to diversify their assets including investing in more real estate
•  A record $2.5 trillion in excess savings exists according to Moody’s Analytics

Lifestyle changes continue to drive buyers to destination lifestyle markets from beach towns to ski towns. As a result, buyers who’ve been sitting on the side lines are starting to resume their search and in many cases, compromising on home features in order to live in their desired area.

It is important to remember, national trends provide valuable insights into the housing market, however in the end real estate is local in nature. So what is happening in a major metropolitan area in the mid-west or northeast, could be very different than what is happening here in Naples.

Naples Real Estate Trends

Naples continues to be a beneficiary of life changing trends as people are relocating to the area or buying a second, third or fourth home. Lifestyle and amenities are a significant factor when people are deciding where they want to live in Southwest Florida.

And golf communities are at the top of the list for a growing number of couples. And it’s not just about golf, it’s about the social calendar, the additional amenities available such as Pickleball, Tennis, Bocce Ball, Fitness Center, Beach Access and more.

November 2021 versus November 2020 Highlights

• Closed sales decreased 21 percent compared to November of last year.
• Overall pending sales decreased 22 percent versus the same time period.
• Inventory dropped 76 percent down from 5,006 homes to 1,138 homes for sale.
• Average days on market fell 70 percent down to 24 days.

Once again, the limited inventory and high buyer demand drove home prices up during the month. The median price of a single family home in Naples rose 22.4 percent. Similarly, the median price of a condo rose 30.3 percent during November.

Due to local market conditions, if you are buying a home in our area you’ll need to move quickly if a property presents itself. Be prepared to submit an offer within hours not days. To give you a sense of how fast properties are moving, during November 43 percent of homes were under contract within 5 days of being listed.

Despite the low inventory, there are still opportunities to buy a home in Naples. We’ll work with you to identify new properties as quickly as possible.

For those of you considering selling, you remain in the driver’s seat as home prices continue to appreciate and buyer demand remains very strong. If you want to be sure you are maximizing the value of your home, call, text or email us today. The value of your home may be worth more than you realize.

What is my home worth…

Naples Luxury Home Sales in Luxury Golf Communities For November

• $10,250,000 – 7190 Troy Ln. in Pelican Bay with 6,016 sq. ft. (sold in 5 days)
• $6,000,000 – 8665 Bay Colony Dr. Unit 1803 in Pelican Bay with 3,390 sq. ft. (sold in 1 day)
• $5,765,000 – 2581 Escada Dr. in Tiburon with 6,988 sq. ft. (sold in 52 days)
• $5,500,000 – 28900 Cavell Ter. in Quail West with 6,074 sq. ft. (sold in 57 days)
• $4,990,000 – 2700 Buckthorn Way in Grey Oaks with 4,417 sq. ft. (sold in 2 days)
• $4,000,000 – 6959 Greentree Dr. in Pelican Bay with 4,209 sq. ft. (sold in 1 day)
• $3,530,000 – 29140 Marcello Way in Mediterra with 4,670 sq. ft. (sold in 34 days)
• $3,350,000 – 7425 Pelican Bay Blvd. Unit 2006 in Pelican Bay with 2,555 sq. ft. (sold in 17 days)
• $3,325,000 – 13661 Pondview Cir. in Quail West with 4,927 sq. ft. (sold in 130 days)
• $3,110,000 – 7011 Greentree Dr. in Pelican Bay with 3,211 sq. ft. (off market sale)

View large single family homes for sale in Naples golf communities…

View large single family Naples luxury homes for sale…

Considering Selling Your Naples Golf Home? Why Work with the Naples Golf Guy Team

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we’re helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

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December 26th, 2021 Posted by NaplesGolfGuy