November Real Estate Review

November Real Estate Review For Naples Florida

The November Real Estate Review for Naples Florida continues to show very strong activity. Pending sales (homes under contract) increased 44 percent over last November and closed sales increased 59 percent during the same time period. Additionally, overall the number of Naples homes for sale declined 43 percent. The sustained market demand is placing pressure on home values. Both the median and average home sale prices saw significant increases during the month.

A combination of out of state buyers and homeowners looking to upgrade to homes with more space in their existing communities is driving sales of larger properties. Single family homes and condos above $2,000,000 saw the largest gains in activity during the month with a 51.6 percent increase in closed sales.

2020 November Real Estate Review

November 2020 Versus November 2019 Real Estate Activity Highlights

Single family home sales increased by 53 percent with 567 Naples real estate transactions
Condo sales increased to 559 sales which was a 65 percent increase compared to last November
Overall pending sales increased to 1,466 representing an 44 percent increase
Overall inventory fell 43 percent down to 3,658 properties for sale compared to the same time last year
Days on market decreased to 79 days which is a 14 percent decrease versus November of 2019

Despite the fact that it’s a seller’s market, buyers continue to buy vacation homes or relocate to Naples altogether. So, if you are considering selling, now is an excellent time to jump in the market to take advantage of the high demand for Naples property.

Naples Closed Sales

The latest Naples real estate market reports show home sales were very strong during November. Overall, closed sales increased 17.8 for the past 12 months.

Additionally, once again closed sales increased in every price category. Most notably, Naples Luxury homes priced above $2 million increased significantly with a 51.6 percent increase over the same time period last year. Also notable was the increase in sales between $500,000 and $2,000,000 which were up 30 plus percent.

The most expensive home sold in Naples during the month was in Port Royal for $13,800,000. For those purchasing luxury golf homes, Pelican Bay, Grey Oaks and Quail West topped the list with the highest priced home sold coming in at $6,150,000.

The trend of homebuyers looking for properties with more space continued during November. Sales of single family homes with 4 bedrooms or more increased 32.1 percent and condos with at least 4 bedrooms increased 58 percent.

As more home buyers make a shift to working remotely, surveys have shown they are looking for properties with enough rooms for their family as well as space for a dedicated home office, home schooling and home fitness.

View Large Single Family Homes for Sale in Naples Gated Golf Communities…

Days on Market for Naples Home Sales

Due to the heightened demand for Naples homes, the number of days on Market decreased once again. Overall, the number of days a home was on the market before it went to contract dropped to 79 days which represented a 14 percent decline compared to November of last year.

Single family homes saw a 15.4 percent decline and condos saw a 12.9 percent decline in days on market. The price range with the largest decrease in the average number of days between when a property was listed and when an offer was accepted over the past 12 months were properties priced between $500,001 and $1,000,000.

Naples Inventory of Homes for Sale

Similar to the rest of the country, inventory in the Naples area remains a challenge. Overall inventory during November decreased 43 percent to 3,658 homes. Single-family homes for sale fell by 51.9 percent and condos available for sale dropped by 34.6 percent.

As evident in the chart to the left, all price ranges saw major reductions to inventory levels. Properties priced between $300,000 and $500,000 saw the biggest impact with a 50 percent decline in properties for sale. Similar to the previous month, the decrease in inventory is primarily due to the large number of pending and closed sales which rose significantly.

Additionally, due to heightened demand and the low supply of homes for sale, the median price of homes sold increased 21.4 percent compared to November of 2019. Bidding wars have become common so home buyers should be prepared to make an offer quickly if they see a property they are interested in buying.

Also notable is the percentage of list price which rose to 97 percent of list price for single family homes and 96.1 percent of list price of condos over the past 12 months. Ultimately, the percentage of list price increased in all price categories. So, it remains a sellers market due to low inventory. Therefore, if you are a buyer, you should be prepared for homeowners who are less willing to negotiate.

Ultimately, Naples offers a luxury lifestyle with numerous outdoor activities, sunshine and low taxes. So, if you are considering buying a primary residence, second home or vacation home now is a great time start your search.

If you are seller contemplating listing your home, now is an ideal time to maximize the value of your home. Buyer traffic continues to increase and season is still a couple of months away. For those who are just in the planning stages of selling your home, there is no better time than now to connect with us to learn about your home’s value.

November Real Estate Review For Naples Florida

Naples Area Market Report – November 2020

Find a Real Estate Expert Who Specializes in Golf Community Real Estate

Look for an agent who specializes in the type of community or properties you are interested in purchasing. If you are considering a Southwest Florida Golf Community, there are more than 150 golf course communities to chose from. How do you know which one is right for you and your family? Find a specialist who has the knowledge and experience about golf community real estate to help you navigate the various clubs, courses, membership options, amenities and location that will best match your lifestyles.

“Luxury Lifestyle” has different meanings for different people. What does it mean to you? Golf course communities in our area have enhanced their amenities to provide members with the ultimate luxury experience. From wellness centers to pickleball and everything in between. We will help you identify the best communities to visit.

Do I need a Realtor if I’m Buying New Construction?

Selling Your Home? Work with an Experienced Naples Luxury Realtor

In today’s rapidly changing market, it’s critical to make sure you have a digital game plan and an effective online marketing strategy when selling your home. One of the ways your agent can help with this is to make sure your listing photos and virtual tours stand out from the crowd.

So, if you’re ready to move forward, our virtual practices can help make your sale happen. We know exactly what today’s buyers need, and how to put the necessary digital steps in place. For example, according to a survey, when asked to select what technology would be most helpful when deciding on a new home, here’s what today’s homebuyers said, in order of preference:

Virtual tour of the home
Accurate and detailed listing information
Detailed neighborhood information
High-quality listing photos
Agent-led video chat
Paperless transactions

So, if you are contemplating selling a home in Bonita Springs, Estero, Naples or Fort Myers, we encourage you to work with a Professional Real Estate Agent or REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price.

Now more than ever, an agent’s presence on the internet is critical to selling your home. Let’s connect to talk about how we would leverage new real estate technology such as virtual tours and high-end photography, e-mail marketing, social media marketing and much more.

Finally, if you live in a golf community in southwest Florida, you are competing with more than 150 other golf communities. Contact us today to learn how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price.

Should I Use a Realtor or Sell on My Own?

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