Southwest Florida Real Estate Market Report 
Market Report



Southwest Florida Area Real Estate Market Report

Buyers are Back: Homes Under Contract Soar 24% in October

 

Naples, Fla. (November 22, 2019) - As predicted by a group of Naples real estate brokers, buyer activity began to rise in October with a remarkable 23.7 percent increase in overall pending sales (homes under contract) to 987 pending sales during October 2019 compared to 798 pending sales in October 2018. Sellers also felt a surge in showings (up 40 percent compared to October 2018), and the number of price reductions slowed to just 15 percent of the properties available in October's overall inventory compared to September, which saw 26 percent of its inventory's prices reduced. Price reduction activity is an important behavior for buyers to watch as it is an indication of how eager sellers are to sell.
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Closed sales during October increased 9.7 percent to 758 closed sales compared to 689 closed sales in October 2018, according to the October 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Even though October's overall inventory decreased 17.7 percent to 5,351 homes for sale from 6,500 homes for sale in October 2018, there were actually 362 more homes that came onto the market in October compared to September.

The overall median closed price decreased 3 percent in October to $329,950 from $340,000 in October 2018. But it's important to remember that there are also three times as many properties for sale under $300,000 than properties for sale over $2 million in Naples.

The NABOR® October 2019 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:

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OCT 2018

OCT 2019

CHANGE

Total closed sales (month/month)

689

756

+9.7%

Median closed price (month/month)

$340,000

$329,950

-3.0%

Total active listings (inventory)

6,500

5,351

-17.7%

Average days on market 

94

104

+10.6%

Single-family closed sales (month/month)

371

389

+4.9%

Single-family median closed price (month/month)

$425,000

$395,000

-7.1%

Single-family inventory

3,376

2,675

-20.8%

Condominium closed sales (month/month)

318

367

+15.4%

Condominium median closed price (month/month)

$265,000

$255,000

+3.8%

Condominium inventory

3,124

2,676

-14.3%

Geographically, closed sales in October were highest (64.4 percent) in areas located in the 34109 zip code (east of Goodlette Frank Rd., west of I-75, south of Immokalee Rd., and north of Pine Ridge Rd.). Other locations that experienced sales increases over 50 percent month/month in October were 34117 (south of Golden Gate Blvd., and east of Collier Blvd.), and 34112 (south of Davis Blvd., north of Rattle Snake Hammock Rd., east of U.S. 41, west of Collier Blvd.).

According to the October 2019 ShowingTime Report, a monthly supplemental report now released with monthly Market Reports, REALTORS® in Collier County reported over 5,000 more showing appointments in October 2019 - a total of 18,531 - compared to October 2018, which had 13,271 showing appointments, a statistic that indicates the heartbeat on overall real estate market activity.


  
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.

View the October 2019 Market Statistics