Naples Real Estate Market Update October 2020

Naples, Fla. (November 20, 2020) – According to the October 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the Naples real estate market continues to see strong demand in both the single family and condominium markets. Buyers are getting a jump on the winter seasonal market as shown by the reduced inventory, increase in multiple bids and the jump in closed sales. Closed sales activity for the overall market increased 65.2 percent to 1,249 closed sales in October 2020 from 756 closed sales in October 2019. Inventory continues to be a challenge for buyers seeking to purchase a home in Naples.

Inventory continues to be a challenge for buyers seeking to purchase a home in Naples. While the overall market inventory in October 2020 decreased 33.8 percent to 3,543 from 5,351 in October 2019, overall pending sales for the same time period increased 73.0 percent to 1,708 from 987 in October 2019. With high demand, sellers are receiving multiple competitive offers on their listings during what is a traditionally slower time of year. On the other hand, buyers are willing and ready to pay more for a home that will accommodate their needs for comfort and quality of life that Naples offers. For this reason, we are seeing buyers being realistic with their offers, as they understand that pricing will likely continue to rise in Naples. Also, we are seeing new construction communities adjusting with the high local market demand and as a result, builders are rising the prices on new lots and homes to be built. To state a recent exemple, The Anthony Soulia Team is working with a couple who just reserved a lot to build a new home in North Naples today. The buyers were very happy to reserve the lot they loved today, not only because other buyers wanted it, but also because the price was going up $10K tomorrow!

The Anthony Soulia Team is working with both sellers and buyers looking to sell or buy in the Naples area. If you would like us to help you with your real estate needs in Naples, please call us today!

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