2020 Market Report Summary
2020 provided a couple dramatic unexpected turns for our real estate market in Naples – first of which was a slowdown with activity grinding almost to a halt in mid-March and April, then a dramatic acceleration starting in May through the end of the year with luxury properties selling with greater velocity than ever seen before with 826 sales of $2M or more, 68% more than 2019. Inventory of properties on the market over $2M averaged 17 months of supply during 2019 and was quickly reduced to only 6.4 months by the end of 2020.
Looking Ahead
If the demand for Naples real estate experienced during the 2nd half of 2020 keeps up, the inventory levels will enter seller’s market territory widely considered to be less than 6 months of supply (it’s already there in some segments) and prices would be likely to continue increasing. In 2020, some suburbs around the country saw widespread multiple offer situations as buyers looked to change their living environment. Multiple offers started occurring in Naples but there have not been a large volume of over asking sales, only 5.0% (591 of 11,707) of transactions under $2M closed above the asking price and only 3.0% (25 of the 826) of sales over $2M closed above the asking price, many due to including furniture or new construction upgrades.
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