Naples Real Estate Report

Year 2019 saw a record number of homes sales (resales of existing homes) with a 6% increase over the preceding year. Year 2020 area home sales were exceeding 2019’s recorded pace, up until Covid-19’s arrival. At which time home sales took a sharp decline.

With social distancing it would be expected that home sales would be even lower, but sales are still occurring in Naples second home communities, and in Naples work force communities.
The number of Naples home sales for the first three weeks in April, the height of the Covid self distancing effort, were a third of the number for the same time period in year 2019. The sales price range mix were similar to year 2019, with sales under $500,000 with a slightly higher percent of total sales, and price over $500,000 slightly lower.

Meaning the covid effect is not affecting any price range disproportionately. Even the areas most expensive homes showed activity during this period, with five homes listed over $5 million going under purchase agreement.

Market Snapshot

At April 24, 2020 Naples Contract Ratio was 18%, a low ratio for this time of year. Typically the ratio would be in the 35% range, similar to were it was at the beginning of March 2019, prior to Covid.

The Contract Ratio is some neighborhoods remain strong, while many others are weak.

Naples Homes Sales Annual Report

Naples Year Home Sales
Home sales in 2019 increased by 6% over year 2018, making Naples 2019 total homes sales a record year.

The trend in the availability of lower priced homes (under $250k) continues to shrink. In year 2016 homes sales that were less than $250,000 were 33% of homes sold, while in 2019 there were only 27% of total homes sold.

In year 2012, home sales under $250,000 represented over 50% of all homes sold vs the current 27%. See chart above.

Home sales in 2019 were 16% higher than the number of homes sold three years earlier in 2016. All areas of Naples saw greater homes sales in 2019, but the outer regions, east of Collier boulevard, saw the highest percentage increase.

East Naples will continue to grow as it has the most undeveloped lands available.
Naples Average Home Prices
Naples Condo and Single Family Sales

Single Family Homes vs Condos

Single family homes sales lead the 2019 sales growth with a 10% increase in homes sales. Condos sales held steady with a 1% increase.

Prices for both single family homes and condos dipped slightly with single family homes prices down 3% and condo down 1%.
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