April 2021 Naples Market Report
Buyers ask for more choices and their voices were heard! But not by much.
According to the April 2021 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,460 new listings added to the pool of homes for sale in Naples during April.
April had 2,037 pending sales (homes under contract) and 1,882 closed sales, which resulted in 1,432 homes remaining in inventory by the end of the month. Not surprising, and because of increased demand for the Naples lifestyle, the 8-month supply of homes in April 2020 was reduced to a 1.1-month supply of homes at the end of April 2021. This substantial loss of inventory is attributed to post-pandemic relocation buying behaviors, a new reality in many Florida communities.
The median closed price in April increased 30.9 percent to $445,000 from $340,000 in April 2020. This was a 106.2 percent increase in new listings compared to new listings added during April 2020.
However, and as broker analysts reviewing the report were quick to point out, evaluating market conditions using month-over-month market data will not produce equitable comparisons for the next few months because the real estate industry, like virtually all businesses, experienced reduced productivity levels as a result of mandatory COVID-19 restrictions.
Historically, new construction sales accounted for 25 percent of all home sales in Naples. But raw material shortages are forcing many local builders to require escalation clauses or press pause on future sales as it is becoming increasingly difficult for them to determine market prices a year from now.
If you are looking to sell a home in Naples, contact me. My abilities stretch way beyond just listing the home. From providing an acitate market comparison, managing all showing, negotiate offerings and contingencies plus so much more!!!
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