While September saw increased activity on many fronts due to the COVID-19 based shift in buying behavior earlier this year, the Naples real estate market displayed a 20-year high in activity almost completely across the board. While busy summer market activity continued into the fall, September experienced an 80% increase in showing appointments and closed 1,096 sales, increasing by 52.9%. In addition pending sales rose an astounding 83.4%.
Like many markets across the country, the demand for single family homes is increasing while available inventory is decreasing, creating a sellers market. For Naples the total of available listings has dropped 32.2%, down to 3,980. Looking specifically at homes over $2 million, closed sales increased over 30% year-over-year. Overall, the average median sales prices of all properties is up 18% A great start leading up to the remaining months of 2020 for the Naples Real Estate Market.
This Market Update is provided by: Terri McAuley, Berkshire Hathaway Home Services Florida Realty.