Naples, FL (March 24, 2021) – Increased Demand in February Shows Homebuyers Recognize a Great Value
Broker analysts reviewing the February 2021 Market Report were not surprised at the increased momentum as many report buyers are scooping up the available inventory of homes in all geographic locations within Naples almost as fast as they come onto the market.
Inventory fell 68.8% in February to 2,224 homes from 7,127 homes in February 2020.
Single-family homes continue to be in high demand so, according to the report, many buyers pivoted to condominiums in February. As a result, the condominium market experienced a 75.7% increase in closed sales and a 66.6% decrease in inventory. In fact, condominium sales in February 2021 eclipsed its comparable sales in any month over the past 15 years.
“This is not a housing boom as many people suggest,” said Spencer Haynes, Vice President of Business Development and Broker. “I consider it a ‘market correction,’ as our area has simply been undervalued until now and it is finally experiencing its due appreciation.”