Sept. 6, 2020
Naples, Fl – August 21st 2020 – Naples Housing Market Sees Summer Sales Surge
The July report shows consumer confidence is growing for both sellers and buyers in Naples this summer.
The Naples housing market experienced a continued surge in activity during July 2020, which resulted in a 57.3% increase in pending sales (homes under contract) for the month, compared to July 2019.
Closed sales during July increased 35.4% compared to July 2019 – greatly surpassing June’s closed sales activity following the lifting of COVID-19 restrictions. However, a decreasing supply of inventory, which broker analysts believe is caused by heightened home buying interest this summer, is making it difficult to keep up with the strong buyer demand.
The tapestry of out-of-state license plates on local roads may be an unfamiliar summer sight to local residents, but according to broker analysts reviewing the July 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), these visitors are here to do more than just golf and visit the beach this summer.
“A considerable number of buyers already looked at homes during season [January and February], prior to COVID-19 restrictions,” said NABOR® President. “They watched and waited during those months of restrictions and are now back to buy a home this summer.”
There were 15,634 showings during July, less than half the number of showings during June (36,912), yet pending sales increased which indicates that properties were purchased virtually, sight unseen. July’s pending sales spiked to 1,446 pending sales in July 2020 from 919 pending sales in July 2019.