DOWNING-FRYE: HEAVY SALES ACTIVITY
“When I heard Florida Realtor’s economist Brad O’Connor say that sales in Collier County were up 73 percent in the second half of this year, I wasn’t surprised,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Although we have new listings continually coming on the market, they’re selling so fast that we’ve been breaking records. During the first 11 months of this year, we’ve already had 3,029 transactions, resulting in a 5 percent increase in pending sales over what we did during the first 11 months of 2019. And, the pending sales above $1 million have increased by over 21 percent. This November was the fifth month in a row for us to close over 200 transactions per month, and during the last two months we closed over 300. Although our listing activity remains constant, demand is up, and so overall we’re seeing a lessening of available properties. We’ve been incredibly busy.”
NAPLES AREA: OCTOBER ANOTHER RECORD MONTH
Buyers are getting a jump on the winter seasonal market as shown by the reduced inventory, increase in multiple bids and the jump in closed sales. Closed sales activity for the overall market increased 65.2 percent to 1,249 closed sales in October 2020 from 756 closed sales in October 2019. While the overall market inventory in October 2020 decreased 33.8 percent to 3,543 from 5,351 in October 2019, overall pending sales for the same time period increased 73.0 percent to 1,708 from 987 in October 2019. The median closed sales price for single-family homes was $523,000 in October 2020, up 32.4 percent from the previous year, and for condos was $284,500, up 11.6 percent.
MARCO ISLAND AREA: SALES REMAIN STRONG
The Marco Island Area Assoc. of Realtors® reported that November 2020 compared to November 2019 showed the following: Total inventory (789 properties) was down by 46.9 percent and closed sales (222 properties) were up by 83.47 percent with a dollar volume ($164,480,057) that was 124.99 percent higher. The November median sales price was $518,750, which is 7.12 percent higher than the median price for October 2020.
BONITA / ESTERO: BUSIER THAN NORMAL
Buyer activity remained higher than normal this October, while many segments of the housing market were much lower than October 2019. Multiple offers remained a common occurrence, keeping the housing market hot while temperatures continued to fall. New listings of single-family homes decreased by 12.6 percent and listings for condos increased 14.6 percent. Pending sales of single-family homes were up 97.4 percent and were up 101.9 percent for condos, all while inventory decreased 39.3 percent for single-family and 14.2 percent for condos. The median sales price for single-family homes was $449,000 and for condos was $262,000.
FLORIDA: MORE SALES, RISING MEDIAN PRICES
In October, closed sales of single-family homes statewide totaled 29,659, up 26.9 percent year-over year, while existing condo-townhouse sales totaled 12,110, up 30.3 percent over October 2019. The statewide median sales price for single-family existing homes was $305,000, up 15.6 percent from the previous year, and for condo-townhouse units was $221,000, up 15.9 percent.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The strong and persistent level of demand seen throughout the state, coupled with worsening inventory shortages, continued to drive up home values in October. A good share of these increases is still being driven by good, old-fashioned price appreciation – especially among single-family starter homes, which are increasingly difficult to find on the market,” he said.
USA: PENDING HOME SALES DIP IN OCTOBER
Pending home sales fell slightly in October. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.” Both the inventory of homes for sale and mortgage rates are now at historic lows, according to Yun. “The combination of these factors – scarce housing and low rates – plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.” The only positive month-over-month growth happened in the South.
If your property is currently listed with another broker, this is not a solicitation of that listing. ©2009 Design by Downing-Frye-Marketing, powered by Naples Media Group, Inc.
Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS® Marco Island Area Assoc. of REALTORS®