As the world gets back to everyday activities during the coronavirus (COVID-19) outbreak, people are feeling more confident in carrying out important transactions that they had put on hold in the earlier days of the pandemic. This phenomenon is being seen across multiple sectors in Florida, and was recently noticed in the Naples housing market.
With 1,167 sales contracts in May 2020, residential real estate in Naples noted a whopping 90 percent increase in pending sales as compared to April. Since these sales contracts typically close within a few weeks, the market is eyeing a boost in closed sales within the month of June.
But that’s not the only beneficial movement that came out of the real estate sector in Naples. The market had several more statistics to report, which highlight it in a positive light.
With Realtors’ Efforts, the Market is Back in Action
After the COVID-19 pandemic made its presence known in the U.S., Naples followed the footsteps of other housing markets in the country and observed a slow period of activity. Sellers became hesitant in putting their homes on the market, while buyers didn’t seem keen on attending showings in person. However, recent statistics paint a positive picture for Naples real estate even as it was going through the early days of the pandemic in the country.
According to the May 2020 Market Report released by the Naples Area Board of Realtors (NABOR), which records market activity through Collier County except for Marco Island, the Naples housing market got back in business through careful steps taken by local realtors.
Before Florida relaxed its restrictions on open houses in the last week of May, realtors replaced open house events with contactless virtual showings, which were executed via video calls. Electronic signings through digital notaries also played a big role, allowing sellers and buyers to complete a real estate transaction remotely.
While Florida has now lifted those measures, they seemed to have paid off during the time they were enacted, and provided the local real estate sector with some much needed activity in May 2020.
Prices Held Steady Through May 2020
The month of May posted a boon in buyer interest for Naples residential properties. While the residential inventory posted 5,116 listings at a 27.2 percent decrease from May 2019, heightened buyer activity led to undeniable consistency in prices.
With the median price for a single-family unit going up to $425,000, the market recorded a 3.7 percent increase in this category as compared to the same time last year. When compared to April 2020, there was also a decrease in instances where sellers closed below their asking price, adding to the strength of the Naples real estate sector at the time.
Number of Showings Also Increased
According to local realtors in Naples, real estate showings in the area for May 2020 increased by a whopping 244 percent as compared to April. This spike in Naples housing market activity was not limited to a monthly progression, but also made its presence known when set beside yearly statistics. To be specific, the showings increased by 5.5 percent as compared to May 2019.
Homes put on the market also sold faster, with listings recording an average of 91 days on market in May 2020 as compared to 107 days around the same time last year.
This boost in market activity, steady prices, and buyer interest indicates that Naples might post promising statistics for the month of June as well. However, with the month ending only recently, these specifics may only be available in the next few weeks.
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