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DOWNING-FRYE: LUXURY BUYERS LEAD THE MARKET

 

“Normally, May is a quieter transition month between the active winter and summer buying seasons,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “This was the most active May we’ve seen in over 15 years for the luxury market. We had 344 pending sales in May for over $222 million and 14 percent of those were for properties priced over $1 million. May’s closings were 73 percent stronger than in 2019, our last normal year. By the end of April we had already closed over $1 billion in sales – a milestone we don’t normally see until the last quarter of the year. New listings are coming on the market everyday, and if you’re a serious buyer you should be working with a professional who can help you navigate a market that is like a mind field full of multiple-offer situations. The desire to live here is as strong as ever, and inventory is anticipated to be tight for the next few years. ”

 

NAPLES AREA: LISTINGS INCREASE IN APRIL

 

Since January, the Naples area housing market has enjoyed a 14.3 percent increase in new listings compared to new listings during the same time period in 2020. April had 2,037 pending sales and 1,882 closed sales, which resulted in 1,432 homes remaining in inventory by the end of the month. Because of increased demand for the Naples lifestyle, the 8-month supply of homes in April 2020 was reduced to a 1.1-month supply at the end of April 2021. April’s median closed price increased 30.9 percent to $445,000 from $340,000 in April 2020. New construction sales typically account for 25 percent of all Naples home sales, but raw material shortages have forced many local builders to require escalation clauses or press pause on future sales since it is increasingly difficult for them to determine market prices a year from now.

 

MARCO ISLAND AREA: SALES REMAIN STRONG

 

The Marco Island Area Assoc. of Realtors® reported that May 2021 compared to May 2020 showed the following: Total inventory (237 properties) was down by 82.3 percent, closed sales (264 properties) were up by 193.3 percent and pending sales (175 properties) were up by 45.8 percent. The May median sales price was $589,000, which is 4.33 percent higher than May 2020.

 

BONITA / ESTERO: BUYER DEMAND REMAINS HIGH

 

There was a 132 percent increase in new listings in April 2021 versus April 2020, but buyer demand is so high right now that the increase is struggling to accommodate current demand. Pending sales also saw an increase of 190.9 percent, while closed sales topped out at a 132.3 increase. The days on market in April was just 48 days, a 34.2 percent drop over the same time last year. Realtor.com also reported a 2 percent increase in search result page views in Bonita Springs and Estero, resulting in over 31 million views of the market in April 2021. The current active inventory in April was 309 properties, down 80 percent from the year ago figure.

 

FLORIDA: GAINS REFLECT COVID IMPACT

 

Closed sales of single-family homes statewide in April totaled 33,264, up 55.4 percent year-over-year, while existing condo-townhouse sales totaled 17,330, up 130.9 percent over April 2020. The statewide median sales price for single-family existing homes was $336,525, up 22.4 percent from the previous year, and for condo-townhouse units was $250,000, up 19.6 percent over the year-ago figure. For a couple of months, year-over-year figures for closed sales and a few other market metrics that were adversely impacted by the onset of the COVID-19 pandemic a year ago will show those effects in a very high, positive percentage change, according to Florida Realtors Chief Economist Dr. Brad O’Connor. However, he explained that the abnormally high year-over-year growth figures should shrink significantly in June, because June of last year was the beginning of the recovery in sales.

 

USA: HOME SALES WANE IN APRIL

 

Total existing-home sales slipped 2.7 percent from March, but were up 33.9 percent from a year ago. The median existing-home price for all housing types in April was $341,600, up 19.1 percent from April 2020 ($286,800), as every region recorded price increases. This is a record high and marks 110 straight months of year-over-year gains. Total housing inventory at the end of April amounted to 1.16 million units, up 10.5 percent from March’s inventory and down 20.5 percent from one year ago (1.46 million). Properties typically remained on the market for 17 days in April, down from 18 days in March and from 27 days in April 2020. Eighty-eight percent of the homes sold in April 2021 were on the market for less than a month.

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Sources: The Bonita Springs-Estero REALTORS®/SWFLMLS, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS®  Marco Island Area Assoc. of REALTORS®

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