March Home Sales Volume for Naples Hits Record High Naples, Fla. (April 23, 2021) – reported by Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The analysts are a small contingency of leaders who represent the area’s top real estate brokerage firms and meet monthly at NABOR® to interpret area housing market statistics. The group’s analysis of activity last month confirmed that March broke records; but celebrations to commemorate the month’s record high statistics should be postponed because these broker analysts also agree that our market is probably not done breaking records for the year. According to the report, March’s historic activity included 1,851 closed sales, $1,582,474,997 in total sales volume, and 60,147 showing appointments. This makes March 2021 the highest performing month on record over the last 13 years (the span of time NABOR® has tracked key metrics reflecting the area’s housing market activity).

In case you missed it, see the Naples Real Estate Market Report for February 2021

March was also the first month in several years where there were more reported price increases than decreases. Median closed prices in March increased 12.2 percent to $415,000 (the highest median price increase month/month on record since 2008) from $370,000 in March 2020. In March 2021, there were just 1,819 homes in inventory (the lowest it has been since 2014), which was a 73.2 percent decrease from 6,795 homes in inventory in March 2020.

Pending sales (homes under contract) activity in March also broke records, as seen in the 152.7 percent spike to 2,469 pending listings from 977 pending listings in March 2020. However, broker analysts were quick to remind each other that a high number of sales during the second half of the month last year were lost as we were in a pandemic lockdown.

Despite last March’s COVID-19-related market anomaly, this March’s pending sales still eclipsed pending sales activity reported in any March over the last eight years.

NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
Mar 2020
Mar 2021
CHANGE
Total closed sales (month/month)
 1,177 1,851 +57.3%
Total pending sales (homes under contract) (month/month) 977 2,469 +152.7%
Median closed price (month/month)
 $370,000 $415,000 +12.2%
Total active listings (inventory)
 6,795 1,819 -73.2%
Average days on market
 97 67 -30.9%
Single-family closed sales (month/month)
 582 830
+42.6%
Single-family median closed price (month/month)
 $460,000 $581,030 +26.3%
Single-family inventory
 3,379 889 -73.7%
Condominium closed sales (month/month)
 595 1,021 +71.6%
Condominium median closed price (month/month)
 $277,715 $310,000 +11.6%
Condominium inventory
 3,416 930 -72.8%

The March Market Report showed remarkable closed sales performance in the condominium market during March too, which had a 71.6 percent increase in sales to 1,021 closed sales from 595 closed sales in March 2020. Closed sales of single-family homes over $2 million also increased 68.4 percent in March. Geographically, closed sales of condominiums in Central Naples rose 118.3 percent in March, while the average sale price for single family homes in Central Naples increased 38.4 percent to $901,807 from $651,370 in March 2020.

Broker analysts predict the level of demand experienced in March is sustainable and should be expected to continue for the next few months, or longer. “Season was disrupted this year because many people elected to hold off relocating until they were fully vaccinated”.

If you are looking to buy or sell a home in Naples contact 30+ year veteran Realtor, Corey Cabral at (239) 963-6590 or via email through our online contact form.