Three Things to Know About the Real Estate Market in Naples, Florida
April 7, 2021
With summer approaching, Naples is seeing a shift in population as many visitors are heading home for the summer months. Some, however, are staying put and making Southwest Florida their new home. As a Naples law office with over 45 years of experience in real estate law, Cardillo Keith Bonaquist is well-informed on the laws surrounding real estate transactions. Here are three things to know about the Naples, Florida real estate market as of April 2021.
Increased inventory demand
According to the Naples Area Board of Realtors, (NABOR) the last couple of months have been anything but ordinary in terms of real estate activity. The increased demand on the Naples housing market has led to a decrease in inventory for buyers. Inventory fell 68.8 percent in February to 2,224 homes from 7,127 homes in February 2020. This increased demand has also taken a toll on building materials for new homes. In Naples, builders are reporting a massive shortage of materials for new home construction projects. In some cases, materials are taking 12-14 months to come in for just one project.
As the demand for inventory increases, prices are naturally following suit. As a month-to-month median closed-sale price, Naples has seen a 17.4% increase, from $345,000 to $405,000. Much of these sales come from luxury single-family homes in the Naples Beach area, as these home prices have increased 35.4% in the past year. Despite the pandemic, the Naples housing market has seen a historic increase which is predicted to continue.
Decreased time on the market
As Naples’ Florida Weekly writes, 2021 is a “seller’s market.” With low inventory, sellers can list their house as one of the few homes for sale in their area. As demand is high, time on the market is at a record low. With an average of 72 days on the market until sale, there has been a 24.2% decrease in the time a home remains on the market.
Buying or selling real estate is a massive investment and as such, there’s a lot at risk which is why it is important to trust experienced local lawyers who will work in your best interests.
At Cardillo Keith Bonaquist, we make sure our clients are protected in their real estate transactions. Whether you need legal advice pertaining to contract disputes, construction defects, realtor commission disputes, or even title insurance on your new home purchase contact Cardillo Keith Bonaquist today.