2020 is off to a roaring start! The Skotak-Brown Group already has 8 pending sales as of writing. We just received word from our Downing-Frye brokerage that last January, we had $86 million in closings for the entire month. This January, we have had $106 million! We have a lot of money flowing into real estate right now.
We will take a moment and recap 2019 sales. Existing home sales through December 2019 were the highest in a decade. According to the 2019 Year End Market Report released by the Naples Area Board of Realtors, overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.
The 2019 Year End Market Report showed closed sales in 2019 increased in all but the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes. Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but upon reviewing the year-end report, we anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.
Even with inventory falling 21 percent in 2019, there was 6.2 months of supply in the single-family home market during December. State-wide there was 3.6 months of supply for the month. Likewise, there was 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide. Inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.
“It is worth noting that growth in the Eastern parts of Lee and Collier counties, including the addition of many desirable amenities like restaurants, retail shopping centers, banking, and personal care, is redefining what is a desirable location for buyers,” said Brittany Skotak of the Skotak-Brown Group. “Buyers are finding beach proximity is less important than the lifestyle and amenities offered in and around new communities now.”
The Skotak-Brown Group has the ability to help sellers navigate the complexities of pricing, marketing and selling their homes. We also have many buyer’s agents that are intimately familiar with the pricing and amenities of the countless gated communities and other neighborhoods in SW Florida.
If you would like a complimentary evaluation and market analysis of your home, please contact us and we’d be happy to visit with you!