The Naples real estate market is not immune to the impact the Covid-19 pandemic has wrought in many industries. While home sales dropped, home prices remained steady. The stay-at-home order took effect in the middle of March, which reflects that activity was strong for the first two weeks of the month, while the second half of March was relatively quiet, though not without activity.
Overall Closed Sales in March increased 15.8% as compared to March 2019. The report also showed an increase of 22.5% for the first quarter of 2020 compared to the first quarter of 2019.
Pending Sales took a hit during the second half of March, down 38.1% from 2019, but the overall quarter had an increase of 5.3%.
Inventory remained strong through March, but did fall 27.5% from March 2019. Geographically, the Naples Beach area had the most inventory in the Naples area in March reflecting 8.6% months of supply. New listings came to the market to a greater degree in East Naples, with an increase of 9.2%.
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