Buyers looking to get a jump on the Naples winter season are seeing that the reduced inventory, increase in multiple bids and the number of Closed Sales showcase the strong demand for homes in Naples. Close Sales increased 65.2% in October 2020 as compared to October 2019.
Overall market inventory decreased 33.8%, Pending Sales increased by 73%. Sellers are receiving multiple competitive offers on their listings during this traditionally slower time of year. Offers are coming in more quickly as well, with homes sold staying Active on the market 11.5 fewer days as compared to the previous October.
“In a typical year, October would be a time when inventory numbers rise as Sellers prepare for increased demand during season” said a local Naples Realty company executive. “However, the pandemic disrupted traditional seasonal patterns. Buyers are motivated to seek larger, more comfortable homes that accommodate their work-from-home lifestyles”.
Bill Gates, in a recent interview, acknowledged the nationwide, post-pandemic migration of families to bigger houses in smaller communities with less traffic. “Today’s home Buyer is willing to pay more for the comfort and quality of life that Naples offers. Additionally, we are seeing new construction come online in the local market, which is supporting the increased demand” says a Broker at another local real estate company.
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