A 34.5% increase in new listings sparked 19,277 more showings during January compared to new listings and showings reported in December 2021. While an increase in new listings demonstrates a solid start for the real estate market this year, low inventory continues to harness the market’s potential, Naples Area Board of Realtors reported Friday.
As a result of tight inventory, January sales activity could not meet the level of sales activity reported in January 2021. Historically, month-to-month sales activity during season ascends through April. But according to broker analysts reviewing the January 2022 market report released by NABOR, a 74.9% decrease in inventory for January to 1,122 homes from 4,474 homes in January 2021 will not provide the same level of sales transactions that occurred last season.
“Low inventory does not mean there are not opportunities for buyers in 2022,” said Ryan Bleggi, president of NABOR and managing broker for John R. Wood Properties. “In fact, as expected at the start of season, there was an increase in new listings during January compared to December, so buyers could explore an inventory that included 1,272 new listings.”
Those new listings translated to a 32% increase in pending sales to 1,373 pending sales during January compared to 1,038 pending sales reported in December.
“Cash sales exceeded 63% in January which is a good sign and proof that there is plenty of equity in the market,” said Adam Vellano, a Naples sales manager at Compass Florida. “Buyer demand has not slowed down and we’re seeing a rise in multiple offer situations as well as homes selling for above list price.”
The overall median closed price increased 39% in January to $549,000 from $395,000 in January 2021. The condominium market continued to report sales at an above list price trend for the second month in a row, and a 47.2% increase in median closed price in January to $427,000 from $290,132 in January 2021. The median closed price for single-family homes rose 25.1% in January to $675,000 from $539,500 in January 2021.
With less than a one-month supply of homes, closed sales during January could not realize the level of activity it experienced a year ago and decreased 27.9% to 818 closed sales from 1,134 closed sales in January 2021. Pending sales – which reflect the number of new homes under contract – decreased 37.9% to 1,373 from 2,210 in January 2021; but, as mentioned above, pending sales in January increased by 335 contracts (32%) compared to pending sales reported in December 2021 (1,038).
