Buyers are getting a jump on this season as shown by the reduced inventory, increase in multiple bids and the jump in closed sales. Closed sales activity for the Naples area market increased 65.2% from 756 closed sales in October 2019 to 1,249 closed sales in October 2020.
In a typical year, October would be a time when inventory numbers rise as sellers prepare for increased demand during season. However, the pandemic disrupted traditional seasonal patterns. Buyers are motivated to seek larger, more comfortable homes that accommodate work-from-home lifestyles. With strong demand, many sellers are receiving multiple competitive offers on listings.
– Mike Hughes, Downing-Frye Realty, Inc.