“Incredibly, our closed sales volume for the first quarter will top $400 million,” said Mike Hughes, Vice President of Downing-Frye Realty, Inc. “Our closed sales volume is UP substantially compared to the first quarter of 2019, when we closed $331 million. We’ve now put another Coronavirus week behind us, which means that we are one week closer to being out of this dilemma. I am proud of our Downing Frye family of agents and staff who are working through this historic event. Once we get through this – and we will – I feel that the country will breathe a sigh of relief and the economy will come roaring back. One thing is certain, and that is the enduring desire to live in Southwest Florida.”
NAPLES AREA: Overall pending sales in February increased 43 percent to 1,526 pending sales compared to 1,068 pending sales in February 2019! February also showed a renewed and growing interest in condominium sales, which saw pending sales increase 45 percent to 802 pending sales in February 2020 compared to 552 in February 2019. Properties between $1 million and $2 million reported the highest increase in closed sales.
BONITA / ESTERO: While area brokers report that some out-of-town visits from potential buyers have been postponed, many potential buyers and sellers are taking advantage of the numerous technological tools offered by their agents for viewing properties, signing documents and communicating. Another opportunity now available are lower interest rates on mortgages.
Additionally, for the first time since 2007, the Florida House and Senate have agreed to fully fund the Sadowski fund, assisting first-time homebuyers in accessing funds for a down payment. Area brokers also advise that if recent stock market activity is causing concern, the real estate market is historically and currently a stable investment. Feb 2020 vs Feb 2019: pending sales up 40 percent, closed sales up 45.6 percent.