NAPLES INVENTORY INCREASES

As expected, the July 2016 Market Report released by the Naples Area Board of REALTORS (NABOR), showed the typical performance expected during the summer season. The good news is inventory, which has been really tight, increased from 3,518 to 4,801 homes which is a 36 percent increase over the same time last year.

Median closed prices remained steady for price segments above $300,000 and increased 11 percent in the under $300,000 price category. The report showed a 25 decrease in overall pending sales (homes under contract) to 681 pending sales from 913 pending sales in July 2015 (year over year). Overall closed sales decreased 14 percent to 627 closed sales from 726 closed sales in July 2015 (year over year).

July Year-Over-Year Highlights:

• Pending Sales down 14 percent overall 12-months ending July 2016
• Closed Sales down 11 percent overall 12-months ending July 2016
• Median Closed Price up 7 percent overall 12-months ending July 2016
• Inventory up 36 percent overall July 15 to July 2016
• Average Days on Marked down 38 percent in the $2 Million plus category
• Average Days on Market down 21 percent in the $1 Million -$2 Million category

View Full Market Report

Bottom Line:

As a result of the seasonal nature of Naples Real Estate, summer and fall are one of the best times to buy a home or condo.  If you are a buyer, when you are ready to start looking for a property, let me be your guide!

About Matt Klinowski