The July 2016 Market Report released by the Naples Area Board of REALTORS, which tracks home listings and sales within Collier County (excluding Marco Island), showed performance as expected during a traditional summer season. The inventory increase to 4,801 homes is welcome news to homebuyers following record-low inventory levels in July 2015, when the number of active listings dropped to 3,518 homes. Median closed prices remained steady for price segments above $300,000, which is good news to buyers, and increased 11 percent in the under $300,000 price category.

Home prices continue to remain stable, and we are absorbing the inventory.  As the report reveals, a decrease in pending and closed sales in July had nothing to do with prices. Properties priced right were selling. We sold 627 homes, only 99 fewer homes in July than the year before, which was a very good year. 

Prices are remaining the same regardless of the increased inventory.  Interestingly, the median closed price is up 7 percent from July a year ago to $300,000 when one would think the prices would go down due to the 36 percent increase in inventory.

Unlike other areas of the country, real estate sales in Naples decline during the off-season summer months. This pause is a familiar expectation, due to a majority of second home buyers retreating to their Northern homes during the summer months. The decline in July's home sales may also be due to the increase in the Canadian exchange rate and tourism being off this summer. Brokers anticipate the market will take off again in season.

Despite a drop in overall closed sales, closed sales for single-family homes in the $500,000 to $1 million price category increased 26 percent in July 2016 to 72 single-family homes from 57 single-family homes in July 2015 (year over year). Other stats are as follow:

  • Total Pending Sales - 681
  • Total Closed Sales   - 627
  • Median Closed Price - $300,000
  • Total Active Inventory - 4,801 units
  • Average Days on Market - 75

Activity in the Naples Beach area surprised broker analysts as its median closed price for single-family homes decreased 26 percent, yet its median closed price for condominiums increased 28 percent (year over year).

When they find it, they buy it, it seems.  Buyers, whether they are baby boomers or international, know what they are looking for in Naples.

If you are buying or selling a home, let me be your guide.   I can do a market comparison and determine a fair and reasonable listing price.  I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget.   Visit me at: www.NaplesPropertyPreview.com