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NAPLES — A monthly report released by the Naples Area Board of Realtors showed that June saw a spike in closed sales, increasing 7.1%, or 829 sales vs. 774 last year.
The report, which tracks home listings and sales within Collier County with the exception of Marco Island, also revealed a 14.8% reduction in overall inventory compared to last July. But overall median closed prices have not increased, according to a press release.
“Twenty-six percent of the homes on the market during July had price reductions,” says Jeff Jones, NABOR President and broker at Keller Williams Naples, in the statement. “The number-one reason a home lingers on the market is that it is priced too high. Those price reductions seemed to bring more buyers into the market.”
On average, the report showed that a home for sale in Collier County is shown 17 times before it sells.
Sellers added 935 new listings to July’s inventory, but this increase in inventory failed to keep up with the buyers entering the market. At the end of July, there were 5,200 homes on the market compared to 6,100 in July 2018.
“We have about a 6-months supply of homes, which is lower than we like during this time of year,” Jones says.
Since January, median closed prices have decreased 2.9% to $335,000 from $345,000. But compared to last July, prices have held steady. July’s median closed price was $326,200 compared to $326,500 for July 2018. However, based on a rolling 12-month analysis, only condominiums priced above $2 million have seen a substantial increase in their prices, at 13%.
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