Residential real estate inventory fell 5% over the year in February 2011.
NAPLES — Sales in the Naples residential real estate market picked up ever so slightly in February 2011 relative to a year ago, but the region's inventory of residential properties is in a much stronger position today.
Combined closings on single-family homes and condos were up slightly over the year, with 595 closings last month compared to 585 in February 2010. Of those 10 additional sales, three were single-family homes and seven were condos, according to data released by the Naples Area Board of Realtors.
The monthly median sale price for existing single-family homes was $202,000, up from $188,000 a year ago, for a 7.4% increase. That's a much more palatable trend for real estate agents than what was seen in January, when the median price of $167,000 was down 24% from 2010.
The median sale price for a condo fell from $170,000 to $161,000 over the year, as that segment of the real estate market continues to search for a stable bottom.
Sales activity over the past year led to a 5.1% decrease in market-wide inventory. A year ago, 9,682 properties were available for sale. Today, that number is down to 9,213.