Market for high-price homes improved last month, while low-price sales slowed.
In the Naples market, a greater number of homes priced above $500,000 were sold in July 2010 than the year before, and properties with the highest price tags are being sold at a slightly faster pace than in 2009.
This year, sales were finalized on 118 homes priced above $500,000 in the month of July, up from 95 the year before. And most of that change was driven by high-value sales — 51 homes sold for $1 million or more this year, compared to 33 last year.
But while 580 properties sold for less than half of a million dollars in July 2009, only 416 such units moved in July of this year, according to data released by the Naples Area Board of Realtors.
The overall real estate market data reflects these results: total sales volumes are down 20% over the year, but the overall median sale price is up 17%.
A similar trend took hold of property inventories. While inventories have decreased for homes priced above $300,000, there are actually more units available under that price level now than there were 12 months ago.
Overall, total inventory for the Naples area is down 7%, from 9,359 available units at the end of July 2009 to 8,731 at the end of last month.