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NAPLES — The residential real estate market in Naples continues its search for the beginnings of a recovery, as both closings and the median price for those sales fell by double-digit percentage points over the year in January.
Just 507 single-family home and condo closings were completed in January 2011, down roughly 10% over the year, according to data released by the Naples Area Board of Realtors. The slowdown in condo sales — from 301 closings in January 2010 to 260 this year — was more pronounced than that in the single-family home market (down from 261 to 247).
But the median sale price for single-family homes was the hardest hit of all the metrics reported by NABR. The median price in January 2011 was $167,000, compared to $220,000 a year ago — a 24% drop.
The median sale price for condos fell 12%, from $160,000 to $141,000.
The sales of both properties did little to impact the area's outstanding inventory. It fell just 2% over the past 12 months, from 9,548 available properties to 9,388.
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