Naples luxury condo market suffers big price drop

Home sales and pending sales fell by double digits in Collier County last month as compared to the same period in 2015, the result of a traditional summer malaise and an annual tourism drop in Naples.

High-end condo median prices were especially hard hit in July, plunging by 44% vs. a year ago for units selling $2 million and above, according to statistics released Monday by the Naples Area Board of Realtors (Nabor). Median prices dropped to $2.45 million last month in that category, as compared to $4.395 million in July 2015.

Overall sales in Collier — excluding Marco Island — slipped 14% in July, to 627 closed sales. Pending sales fell 25% to 681 contracts vs. July 2015.