- March 27, 2024
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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.
But there were several bright spots in the July 2016 Market Report Nabor published, as well.
Most notably, the inventory of available homes rose 36% to 4,801 properties in July, a welcome contrast to the record-low inventory the trade group reported during the same month in 2015.
Median prices overall remained steady last month, while prices for homes priced under $300,000 jumped 11%. Home sales listed for between $500,000 and $1 million climbed 26% in July, as well.
“Home prices continue to remain stable, and we are absorbing the inventory,” says Jeff Jones, managing broker at the Naples-Park Shore office of Coldwell Banker, a leading residential brokerage firm.
Bill Coffey, broker manager of Amerivest Realty Naples, adds that the increase in inventory has had little impact to date on prices.
Residential real estate sales in Collier County and Naples are especially seasonal, as compared to other parts of the state, and typically drop off in summer as part-time residents remain in more Northern climates and tourists are not as abundant as in winter months.
This summer, too, Nabor officials say real estate sales may be impacted by an increase in the Canadian dollar's exchange rate with its U.S. counterpart, which could hamper home sales.