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Residential inventory within Collier County is increasing at a time when median prices, expect for luxury condos, are largely holding firm, the Naples Area Board of Realtors reports.
In its August market report, the real estate agent group notes that luxury condo inventory rose 84% last month as compared to the same period in 2015, to 81 condos. Median prices in that segment of the market fell by 19%, however, to $2.54 million, from $3.13 million in August 2015.
NABOR says the lower prices, coupled with a higher volume of available properties, bodes well for the upcoming winter tourist season, a time when luxury condos typically sell at a greater pace than during summer months.
The group also contends some luxury buyers are feeling election-year jitters and are holding off until after the presidential election in November to make purchases.
More moderately priced homes also are demonstrating higher levels of activity in Collier County.
Steve Barker, advising broker for Equity Realty, says the number of condo units selling at prices of $300,000 and below in Napes has increased greatly in recent months. “There were 211 closed sales for condominiums in the $300,000 and below price category in August compared to 93 in all other price categories combined,” he says.
At the same time, inventory in that pricing category jumped 50% in August, to 974 condos.
Overall, NABOR reported 627 closed sales in August, vs. 654 during the same month a year earlier. Overall inventory climbed 36% for the second consecutive month, to 4,787 homes last month.
NABOR also reported there were 734 pending sales recorded as of Aug. 31, contracts that could convert to closed sales in the coming months.
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