Business Observer - 24 January 2017
NAPLES — The Naples residential real estate market, normally a high performer in the region, took a hit last year.
Total closed sales fell 13%, from 9,751 in 2015 to 8,510 in 2016, according to a year-end Naples Area Board of Realtors report. Total pending sales dropped 14%, the report adds, from 10,366 in 2015 to 8,903 last year.
The Naples Beach region posted the largest decrease in overall closed sales for the year among the entire market. Total sales there dropped 21%, from 1,922 in 2015 to 1,525 last year.
On the flip side, inventory rose dramatically. Single-family inventory is up 24% year-over-year, while condo inventory is up 47%.
Median prices were up, slightly. On single-family homes the median closed price rose 4%, from $385,000 to $400,000. On condos the median closed price rose 1%, from $250,000 to $253,000.
John R. Wood Properties Managing Broker Coco Waldenmayer cites competition from new home developments as one factor in fewer sales of existing homes in 2016 compared to 2015, which was a strong year, he adds. “The report showed the highest number of closed sales in 2016 occurred in the North Naples area, which is also where a rash of new home development is taking place,” Waldenmayer says in the release.
“With a surge in inventory from new construction, buyers had more options in 2016,” adds Adam Vellano, West Coast Sales Manager for BEX Realty Florida, in the statement.