The sale of homes in the Naples area edged slightly higher in November from the same period one year ago. The Naples Area Board Of Realtors (NABOR) which tracks sales in Naples and Collier County with the exception of Marco Island, reports 512 closings last month compared with 497 during November 2010. Of the 512 sales, 260 were single family homes and 252 condos traded hands.

Median price dropped in November to $160,000 from $172,000 one year ago. This is attributable to banks releasing more foreclosed homes on the market this year when compared to 2010. During November of last year, many banks voluntarily halted foreclosure sales after improper signatures and fraudulent paperwork were discovered being used by lending institutions as they attempted to take back homes.

The total inventory of homes listed for sale on the Naples multiple listing service has dropped considerably this year and now stands at 7,625. One year ago there were 9,352 homes available for buyers.

The average number of days it takes to sell a home has changed little over the past 12 months. Today, the average number of days on market is 174 compared with 172 during the same month last year.