With a dramatic drop in available homes for sale, the April-May-June period shows a reduction in the number of closed sales according to a report released by the Naples Area Board of Realtors (NABOR).

There were 3,054 closed sales in the second quarter of 2014 compared to 3,165 closed sales during the same period in 2013. The second quarter numbers break down to 1327 single family homes and 1727 condominiums sold in the Naples area.

The median price for all closed sales has jumped from $249,000 in the second three months of 2013 to $273,000 at the end of June this year. The median price for a single family home in the Naples area is currently $380,000 a significant increase from $315,000 one year ago. Condominium median prices have jumped from $205,000 in the second quarter of 2013 to $219,000 today.

The inventory of homes and condos available for sale has dropped considerably to 3723 today compared to 4086 twelve months ago. Today, on average it takes 94 days on the market to sell a home or condo in Naples, down from 162 days in the second quarter of 2013.