Graph-Home Sales DownClosed sales of homes and condos in the Naples area were down 23% in February compared to the same month in 2015. This information comes from the Naples Area Board of Realtors in their market statistics summary for the second month of the year. The report includes properties sold with the assistance of a Realtor throughout Naples and the surrounding area with the exception of Marco Island. New construction home sales often do not appear on the Multiple Listing Service and available statistics may not include them in the total sale numbers. February’s sharp drop follows four consecutive months of double digit decreases in closed sales.

There were 518 closed sales last month compared to 672 one year earlier. Single family homes accounted for 261 closed sales in February, down from 330 in February 2015 and closed condo sales numbered 257 last month, down from 342 one year earlier.

Even with a rapid decline in sales, median prices for both homes and condos continues to rise. The median sale price for a home in Naples now stands at $425,000 compared to $369,000 one year ago. A condominium in Naples has a median price today of $260,000, up from $241,000 in February 2015.

With slowing sales, the available inventory of homes and condos available for purchase has increased 27% year over year to 5,577 properties.

The time it takes to sell a home or condo have declined in the past year to 79 days on average, a 15% improvement from 93 days one year ago.