home-sales-down-graphicYear over year closed home and condominium sales finished down 7% in the Naples area in October. There were 556 properties sold in October compared with 601 one year earlier. This statistic and others are contained in the October report released by the Naples Area Board Of Realtors (NABOR).

There were 295 single family homes sold in October, which is down 5% from October of 2015 when 310 homes changed hands. The median sale price for a home dropped 3% from $385,000 to $375,000 in the past twelve months.

Condominium sales in Collier County were down 10% year over year in October, falling to 261 from 291 one year ago. The median sale price for condos increased 4% in October of this year, jumping from $230,000 to $240,000 one year earlier.

The total inventory of available homes and condos listed for sale in the Naples area has increased significantly in the past year from 3,903 in October of 2015 to 5,426 today, a jump of 39% in the past twelve months. The inventory of single family homes is up 29% and the inventory of available condominiums has increased a whopping 52% year over year.

The average number of days it takes to sell a home or condo in the Naples are has increased 15% from 74 days to 85 days in the past year.