graphic-home-inventory-increaseThe number of homes and condominiums sold in the Naples area increased 3 % in November compared with the same month one year earlier. This statistic and others are included in the Naples market report released by the Naples Area Board Of Realtors (NABOR).

572 properties changed hands last month, 14 more than November of 2015.  The median (half sold for more and half sold for less) closed price of all properties fell 5 % to $303,000 from $318,000 one year ago. There were 268 single family homes and 304 condos sold in November.

The median price for a single family home in the Naples area now stands at $397,000, down 7% in the past 12 months. The median condo price is $251,000, which is off 2 % from last year’s $256,000.

Closed sales, when compared year over year, have fallen for most months in 2016 and that has increased the available inventory of homes and condos 40% in the past year. There are currently 5,733 properties listed on the MLS in the Naples area, which represents an 8 month supply at the current pace of sales. Last year at this time, there were 4,095 homes and condos on the market.

Slower sales and a rising inventory have increased the number of days that it takes to sell a home, from 77 days one year ago to 88 today, an increase of 14%.

For more specific information about closed sales and current prices in your community or neighborhood, or to find out today’s value of your home, call Jim Barbour anytime at (239) 273-3833 for a no obligation consultation.