There were 6,178 Naples homes that closed during the first 6 months of 2016, down from 7,458 closings during the same period in 2015. During the past 12 months, the price segment showing the largest decline in the number of sales is properties priced below $250,000, down 24% from 4,087 versus 5,395. Over the past 12 months, the number of Naples home sales priced above $2 million declined 5% over the prior 12-month period with 72 sales versus 88 in the prior year.
The available inventory of homes for sale in Naples on July 1, 2016 consisted of 6,274 units, up 39% from July 1, 2015. The current supply of properties is comprised of 2,894 condos and 3,380 single-family homes. All price ranges posted inventory increases with the exception of single-family homes priced below $250,000. The largest gains over prior year were Naples condos priced between $1 million and $2 million, up 100%, and those priced above $5 million, up from 7 units a year ago to 16 units on July 1, 2016. The number of properties currently available for purchase in the Naples real estate market represents 6.4 months of supply based on the number of closings in the past 12 months.
AVERAGE AND MEDIAN SALES PRICE
The Naples average sales price year-to-date remains approximately the same as the first six months of 2015, up less than 2%. Median price increased 6.5% year-over-year. Properties priced above $2 million followed the overall market trend, with average price remaining static year-over-year.
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