The Real Deal Miami

Realtors: January home sales fell 11% in Naples area

Pending home sales in January dropped 23%, year over year, to 847 from 1,103

February 21, 2016 10:00AM

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The median Naples Beach home price in January fell 3% year over year.

The median Naples Beach home price fell 3 percent.

Closed home sales in the Naples area fell 11 percent in January from the same month last year and pending home sales dropped 23 percent, the Naples Area Board of Realtors reported.

The Realtors reported that external factors affecting the Naples-area residential real estate market include “unpredictable activity in the stock market, dramatic decreases in oil prices, a harsh Canadian exchange rate, and the fact that it is a presidential election year.”

Closed sales of Naples-area homes fell to 571 in January from 645 in January 2015, and pending sales dropped to 847 in January from 1,103 in the January 2015.

The Realtors also reported that the median sale price of Naples-area homes increased 8 percent in January to $340,000 from $315,000 a year earlier.

Among Naples sub-markets, Naples Beach had the highest median sale price in January at $680,000, followed by North Naples ($405,000),  East Naples ($276,000 ), South Naples ($241,000), Immokalee/Ave Maria ($250,000). Central Naples ($235,000).

The median sale price in January increased, year over year, in every sub-market except Naples Beach, where it declined by 3 percent from $700,000 in January 2015.

The January report from the Naples Area Board of Realtors showed double-digit increases in the inventory of listings for all price segments above $300,000.

“Inventory levels are rising because prices are now at a point where sellers can see profits again so they are putting their homes on the market,” Dominic Pallini, broker at Vanderbilt Realty, said in a prepared statement. “The days on the market decreased 14 percent overall, which could be due to price reductions.”

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