March home sales in Naples sink 25 percent

March home sales in the Naples area fell by 25 percent yet the median sale price last month rose 7 percent, year over year, the Naples Area Board of Realtors reported.

The number of home sales in March totaled 787 closings, down from 1,048 in March 2015. Pending home sales in March also fell to 1,121 from 1,512 last year, down 26 percent.

But prices kept rising. The Realtors reported that the median home-sale price in March increased to $320,000 from $299,000 last year.

“Our seasonal buyers seemed to get off to a slow start this year, but showing activity has picked up in the last six weeks,” Kathy Zorn, broker/owner of Florida Home Realty, said in press release by the Realtors.

Other brokerage firms also reported recent increases in property showings.

Mike Hughes, vice president/general manager of Downing-Frye Realty, said in the Realtors press release that buyers have plenty of homes in Naples to choose from in Naples: “Inventory is at the best level we have seen in the past three years …  I also think that the sellers might be more flexible this year with their price. It is definitely a good year to be a buyer.”