May sales of homes, condos down 17% in Naples

Naples-area sales of single-family houses and condos dropped 17 percent in May, compared to the same month last year.

The Naples Area Board of Realtors reported the number of closed sales in May fell to 838 from 1,010 last year.

The Realtors group also reported that the median sale price in May increased from $332,000 last year to $338,000, up 2 percent.

“This is an excellent time to be buying a home in Naples,” Jeff Jones, Managing Broker at the Naples-Park Shore office of Coldwell Banker, said in a press release issued by the area Realtors group. “The inventory has increased, home prices have not changed much in most of the market compared to a year ago, and banks seem to be issuing more mortgage approvals.”

The Naples Area Board of Realtors reported 40 percent of May’s sales were financed and 60 percent were cash transactions.

The number of Naples-area condo sales in May declined 22 percent to 442 from 570 closings last year.

The 396 houses sold in May was 8 percent fewer than last year’s 430 closings.

The number of Naples-area houses listed for sale in May increased 27 percent year over year to 2,744. The area’s condo inventory in May jumped 51 percent to 2,463 from 1,632 last year.