October sales of Naples homes fall 7 percent

October home sales in the Naples area were down 7 percent from last year, and the number of homes listed for sale last month was 39 percent higher.

The Naples Area Board of Realtors also reported that the median sale price of single-family homes and condos rose to $315,000 in October, up 9 percent from the same month last year.

October sales of houses and condos in the Naples area dropped to 556 from 601 last year. Sales of condos in October fell more steeply than sales of houses.

October listings of Naples-area homes for sale increased to 5,426 from 3,903 last year, a 39 percent increase.

Pending sales of Naples-area homes dropped 13 percent in October to 702 from 807 in the same month last year.

Kathy Zorn, broker/owner, Florida Home Realty, said in a prepared statement that “the report showed six months’ worth of inventory to sell. We have not seen this high a level of inventory in the month of October since 2013. So, as we move into season with this healthy level of inventory, buyers will have more options.”