Naples-area home sales fell 14 percent in the third quarter from the same period last year, and the median sale price increased 4 percent, the Naples Area Board of Realtors reported.
The Realtors also said in a third-quarter report that the inventory of homes listed for sale surged 40 percent this year from the same period last year.
The third-quarter report covered activity all of Colliers County, except for Marco Island, and the report counted condos as well as houses in its data on home sales, listings and the median price.
The median third-quarter sale price for a Naples-area home was $312,000, up from $300,000 last year.
“The list to sale price ratio is shrinking and this needs to continue if we want to compete with new home construction,” Cindy Carroll of real estate appraisal and consultancy firm Carroll & Carroll, Inc., said in a prepared statement.
Third-quarter home sales in the Naples area fell to 1,942 from 2,270 last year, and pending home sales fell by a similar amount.
The Naples Area Realtors also reported that third-quarter listings of condos and houses for sale totaled 5,044, up sharply from 3,606 last year.
The average amount of time homes spent on the market listed for sale during the third quarter rose to 80 days from 70 last year.
“If it’s overpriced, then the property sits,” Dominic Pallini, broker at Vanderbilt Realty, said in a prepared statement. “Pricing is critical now more than ever.”