January sales of Naples-area condos increased from last year as the median sale price declined.
The combined number of January sales of Naples-area houses and condos increased to 603 from 571 last year, and the combined median sale price in January dropped to $314,000 from $340,000 last year.
The Naples Area Board of Realtors also reported that the combined number of houses and condos listed for sale in January increased to 6,393 from 5,091 last year, a 26 percent surge.
“We are definitely in a buyer’s market now, and home sales were strong in January,” Phil Wood, President and CEO of John R. Wood Properties, said in a prepared statement. “Properties that are selling rapidly are those that are priced at true market value.”
January sales of Naples-area condos rose 14 percent from last year while the number of houses sold fell 2 percent.
The Naples Area Board of Realtors reported that the median sale price in January fell 5 percent to $265,000 for condos, and fell 7 percent to $425,000 for houses.
“Increases in inventory typically drive prices down,” Kathy Zorn, broker/owner, Florida Home Realty, said in a statement. “Today, buyers have more choices.”