April sales of homes and condos fell 5% in Naples area
The median sale price in April dropped 6% for houses while rising 13% for condos
The number of April sales of Naples-area houses and condos fell to 902 from 947 last year, a five percent decline.
The Naples Area Board of Realtors also reported that the median price of houses sold in April dropped six percent to $525,000 from $559,000 last year.
But the median price of condos sold in April increased to $296,000 from $262,000 last year, a 13 percent rise.
The inventory of houses listed for sale in April rose 8 percent to 5,920 from 5,480 in April 2016, and the number of condo listings in April increased 13 percent to 2,934 from 2,597 last year.
Naples-area houses and condos sold in April spent an average of 97 days on the market, compared to 72 days last year, a 35 percent increase.
Brokers said unrealistic pricing led to the sharp increase in the number of days that houses and condos spent on the market before they were sold.
“There appears to be a number of sellers who, when pricing their homes, refuse to take into account the added competition from the new construction market,” Jeff Jones, managing broker at the Naples-Park Shore office of Coldwell Banker, said in a prepared statement.