Naples home sales fall 21%

NAPLES — The number of sales of existing single-family homes in Naples fell 21% to 261 in February compared with the same month one year ago, even as inventory surged and median prices flattened.

The number of existing single-family homes on the market rose 22% to 2,978 and median prices leveled off in all categories, according to data from the Naples Area Board of Realtors.

“February had the lowest number of closed sales on record of any month since November 2013,” says Bill Coffey, broker manager of Amerivest Realty Naples, in a statement from the association. “And the highest inventory level in two years. If we continue to see a dramatic increase in inventory each month like we did for February, then we may eventually see it affect median closed prices.”

Meanwhile, the number of sales of existing condos fell 25% in February compared with February 2015, to 509 total units, and the inventory of existing condos for sale rose 34% to 2,599 in that same period, the association reports.

“There may be an election cloud affecting consumer confidence right now,” says Mike Hughes, vice president and general manager for Downing-Frye Realty, in a statement. “This, among other influences like the fluctuating stock market, the Canadian exchange rate, and the shortage of low-end inventory, are all factors that are creating headwinds in this market.”