1ST QTR PRICES STABLE AS INVENTORY RISES
According to 1st quarter MLS housing data released by the Naples Area Board of Realtors, home and condominium prices were 8% higher than one year ago, closed sales fell by 19% and there were 33% more existing homes available for purchase. It should be noted that the major factor affecting the marketplace continues to be found in the lower-priced segment of the market, which typically accounts for 60% of total sales. This year, the first quarter data revealed 25% less closings, 29% less contracts waiting to close, a 12% increase in prices and a 20% rise in inventory, all in the $300,000-and-under price segment. The number of dwellings available for sale rose in all of the price segments, bringing approximately 1,500 more choices into the market. With this influx of property, prices, which have been regularly increasing, became less of a buyer problem, With the exception of the $300,000-and-under segment, overall home & condo prices actually dropped slightly, by 2%. I believe the Naples existing housing market is performing very well in the face of the many stateside and worldwide negative factors faced by the U.S. consumers, such as the low Canadian dollar exchange rate, presidential campaign rhetoric, and the British threats to withdraw from the EU.