First Quarter Inventory Up 33%
According to Multiple Listing System (MLS) statistics released by the Naples Area Board of Realtors, the 1st quarter of this year saw a rise from 4,253 housing units last year to 5,651 properties this year. These figures do not include an estimated 225 new home construction permits issued each month. Actually, the report reveals that condominiums priced between one and two million dollars increased from 129 units closed in the 1st quarter of 2015 to 208 multi-family units this year. The highest number of housing units were also evident in condos priced below $300,000. Sales in this lower-priced market segment increased in 2016 to 1,181 units, up from 887 condominiums closed in the 1st qurter last year. While condominiums were the most popular style of housing chosen by buyers, overall pending sales of all housing in the market decreased 23%. Some Realtors, including this writer, believe the Naples housing market has performed well to date, in the face of financial and political fears that have resulted in a significant drop in consumer confidence during the past 6 months in the U.S.