April Sales Drop, Inventory Rises. Prices Stable
APRIL SALES DROP, INVENTORY RISES, PRICES STABLE
April brought a continuation of less sales activity that has marked the Naples area market since the beginning of the so-called Winter Sales Season, according to MLS data just released by the Naples Area Board of Realtors. Including both single-family and condominium listings, the month reveals closed sales were down 7% and pending sales fell 10% compared to April 2015 results. At the same time, overall prices remained virtually the same this April versus one year ago, except in the $2 million and above segment that saw a pick-up of 10%. Choices of product for buyers saw the biggest change, with the number of dwelling units for sale rising 36%, from 4,040 homes and condos one year ago to 5,480 this past month. The biggest increase was in the single-family segment of homes priced between $500,000 and $1 million, which nearly doubled in listed product and for condominiums, the highest number of listings jumped up 74% in the $300,000 to $500,000 price segment. In addition, the highest-price segment nearly tripled in availability to 92 units versus just 34 in April, 2015. While April activity can be described as more of the same since January, there is also an opinion that home values have reached a more stable level of pricing as more sellers have arrived at a listing decision.