There were 5,019 Naples home sales that closed during the first 5 months of 2016, down from 6,216 closings during the same period in 2015. The 10.5% decline in closed sales over the past 12 months has been driven primarily by a 25% decrease in sales below $250,000 while closings in the $500,000 – $750,000 segment actually increased 5.5% during the same period. Meanwhile, the number of Naples closed sales priced above $2 million year-to-date fell 23% when compared to the same period in 2015 and during the past 12 months, sales in this price category are down 3% (423 vs. 436).
The available inventory of homes in Naples on May 1, 2016 consisted of 6,562 units, down 3.6% from the 6,810 units last month, and up 38% over the prior year. During the entire month of May 2016 there were a total of 1,495 new listings added to the Naples real estate market, the highest for the month since 2010, at which time there were a total of 1,810.
AVERAGE AND MEDIAN SALES PRICE
The Naples average sales price during the month of May increased 2% year-over-year, while median closed sales price is up 7% and the average price of closed sales above $2 million remained approximately the same over the past 12 months, declining less than 3%.