The tables have turned in the resale market with more single-family homes than last year and fewer condominiums to choose. About a year ago, the resale market was the complete opposite with a scarce amount of single-family homes and an abundance of condos for sale.
Currently, inventory for single-family homes grew by 4 percent and the number of condominiums decreased by 7 percent according to a monthly report that was released by the Naples Area Board of Realtors. The trends of sales for single-family homes continue to show stability in Collier County, excluding Marco Island.
The only area in Naples that did not increase single-family home inventory, but decreased by 17 percent was Central Naples. In North Naples, inventory rose 14 percent. Immokalee and Ave Maria inventory rose 24 percent. An overall 20 percent increase in the availability of homes priced from $500,000 to $1 million.
Old Naples has been reported to have more than a year and a half supply of inventory making it an over-balanced market supply. Median price for all homes and condos sold in October rose 9 percent from $265,000 to $290,000.