Naples Area* Real Estate Inventory Outpaces Sales in 2016
While 2015 was a very hot year in real estate, 2016 was a different story. The year started with a shortage of homes for sale, but that inventory grew to a seven-month supply by the end of 2016. However, a year’s supply of housing is considered normal. So far there has not been a decline in the area’s median home price.
- Single Family home sales were down 8 percent in 2016 compared to 2015.
- Condominium sales were down by 17 percent in the same period.
- Pending sales/homes going under contract, were down 14 percent from 8,903 in 2016 compared to 10,366 in 2015.
- Overall inventory was up 34% to 5,946 homes as of December 31, compared with 4,426 at the end of 2015. The number of homes on the market is expected to grow.
- Annual Days on Market are up from 78 to 89.
*Collier County not including Marco Island