According to the Naples Area Board of Realtors' Market Report that was released today, the low inventory in Naples Real Estate has had an impact on the market.
The report tracked August home sales activities, both listings and sales, from 2013 to 2014 within Collier County (excluding Marco Island) and revealed that the economic law of supply and demand caused a decrease in closed sales, pending sales, and inventory which in turn created an increase in the median price.
In particular the Naples Beach area condominium market saw the low inventory to be a contributing factor to the decrease of pending sales and closed sales. This highly desirable location experienced a 28% decrease in Inventory contributing to the 31% decrease in pending sales and & 23% decrease in closed sales which caused a 7% increase in the median closed price.
NABOR also reports that pending sales are up 18% and closed sales are up 29% in the $2M+ category and pending sales are up 12% in the $500K-$1M category.
To view the NABOR Market Update, please visit the link below.