Overall inventory rose yet prices remained stable in February according to broker analysts who reviewed the February 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®). Overall pending sales (homes under contract) and overall closed sales also increased in February keeping REALTORS® out in the field and busy with showings and closings.
"Compared to this time last year when we were challenged to find properties for customers, the February report showed inventory is up by nearly 1,000 new listings, giving us almost nine months of inventory to show eager buyers," said Dominic Pallini, NABOR® President, and President and Broker at Vanderbilt Realty. "Buyers have more choices now. This trend is promising."
Overall inventory rose 16 percent to 6,466 homes in February 2017 from 5,577 homes in February 2016. The largest increase in inventory during February was in the condominium market, which saw a 23 percent increase to 3,207 condominiums in February 2017 from 2,599 condominiums in February 2016. In fact, condominiums in the $1 million to $2 million price category increased the most of all housing types with a 43 percent jump in inventory to 284 condominiums in February 2017 from 198 condominiums in February 2016. Also reflected in the report, the North Naples area experienced the highest increase in condominium inventory, with a 40 percent increase to 989 condominiums in February 2017 from 704 condominiums in February 2016.
This information was taken from the February market update released by the Naples Area Borad of Realtors on March 17, 2017.
Warmest Regards,
Kevin Aizenshtat
Realtor