The median price of homes sold is increasing in the Naples real estate market while the inventory of homes for sale continues to decrease, the Naples Area Board of Realtors announced Friday.
The median price in all price categories increased an overall 9 percent in June from $175,000 in June 2011 to $190,000 last month, according to a NABOR statement.
The Realtors’ report said the median price in June also increased 9 percent in the under $300,000 price category, from $135,000 in June 2011 to $147,000 last month.
“We are finding that in many cases, properly priced properties are selling quicker, and some are generating multiple offers,” said Brenda Fioretti, NABOR’s media relations committee chairwoman and a managing broker for Prudential Florida Realty in Naples. “This is causing price increases in some segments of our market.”
It won’t be long before the lack of inventory starts affecting prices, Fioretti said.
Statewide, sales of existing homes increased 5.3 percent in June compared with a year earlier while the median price also rose in a year-to-year comparison, Florida Realtors reported this week. The statewide median home price rose 8.2 percent to $151,000.
A particularly bright spot for sellers in Florida is the decline during the past year in the number of homes up for sale, resulting in a 39 percent reduction in inventory that in turn has raised home prices, Florida Realtors said.
Nationally, sales of existing homes rose 4.5 percent. In the South, existing-home sales are 5.5 percent above June 2011. The median price in the South was $165,000, up 6.6 percent from a year ago, according to the National Association of Realtors.
June sales in the Naples area were down, however, according to the NABOR report. Overall pending sales decreased 12 percent in all price ranges — from 846 in June 2011 to 748 in June 2012. Overall sales decreased 5 percent, except in the $300,000 to $500,000 and the above $2 million price categories, according to the NABOR report.
Phil Wood, president of John R. Wood Realtors in Naples, said this summer season has been strong for home sales, indicating a healthy financial market.
In the second quarter, overall pending sales remained about the same with 2,877 pending sales in that quarter of 2012 compared with 2,879 in the second quarter of 2011, NABOR said in a statement.
Overall sales increased 4 percent from 2,700 sales in the second quarter of 2011 to 2,817 sales in the second quarter 2012.
The location with the greatest increase in closed transactions is the Naples beach area. That location saw a 15 percent increase in the number of transactions closed and a median sales price increase of 5 percent in the second quarter compared to the second quarter of 2011, Fioretti said.
The monthly and quarterly reports track Realtor sales made through the Sunshine Multiple Listing Service (MLS) in Collier County, excluding Marco Island.
In a separate report this week, the median sales price of single-family homes in Lee County increased 25 percent, from $101,500 in June 2011 to $127,000 in June 2012, the Realtor Association of Greater Fort Myers and the Beach Inc. announced.
The Realtor Association of Greater Fort Myers and the Beach Inc. reported that the median price of existing homes sold in Lee County increased 19.81 percent since the beginning of the year, from $106,000 in January to $127,000 at the half-year mark in June. In addition, the median price has now posted positive year-to-year gains for the past 17 consecutive months.
The Lee County real estate market also is seeing a drop in inventory of homes.
The current inventory combined with the current pace of sales creates a 3.1-month supply of homes in Lee County, down from 3.5 months of supply when compared to June 2011, according to the report.
If you would like to talk to a realtor about buying or selling property in the Naples area contact realtors Melinda or Paul Sullivan.