Unlike the state as a whole, closed sales continued to slow into season for existing single-family homes in both Collier and Lee counties, a new report said.
Statewide, single-family homes were up 2.7 percent in 16,529 in January from 16,087 the same month a year earlier, according to a monthly report by Florida Realtors. But single-family homes in the Naples-Marco Island area were down 6.7 percent, to 322 from 345, and fell 5.5 percent to 789 from 835, in Cape Coral-Fort Myers. They were among nine out of 20 metro areas tracked that showed declines in single-family home sales for the month.
In Naples-Marco Island, sales of town houses and condos fell 5.8 percent to 359 from 381. Sales of town homes dropped 7 percent in Cape Coral-Fort Myers, to 400 from 430. Florida Realtor Chief Economist Brad O’Connor noted that the sales were declining properties under $150,000, where there is limited supply, but were actually up in more expensive properties. Turbulent weather, stocker market and oil price swings and even the heating up of the presidential election also may have played a factor in the sales slowdown. Plus, supply shortages began to ease throughout the state in January, a new listings rose 3.4 percent to 18,375 from 17,776 a year earlier.
According to the Naples Daily News, inventory is up overall in the Naples market, growing by almost 600 homes from the same month from a year earlier. Supply now equals 6.1 months of inventory, considered a sign of a market in balance. Supply is at its highest level since April 2013.
