Those in the market for a new home in Collier County have found the shelves rather bare over the last year.
Part of the rebound in the housing market has led to homes selling faster than some could list then, leaving buyers stuck between rising prices and a limited number of available homes in their price range to choose from.
New data from the Naples Area Board of Realtors shows that more homes are popping back onto the market over the first part of 2016, giving buyers more options to choose from.
“The report indicated that we had 7.2 months of inventory in March,” said Cindy Carroll, an appraiser with Carroll & Carroll. “This is an important number to watch as I think it shows a stabilization trend is well rooted.”
NABOR’s report for the first quarter of 2016 increased by 33 percent from the same period in 2015. The most new inventory arrived in North Naples, nearly doubling during that span of time. Condos are also a large portion of the new entries onto the market, as units under $300,000 jumped by a third.
Time on market for homes is still declining, even as more of them appear on the market. Average time on the market fell to 77 days over the last year, down from 85, with homes under $300,000 spending less than two months on the market at 58 days. The fastest moving properties over the last year are in North and Central Naples, with those areas seeing the shortest amount of time on the market.
Sales are slightly down from last year, closed sales down five percent, partially owning to a very active year in real estate in 2015, says NABOR president Rick Fioretti.
“A five percent decrease in overall sales isn’t bad considering 2015 was a phenomenal year,” Fioretti said.
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