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Median Sales Price in Naples Increases as Inventory Continues to Decrease

Closed Sales

March 2012 remained the same as March 2011 with 22 closings priced at $2,000,000 or more. However, the price segment between $500,000 and $750,000 posted the biggest gains for the first three months of 2012 with a 34% increase over prior year. Additionally, the average sales price year-to-date is the highest in four years, and the median sales price increased 9% over this time in 2011.

Pended Sales

March 2012 pended sales priced at $1,000,000 and higher showed a 32% increase over March 2011. The pended sales year-to-date showed a slight decrease from 2011, but remains among the highest on record for the period.

New Listings

Inventory is decreasing, as the number of properties placed on the market in March 2012 is the lowest for the month in nine years. On April 1, 2012, available inventory in the combined Naples, Bonita Springs and Estero market was just 7,625 units (4,106 condominiums and 3,519 single-family homes). This represents a 5% decrease from April 1, 2011 and is approximately an 8.9 month supply based on closings for the past 12 months.