The inventory of homes in Naples Florida that are for sale has dropped dramatically during this past year, and there are some people who are debating whether this is a good sign or not. The smaller the supply of homes means that prices can be firmer with less competition and the whole real estate market is actually growing. The opposite side of the argument is that with fewer houses on the market, there are fewer options for buyers and thereby decreasing appeal and demand. Either way, according to the latest report from the Naples Area Board of Realtors (NABOR) there are 13.6% fewer homes for sale at the end of March, 2013 than there were one year ago.
Every market segment of the inventory of homes in Naples Florida experienced a drop, however there could be quite a variance by type, price and location. Single family homes showed a total loss of just over 11%, but those selling for less than $300,000 dropped in excess of 21%, while the ones selling between $500,000 and $1 million had only a 2.5% decrease. Geographically, single family homes in the Naples Beach area that are on the market experienced a drop of less than 6%, while Central Naples showed a decrease of more than 21%.
According to the NABOR report, the condominium market had 15.6% fewer units for sale this year as opposed to 2012. Again different segments had differing results. The number of condos selling between $500,000 and $1 million lessened by more than 21%, while those selling for more than $1 million dropped only 10%. The largest percentage drop for a market segment in the inventory of homes in Naples Florida was for condos in the Naples Beach area with a reported decrease of nearly 22% from the previous year.