There was a slight decrease in the number of closed sales over the past 12 months, largely due to decreases in available properties under $250,000, which were down 24%. Sales in all other price ranges increased over the prior year with the exception of properties priced above $2 million, which saw a decline of less than 3%.
A total of 2,561 sales closed during the first quarter of this year vs. 3,176 during Q1 2015. The only category showing an increase over the prior year were properties priced between $500,000 and $750,000, which were up 5%. Properties priced below $250,000 and those above $5 million posted the largest decreases in number of sales, down 34% and 36% respectively.
The number of new listings placed in inventory during Q1 2016 is up 12% over the same period in 2015 (6,741 vs. 6,016). Over the past 12 months, new listings have gone up 4% compared with the prior 12-month period and on April 1, 2016, the combined inventory in the Naples, Bonita Springs, and Estero markets consisted of 6,961 units, up from 6,847 units in March, and 5,179 units a year ago, a year-over-year increase of 34%.
AVERAGE AND MEDIAN SALES PRICE
The average sales price during the first quarter was $556,482, reflecting an increase of 4% over Q1 2015 while the average price of properties above $2 million increased 3.8% over the past 12 months, from $3,709,916 to $3,852,016.
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