Second quarter home sales results are in, and our housing market is pulling back from two back-to-back strong years across Naples. Those same trends are replicated here at Lely Resort. Big factors of our declining market seem to come down to consumer confidence, the effect of the strong dollar on foreign currency’s exchange rates, and the proliferation of new home construction throughout the region. In a nutshell, the Naples housing market has seen closed and pending sales decrease and inventory increase year over year. All netting a slight increase in median closed sale prices and an increase in the time it takes to sell a home. For Lely Resort, we have seen year-to-date resales decrease from 164 closings to 126 as of July 25, 2016. Although we’ve seen the decrease in closed sales and a drop in sales volume of just over $11,000,000 as compared to this time last year, the resort experienced an increase in the average sale price of resales. And while we have seen inventories of homes for sale continue to increase over the past two years to 201 active listings today we still are at about half of the inventory levels on 2006 and 2007.
This is just a review of our halfway point in the 2016 sales season and a reminder of the increased pressure in the housing market. I can’t wait to see how we end the year here in Lely Resort. If you want to see a recap of 2015 with charts for sales volume and average sales price data going back to 2004, visit http://www.mylely.com/LelyReport2015 or see this year’s closed sales at http://www.mylely.com/ClosedSales2016 and don’t miss Naples Area Board of Realtors second quarter 2016 statistics here.
