Home sales dip in February, NABOR reports

Home resales in the Naples area dipped in February - a trend that could continue because of shrinking choices.

There were a total of 687 sales in the Naples area, down from 694 in the same month a year ago, according to a monthly report by the Naples Area Board of Realtors. The report tracks sales made by its members in Collier County, excluding Marco Island.

Of the total, there were 304 single-family homes and 383 condominiums sold last month.

While condominium sales rose, home sales fell from 347 in February of last year.

"The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory," said Phil Wood, president and CEO of John R. Wood Realtors in Naples, in a statement.

Over the year, total inventory fell 13 percent from 7,888 homes and condominiums to 6,843.

"Changes in inventory at some point may become an issue," said Shelton Weeks, chairman of the economics and finance department at Florida Gulf Coast University, in a statement. "Continued declines in inventory will produce some upward pressure on prices. However, as prices rise we should expect builders to bring more new units to the market, which may slow the advance in prices."

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