Although residential real estate inventory in the Naples area was up 36% in February, new listings slightly declined, according to a report from the Naples Area Board of Realtors. There were 7,320 pieces of inventory with 1,710 new listings, a 0.1% year-over-year decrease. Meanwhile, there were 843 pending sales, a 28% decrease, and 584 overall closed sales, a 10% decrease. Sellers took action to stay competitive with 2,883 price decreases reported during the month to contend with the growing number of properties on the market. The median closed price for the month was $650,000 with homes spending an average of 85 days on the market.