- April 15, 2024
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NAPLES — The median price of single-family homes in Naples ballooned to $340,000 in January, an increase of 45% compared with January 2013.
One of the reasons for the price spike is that foreclosures and bank short sales that once held the market back are dwindling. “Traditional sales dominate the market,” says Wes Kunkle, a commercial broker at Kunkle Realty and president of the Naples Area Board of Realtors last year, in a statement accompanying the data. “There were only 27 short sales and 65 foreclosed property sales out of 669 total closed sales in January.”
Meanwhile, the median price of an existing condominium rose 16% to $215,000 in January compared with the same month one year ago. “Interest is definitely in the condominium market right now versus the single-family home market as evidenced by the report, which shows a 21% decrease in condo inventory versus a 9% decrease in single-family homes,” says Pat Pitocchi, current associate president and corporate trainer at Downing-Frye Realty, in a statement.
Pitocchi noted a 9% increase in the number of sales of condominiums in the year ending in January compared with a 1% increase in single-family-home sales during the same period.
