Naples home prices rise

NAPLES — The median price of a single-family existing home in the Naples area rose nearly 30% to $266,000 in March compared with March 2011, according to the Naples Area Board of Realtors.

The jump in the median price was driven by a 47% increase in the number of sales of existing single-family homes priced between $500,000 and $1 million. Meanwhile, the association reported an 8% drop in the number of sales of single-family homes priced below $300,000.

Overall, the number of existing single-family home sales dropped 2% in March to 432 compared with the same month in 2011, according to the association.

Meanwhile, median prices for existing condos rose 4% to $165,000 in March compared with March 2011. Realtors sold 481 condos in March, a 14% drop from the same month a year ago.