Loading
NAPLES — Median home prices in Naples rose in March, but the number of sales dropped compared with the same month last year as fewer homes were listed for sale.
The median price of a Naples-area single-family home in March rose 11% to $287,000 compared with March 2012. The median price of a condo rose 38% to $228,000 in that same period, according to the Naples Area Board of Realtors.
“For two years there has been a progressive increase in the median closed price,” says Steve Barker, advising broker for Naples Realty LLC, in a statement. “In the under-$300,000 category for the first quarter 2013, the median closed price increased 18%. Therefore, we may see homes moving into the higher $300,000-to-$500,000 price range.”
Meanwhile, the number of single-family home sales fell 16% in March compared with the same month one year ago to 393. The number of condo sales fell 11% to 456 in the same period.
The inventory of homes for sale is shrinking and there are fewer foreclosures, which may explain the drop in sales in March. “Sales of traditional properties continue to rise from 51% of the market in July 2009 to 84% as of the end of March 2013,” says Brenda Fioretti, managing broker at Prudential Florida Realty, in a statement. “The statistics demonstrate that there are significantly less distressed properties in the Naples area.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
