NAPLES — The median price of an existing single-family home in Naples rose 21% to $248,000 in December, continuing a string of sharp increases this year.
Meanwhile, the median price of an existing condo rose 16% to $187,000, according to the Naples Area Board of Realtors.
“At our annual economic summit held in April, Lawrence Yun, chief economist of the National Association of Realtors, predicted a 10% increase in the overall median price by the end of 2012,” says Brenda Fioretti, managing broker at Prudential Florida Realty, in a statement. “At the time, many people were incredulous with his assessment, but now today we are delighted to see the real estate market's prices rebounding and surpassing estimates.”
The number of residential real estate transactions also increased in December compared with the same month one year ago. Realtors helped sell 372 homes in December, a 26% increase, and 381 condos, a 22% increase, according to the association.
The inventory of existing single-family homes on the Naples market fell 12% in December to 3,081 compared with the same month in 2011. The inventory of condos fell 15% to 3,476 in that same period.