Naples home prices surge 27%

NAPLES — Prices for existing single-family homes continued to surge in the Naples area, rising 27% in May compared with the same month one year ago.

Increased demand and shrinking supply of existing single-family homes on the market drove the median price to $320,000 in May compared with $252,000 the same month one year ago, according to the Naples Area Board of Realtors.

“The lack of inventory is creating multiple offers in many situations,” said Wes Kunkle, president of the association and managing broker of Weichert Realtors on the Gulf.

The decline in single-family homes listed for sale and rising prices also slowed the number of transactions. The association reported 466 homes sold in May, a 7% drop from the same month one year ago.

Existing-condo prices rose a more modest 4% to $206,000 in May compared with the same month in 2012. The number of existing-condo sales rose 8% to 569 in that same period.