NAPLES — Median prices of single-family homes and condos in Naples jumped more than 20% in February compared with the same month one year ago, but there are indications the increases may be slowing.
The median price of a single-family home in Naples rose 20% to $260,000 in February compared with the same month one year ago, according to the Naples Area Board of Realtors. The median condo price rose 27% to $198,000 in that same period.
However, the median price of single-family homes sold for more than $300,000 rose just 2% in February to $547,000 compared with February 2012. The median price of condos selling for more than $300,000 fell 3% to $545,000 in that same period.
“The market has consistently improved since 2008 and is now very healthy. However, we would not be surprised to see sales slow a little over the next six months due to a lack of inventory,” says Phil Wood, president and CEO of John R. Wood Realtors in Naples, in an association statement.
The inventory of homes listed for sale in the Naples area in February decreased 13% compared with the same month last year. If pending sales are excluded from home listings, the inventory has dropped 31% to 5,443 single-family homes and condos.
The number of single-family home sales dropped 12% in February to 304 compared with February 2012. The number of condo sales rose 10% to 383 in that time period.