NAPLES — Declining inventories and rising demand for housing pushed the median price of an existing single-family home in Naples up 17% to $327,000 in November compared with the same month in 2013.
Condominium prices are rising too, according to the Naples Area Board of Realtors. The median price of an existing condo in Naples in November rose 7.3% to $220,000.
Real estate experts suggest that hot areas of town such as Naples Beach may be reaching peak levels. “Median price in the Naples Beach area single family home market can not continue to increase at the current rate indefinitely,” says Cindy Carroll, with the real estate appraisal and consultancy firm of Carroll & Carroll, Inc., in a statement from the association.
Carroll and others note, however, that inventory continues to drop even as some builders have stepped in with new residential construction. Overall, the inventory of single-family homes and condos has dropped 10% since last November, association data shows.
Lower inventory levels have crimped the number of sales. The number of existing single-family home sales fell 7% in November to 402 homes while the number of existing condo sales edged up 3.7% compared with November 2013.