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NAPLES - Naples home prices continued to recover from the real estate collapse as the overall median price of existing single-family homes and condos in the year ending Nov. 30 rose to $237,000, the highest since March 2009.
The median price of an existing single-family home rose 10% in November to $285,000 compared with November 2012, according to the Naples Area Board of Realtors. However, rising prices and shrinking supply of homes on the market pushed the number of sales down 16% to 289 sales in the same period.
“Buyers want to purchase, they just can't find the inventory,” said Kathy Zorn, broker with Florida Home Realty, in a statement from the association.
Condo prices and sales followed a similar pattern, the association reported. The median price of an existing condo rose 17% to $210,000 in November compared with the same month in 2012, but the number of sales dropped 7% to 318 in the same period.
“Reported data confirms that we are also in a predominately cash-buyers market,” says NABOR President Patricia Pitocchi, who noted in the statement that more than half of all home sales in Collier County are cash.
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