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NAPLES — The median price of an existing single-family home in Naples continued to rise in October, jumping 20% to $335,000 compared with the same month one year ago.
Although the number of sales and inventory of existing single-family homes didn't change markedly from October 2013, the average number of days a listing was on the market in October fell 34% to 67 days compared with the same month one year ago, according to data from the Naples Area Board of Realtors.
“Traditional sales accounted for 87% of all reported transactions in October, which is an indicator of a strong housing market in the Naples area,” says Carmen Isbely Vasquez, owner and broker of US Prime Realty, in a statement from the association.
The association also indicated cash sales are now 67% of overall home-sale transactions in October. That indicates a tight mortgage market, says Kathy Zorn, broker and owner of Florida Home Realty, in the statement. “Nationally, the cash sales rate is at about 33%,” she says “Cash offers in our area put buyers in a stronger position than buyers using conventional financing.”
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