Naples home prices rise 10%

NAPLES — The inventory of existing single-family homes for sale in the Naples area continued to shrink, pushing the median price up 10% in September compared with the same month one year ago.

The median price of an existing single-family home rose to $320,000 in September, according to the Naples Area Board of Realtors. The shrinking inventory of homes available for sale pushed down the number of sales of existing single-family sales 14.2% in September to 307 compared with September 2013.

“The market report does a good job at showing us a big picture view of how the resale market in Collier is behaving in general,” says Pat Pitocchi, president of the association and corporate trainer at Downing-Frye Realty. “However, it does not report all new homes sales, which appears to be a considerable segment of the current market activity according to reports from local brokers.”