- March 28, 2024
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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.”
However, increased homebuilding shouldn't affect continued strong demand, Realtors say. “I don't think the market need has changed,” says Steve Barker, advising broker for Equity Realty, in a statement. “Agents are showing homes every day because the new construction market has finally caught up to the demand. But the resale market is still desirable as location continues to be a factor for many new home buyers and the new construction market can't be everywhere.”
Meanwhile, the median price of an existing condominium in the Naples area rose nearly 18% to 220,000 in September compared with the same month one year ago. The number of sales declined 8% to 313 in the same period as inventory in that segment shrank too.