Prices of Naples upper-end homes cool

NAPLES — Median prices of existing upper-end homes in the Naples area fell in May compared with the same month a year ago, suggesting prices may be stabilizing after years of rapid increases.

The median price of an existing condo costing more than $300,000 fell 12% to $554,000 in May compared with May 2014. The median price of an existing single-family home costing more than $300,000 fell 3% to $599,000 in that same time period, according to the Naples Area Board of Realtors.

“Historically, the median closed price for homes above $300,000 in May was the lowest since NABOR's been tracking statistics [in March 2008],” says Jeff Jones, the association's treasurer and managing broker at the Naples-Park Shore office of Coldwell Banker, in a statement.