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NAPLES — The median price of an existing single-family home in Naples fell 2.1% in February to $372,000 compared with the same month in 2014, suggesting home prices may be stabilizing after several years of significant growth.
In the category of existing single-family homes for sale above $300,000, the median price fell 11.2% in February to $555,000 compared with February 2014, according to the Naples Area Board of Realtors.
The inventory of homes for sale grew 6% in February compared with the same month one year ago, the association reported. “The report shows a trend of increased inventory in single-family homes that I believe will begin to put pressure on new-home construction prices,” says Wes Kunkle, a commercial broker at Kunkle Realty. “We may see a pricing peak in the new-home market sooner than later.”
Meanwhile, the median price of an existing condo in Naples rose 14.3% in February to $240,000 compared with February 2014. But in the category of existing condos for sale above $300,000, the median price fell 19.6% to $482,000 in that same period.
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