Naples existing home prices jump 22%

NAPLES — The median sales price of existing single-family homes in Naples rose 22% to $388,000 in August compared with the same month one year ago.

The increase was particularly steep for homes priced less than $300,000, according to the Naples Area Board of Realtors. The median price of existing single-family homes in that lower price category rose 14% to $232,000 in August compared with August 2014.

“One factor contributing to the impressive activity in August may be that buyers are concerned an impending rate increase will occur this fall,” says Pat Pitocchi, corporate trainer at Downing-Frye Realty, in a statement from the association.

The inventory of homes in the lower price ranges continues to decline and is likely to pressure the median sales price higher. For example, the inventory of existing single-family homes for sale below $300,000 dropped 29% in August compared with August 2014, to about two months of supply based on current sales.

Meanwhile, the median price of existing single-family homes priced more than $300,000 rose a more modest 2% to $502,000 in August compared with the same month in 2014.

Naples condo prices also have registered higher prices. The median price of an existing condo in August rose 7% to $235,000 compared with the same month a year ago.