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NAPLES — The median price of an existing single-family home in the Naples area rose 14% to $425,000 in January compared with the same month in 2015, encouraging sellers to list their homes for sale.
Home prices for existing single-family homes rose most significantly on both the high and low ends of the market in January compared with the same month one year ago, according to data from the Naples Area Board of Realtors. The median price of an existing single-family home in the below-$300,000 category rose 26% to $239,000. In the highest price category of more than $2 million, the median price of an existing single-family home rose 13% to $3.6 million.
Meanwhile, the median price of an existing condo in the Naples area rose 5% to $278,000 in January compared with January 2015. Like existing single-family homes, the lowest- and highest-priced condos also drove the overall median price higher.
Sellers are putting their homes on the market in greater numbers and they're selling quickly, according to data from the association. Inventory in January rose 13% to 5,091 homes from 4,515 homes in January 2015. Average days on market in January fell 14%, to 75 days from 87 days in January 2015.
“Inventory levels are rising because prices are now at a point where sellers can see profits again so they are putting their homes on the market,” says Dominic Pallini, broker with Vanderbilt Realty, in a statement. “The days on the market decreased 14% overall, which could be due to price reductions.”
Phil Wood, president and CEO of John R. Wood Properties, says in a statement that inventory is up by nearly 600 homes since last January, which equals 6.1 months of inventory, the highest since April 2013. Six months of inventory is considered a market in equilibrium between buyers and sellers.
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