Boom, bust both in play

For years following the recession, Naples real estate agents bemoaned the lack of inventory of existing single-family homes and condos for sale.

That acute lack of inventory has been one of the big reasons why prices of existing single-family homes and condos surged in recent years. For example, the median price of an existing single-family home in Naples is now $432,000, the Naples Area Board of Realtors reports.

But as longtime real estate experts know, the business in Florida is boom or bust.