Investors help push Naples home prices higher

NAPLES — The median price of an existing single-family home rose 16% to $235,000 in January in the Naples area compared with the same month one year ago.

Besides buyers who plan to live in the homes, Realtors say they're seeing institutional investors in the market.

“Adding to the increasing sales activity in the market is the return of Real Estate Investment Trust purchases. These national REITs are buying single-family homes and betting on a higher level of appreciation for future reselling,” says John Steinwand, president and principal broker with Naples Realty Services, in a statement.

Meanwhile, the median price of an existing condo rose 17% to $185,000 in the same period, according to the Naples Area Board of Realtors.

Realtors helped sell 278 existing single-family homes in January, a 7% increase over the same month one year ago. The 290 existing-condo sales in January were flat compared with the 288 sold in January 2012.