Naples single-family home prices rise 23%

NAPLES — The recovery in Naples' residential real estate continued unabated in April with the median price of existing single-family homes rising 23% in April to $310,000 compared with April 2012.

Meanwhile, the median price of existing condos rose 8% to $205,000 in April compared with the same month one year ago, according to the Naples Area Board of Realtors.

“For the last few years we have continued to see strong home sales in the summer,” says Mike Hughes, vice president and general manager of Downing-Frye Realty in Naples, in a NABOR statement on April's sales data. “The notion of strong sales occurring only during traditional season is no longer, and we are very bullish on the real estate market heading into summer due to the environment of low inventory, the tightening up of days on the market and the increase in median prices.”

In terms of the number of sales, the condo market has been especially active. Realtors helped sell 426 condos in Naples in April, a 49% increase over the same month one year ago.

As prices jumped and inventory of existing single-family declined, the number of sales of existing single-family homes fell 11% to 237 in April compared with April 2012.