Naples condo prices jump 35%

NAPLES — The median price of an existing condominium in Naples rose 35% in October to $210,000 compared with the same month one year ago.

As condominium prices rose, the number of sales fell as inventories shrank. In October, Naples posted 294 existing-condominium sales, a 15% drop from the 347 sales in October 2012, according to the Naples Area Board of Realtors.

Meanwhile, the median price of an existing single-family home in Naples rose 18% to $279,000 from the same month one year ago. The 330 sales in October were flat compared with the 328 sales in October 2012.

“The ingredients are in place to drive prices up this season,” says Mike Hughes, vice president and general manager of Downing-Frye Realty in Naples, in a statement. “I've noticed that the second half of the year has been filled with a multiple-offer environment as both inventory and days on market continue to decrease.”

Based on October's sales pace, there's an eight-month supply of single-family homes available for sale and 8.8 months' worth of condominiums, according to the NABOR data.