Naples home prices keep surging

NAPLES — Rising home prices in Naples showed no sign of slowing in September as the median price of an existing single-family home flirted with the $300,000 mark.

The median single-family home price rose 29% in September to $295,000 compared with the same month one year ago, according to the Naples Area Board of Realtors. Existing condominium prices rose too, jumping 26% to $189,000 in September compared with September 2012.

“Demand for homes in the coastal area is driving activity in other segments due to reduced inventory,” says Kathy Zorn, broker at Florida Home Realty, in a statement. “Your average days on market for single-family homes in this coastal area went from 215 days in the third quarter of 2012 to 131 days in the current third quarter.”

“It's the law of supply and demand,” says Wes Kunkle, NABOR president and commercial broker at Kunkle Realty, in a statement. “Home inventory is decreasing, home sales are increasing and we continue to see an increase in the median closed price of homes.”

Higher prices and lower inventories of homes available for sale haven't slowed buyers in Naples. The number of single-family home sales in September rose 15% to 340 and the number of condo sales also rose 15% to 323 compared with the same month one year ago.