Naples home prices jump

NAPLES — The median price of an existing single-family home in Naples showed no sign of slowing in March, jumping 26% to $360,000 compared with the same month in 2013.

“The Naples area housing market does not appear to be slowing down,” says Pat Pitocchi, president of the Naples Area Board of Realtors and corporate trainer at Downing-Frye Realty, in a statement. “Realtors are busy, especially agents who are showing homes priced over $1 million. In addition, for the first quarter of 2014, cash sales are continuing to dominate the market as shown by sales of 74% versus financed sales of 26%.”

Based on the current sales pace, there was about four months of supply of existing single-family homes on the market in the Naples area in March. An existing single-family home spent 97 days on the market on average in March, down from 171 in March 2013.

Despite the lower inventory and rising prices, Realtors helped sell 431 existing single-family homes in March, a 3% increase over March 2013, according to the association.

Meanwhile, existing-condo prices ebbed slightly. The median price of an existing-condo in March was $216,000, less than 1% drop from $225,000 in 2013. Realtors helped sell 504 existing condos in March, up 6% from the same month one year ago.