Naples home prices jump 37% in December

NAPLES — The median price of an existing single-family home in Naples rose 37% in December to $340,000 compared to the same month one year ago, further evidence of the recovery in housing.

As home prices surged and inventory of homes for sale declined, the number of sales of existing single-family homes fell 25% to 301 in December compared with December 2012, according to the Naples Area Board of Realtors.

“This report indicates a tremendous market shift from home sales in the under-$300,000 category to home sales in the over-$300,000 categories,” says Bill Coffey, broker manager of Amerivest Realty Naples, in a statement. “Sales over $300,000 now drive the market.”

Meanwhile, existing condominiums exhibited a similar trend. The median price of an existing condo rose 19% to $215,000 in December compared with the same month in 2012. The number of sales of existing condos fell 25% to 306 in the same period, the association reports.