Prices of Naples upper-end homes cool

NAPLES — Median prices of existing upper-end homes in the Naples area fell in May compared with the same month a year ago, suggesting prices may be stabilizing after years of rapid increases.

The median price of an existing condo costing more than $300,000 fell 12% to $554,000 in May compared with May 2014. The median price of an existing single-family home costing more than $300,000 fell 3% to $599,000 in that same time period, according to the Naples Area Board of Realtors.

“Historically, the median closed price for homes above $300,000 in May was the lowest since NABOR's been tracking statistics [in March 2008],” says Jeff Jones, the association's treasurer and managing broker at the Naples-Park Shore office of Coldwell Banker, in a statement.

Still, the association warned in a statement that the month of May is always an unusual month because it falls between the busy winter season and slower summer months. In addition, many homes in the lower price ranges have crossed into the $300,000-plus bracket, lowering median prices of upper-end homes.

The hottest segment of the market in terms of price in May was for homes priced less than $300,000. In that category, the median price of an existing single-family home was up 24% to $227,000 compared with the same month one year ago. The median price of an existing condo was $194,000, up 13%, in that same time period.