Naples condo prices jump 21%

NAPLES — The median price of an existing condominium in Naples hit $263,000 in April, up 21% compared with the same month one year ago.

Condo prices were particularly strong at the upper price ranges. For example, the median price of existing condos at more than $2 million rose 16% to $2.95 million in April compared with the same month in 2014, according to the Naples Area Board of Realtors.

Meanwhile, the median price of an existing single-family home rose just 1% in April to $375,000 compared with April 2014. For homes priced at more than $300,000, the median price fell 8% to $525,000 in April compared with the same month one year ago.

Industry observers are noticing a slowing of price increases on single-family homes — even in Naples' most desirable neighborhoods such as Naples Beach.

“In July 2014, the median closed price for single-family homes in the Naples Beach area increased 36%. In April 2015, this area saw an 11% increase,” says Cindy Caroll, with real estate consultancy Carroll & Carroll in Naples, in a statement from the association. “I think the market played catch up between 2013 and 2014 and we are seeing a tempering of it now.”