NAPLES — Naples existing single-family homes showed no slowdown in prices in April, even as foreclosures dwindled.
The median sale price of an existing single-family home in the Naples area reached $375,000 in April, an increase of 24% compared with the same month one year ago, according to the Naples Area Board of Realtors.
Fewer homes sold in April as prices rose. Realtors helped sell 441 existing single-family homes in the Naples area in April, down 15% from April 2013, the board reported.
Meanwhile, the median sale price of an existing condo in Naples rose 10% in April to $220,000 compared with the same month one year ago. Realtors helped sell 641 existing condos, a 4% drop in the same time period.
“The sales in April, and the pending activity we are seeing today, are from serious buyers, not shoppers,” says Brenda Fioretti, managing broker at Berkshire Hathaway HomeServices Florida Realty, in a statement. “Homeowners that list now can expect fewer lookers and more offers over the summer.”
Increases in existing-home prices and dwindling inventory are driving new construction in the area. “Our agents are showing buyers new construction homes,” says Phil Wood, president and CEO of John R. Wood Realtors, in a statement. “There isn’t enough existing home inventory to go around. But not even new construction can keep up with the current level of demand.”- See more at: http://www.businessobserverfl.com/section/detail/naples-home-prices-spike/#sthash.V2dld1AB.dpuf