According to a report by Florida Realtors released this week, the price of single-family homes in the Naples-Marco Island area was more than twice the Florida median, and the most expensive in the state, compared to last year. And more great news for Florida sellers is the ratio for list price to sale price is up to 94.5 percent.
In terms of price growth percentage year-over-year in August, Naples ranked fourth in Florida out of 10 metro areas. Statewide, single-family home prices rose 11.1 percent, to $199,000. In the Naples area, home prices experienced a 15.3 percent increase over last year, to achieve a median price of $414,000. Condo price increases were more moderate, up 6.7 percent in the Naples area, compared to 10.3 percent statewide.
The pace of sales, which was once fast and furious, is slowing, and is expected to continue as such for the remainder of the year. The inventory tightness trend continues and the number of new listings has shrunk. A six-month inventory is considered to be balanced. Statewide, supply for single-family homes is 4.3 months and 5.2 months for condos. The demand in the Naples area continues to be strong and will increase with the upcoming season.