NABOR: Home prices up 13 percent in Naples
NAPLES, Fla. – Cash buyers continue to flood the Naples market and snap up the limited supply of homes, the Naples Area Board of Realtors reported Friday.
Consequently, prices continued to rise year over year for both the third quarter and the month of September, the trade group said in its quarterly news conference at its headquarters on Pine Ridge Road.
Overall median closed prices increased 13 percent to $265,000 in the third quarter. For September they were up 6.1 percent, to $260,000, from the same month a year earlier.
“Overall we’re smiling,” said NABOR president Pat Pitocchi, while warning her real estate agent audience that such positive price increases don’t apply to “every single property or property type.”
While new home building is easing the area’s tight supply of inventory, the supply of resale homes stands at 3,702, down 9 percent from a year ago, NABOR said. The trade group does not track new home statistics.
But demand remains high because of an influx of cash buyers, mostly from out of town, which make up seven out of ten buyers, said NABOR president-elect Mike Hughes.
“Demand dwarfs supply,” he said.
Article written and published by The Naples Daily News