New home construction in Livingston Lakes, Naples, Florida
photo: WCI Communities
By June Fletcher
Single-family homes in Southwest Florida topped the state in price growth in July, but town houses and condos showed more lackluster increases, a new report shows.
Median single-family home prices in the Naples-Marco Island area rose 23.1 percent in July over the year, to $400,000 from $325,000, according to a monthly report by Florida Realtors.
That put it first among 20 residential areas the Orlando-based trade group tracks.
Cape Coral-Fort Myers was second in the state. Single-family home prices were up 17.2 percent, to $210,900 from $179,900.
Both areas handily beat statewide single-family price growth of 8.1 percent, to $199,900 from $185,000.
They also want to snag a vacation home in the offseason and “prove the myth that you can visit Naples in hot, steamy weather and save money,” he said.
But price growth has abated in Southwest Florida’s multifamily homes, which had big year-over year increases in June.
Town houses and condo median prices rose only 4.3 percent in Naples-Marco Island, to $245,000 from $235,000, and 6 percent, to $169,500 from $159,950 in Cape Coral-Fort Myers.
That put both metro areas low on the list for multifamily price growth in Florida: Naples-Marco Island ranked 14th, and Cape Coral- Fort Myers ranked 11th.
Statewide, multifamily median prices hit $150,000, up 9.1 percent from $137,500 a year earlier.
John Tuccillo, chief economist for the trade group, said in the
But price growth has abated in Southwest Florida’s multifamily homes, according to a monthly report by Florida Realtors.