The Myth about Naples Real Estate Prices

The Myth about Naples Real Estate Prices

Be wary about what you see in the media about the Naples Real Estate market. Much of what is in the media isn't worth the paper it's written on. It can be very misleading. Some in the media have reported that Naples is the most overpriced housing market in the nation. They go on to site examples of the high prices in our market and use average prices gathered from statistics that really don't reflect the true condition of the market place. Averaging the prices will not give you a true picture.

For example: In North Naples just north of Immokalee Rd. ( what we refer to as zone NA-11 ) a couple years ago when one of the news articles appeared, there were 680 properties on the market and the statistics showed the average asking price to be $693,991. Well, in fact, we actually had over half of the properties in that area on the market at an asking price of less than $400,000. So you can see how the very high priced properties will skew the real picture.

I lived in zone NA-14 in North Naples at the time, which is the heart of North Naples and the statistics were showing that the average asking price was $675,481. Well, I'm here to tell you that almost half of what was on the market in that area was at an asking price of under $400,000.

Another example of how statistics can paint the wrong picture:
Say you have a town of 100 properties at $200,000 each =    100 x 200,000 = $20 million
         "      "                       15 properties at $2 million each =      15 x $2 million = $30 million
            Totals.....           115 properties                                                                    $50 million
            Average..     $50 million / 115 properties = $434,782 as the average price

Conclusion: Statistics have really played a part in painting a misleading picture of the local market prices.
So, even though you may read something that says an average price in a given area might be close to $700,000 and that it is too expensive to live in Naples, don't be discouraged. You should still be able to find plenty of Naples homes for sale under $400,000 and thousands of Naples condos for sale in the $200,000 - 300,000 price range.

For Professional advice and information from
a Broker that has been selling in the Naples
Florida market for 20 years, contact Pete Smith