Bonita Springs Real Estate Market Stats
The continuing theme in the Bonita Springs and Estero Florida real estate market is the $200,000 to $400,000 price point selling the largest portion of the market. The $200,000 and under market continues to shrink as the bottom comes up and prices rise.
The $800,000 to $1 Million price point continues to have growing pains. That means if you are a home seller or about to list your Bonita Springs home for sale you need to be on point with your pricing. That segment of the proverbial pie accounts for less than 4% of our closed sales.
As of the first week of May 2016 our market was about 98% stable with fewer than 2% of our active real estate listings being considered distressed; short sale or foreclosure. At the time that this report was compiled there was a total of six properties for sale which were foreclosure … city wide.
The actual units sold in the Bonita Springs and Estero Florida area was on track or slightly under but would likely be higher if there was more entry level housing available. We are in a listing shortage for affordable homes.
In addition, there are a few neighborhoods that I’ve kept an eye on that have had inventory pile up. We’re talking about the $350-500,000 range where the home sellers “listed on each other’s list prices” instead of closed sale prices. Inventory has grown from about 5.5 months of inventory to about 1.5 years of inventory. Good to know if you’re a buyer and something to be aware of if you’re a seller. You need to be on point when pricing your home to list it in this type of market or your neighbors will reduce around you and you will watch the erosion the prices. Notice that I said prices, not values because the values, in these types of circumstances are imaginary. Buyer’s have grown wise to it and have pumped the brakes on buying. They’ll let the seller’s simmer in the heat a little before taking action.
There could be a home buying bump over Memorial Day weekend which is usual over long weekends. Expect a slower than usual real estate market in select neighborhoods until graduation season is over. July will kick off with activity over the 4th of July holiday which falls on a Monday this year. We’ll have buyer travelers making a weekend of home buying.
Last but not least, how are home buyers paying for their real estate in the Bonita Springs area? We’re at a fairly low percentage of cash; about 56%, followed by 37% conventional mortgages. Cash is weak right now, likely because of the price increases in the last year. At this time last year we had about 63% cash transactions.
If you have questions about listing your home or purchasing in this shifting real estate market, contact Chris at 239-273-7430.
This market report was prepared with data provided by various Boards of Realtors.