Bonita Springs Real Estate Market Update May 2017
Nearly 99% of our actively listed property in Bonita Springs, Florida is equity owned, non-distressed properties. We are operating with very little short sales and foreclosures in our real estate market at this time.
The trend of selling off the entry level thus rising the prices of real estate continues. The notable changes this month are that cash has shrunk and conventional mortgages have increased. We will continue to see the shrinking (to extinction) FHA and VA mortgages. Those styles of mortgage have “loan limits” that will be exceeded plus there are qualities of condition that must be met for a home to finance with VA/FHA that homes in entry level, potentially in disrepair, do not qualify for the program in the Bonita Springs area. There are homes just north, in San Carlos Park that will qualify, however.
Our biggest news this month is that 50% of our sales occurred in the $200,000-400,000 price range. That’s the most we’ve seen. The $800,000 to 1M range continues to struggle with merely 2.7% of the real estate market share in closed sales.
The local Bonita Springs and Estero Florida real estate market is just coming out of the “graduation slump” and will pick up, especially over the July 4th weekend.
If you’d like to learn about the real estate market reports for your specific neighborhood, contact Chris at 239-273-7430 call/text.