Cash Real Estate Sales Shrink
Part of the reason why we've seen fewer cash sales in the Bonita Springs and Estero Florida real estate market is because the bottom is coming up. First, 43% cash sales is huge but for the Bonita Springs area it is a little low. Higher prices and low interest rates mean more folks are financing. To help put the Bonita Springs housing market into perspective, as of today August 16, 2016, there are only 4 homes for sale under $200,000 and a few of those may not be eligible for financing due to their condition.
What's a Bonita Springs home buyer to do? Well, they head north. One of the closest available, affordable, single family home neighborhoods is San Carlos Park in South Fort Myers. They're running about 20% cash which is significant considering the huge amount of FHA mortgages that are typically processed in that area. There are homes in the $200,000ish range which come onto the market and go quickly. My last two home listings in San Carlos Park were only for sale about 24 hours and both sold having received multiple offers.
How Many Homes Sold in Bonita Springs Florida
We've still carried a healthy closed sale rate but it would be higher if there was more inventory in entry level. Affordable homes and condos come and go quickly from the market especially if they are in good condition and priced appropriately.
Bonita Springs Home Prices
That 800-1M price point continues to have a few growing pains. That means opportunities for buyers who are looking for modestly priced luxury real estate in Bonita Springs and Estero, Florida.
Only 1% Distressed Homes in Bonita Springs Fl
In case buyers and sellers don't realize how much we've recovered, this is the report for short sales and foreclosures in Bonita Springs and Estero, Florida.
If you'd like to learn more about Bonita Springs real estate call or text Chris Griffith at 239-273-7430.