Bonita Springs Estero Real Estate Statistics
So, how is the real estate in Bonita Springs faring as we enter the fall season? It may surprise you to know that our current active real estate for sale in Bonita Springs and Estero (homes, condos, manufactured homes, town homes) only has about 1% distressed properties for sale at this time. That means there are very few foreclosures for sale and even fewer short sales for sale.
The real estate market is moving swiftly. We’ve kept pace with prior years real estate sales going a few years back. More sales will be recorded as closing paperwork that happened out of the are gets mail/recorded at the courthouse.
Real estate consumers are paying for their purchase with cash about 56% of the time. We’ve seen more cash in the real estate market in the past but now that prices are rising it is harder for most buyers to be liquid for a home purchase. Conventional mortgage financing comes in second with about 33% of the transactions. There are forms of alternative financing accounting for about 5% of sales which is running hand and hand with FHA mortgages. Just under 2% of our sold homes were financed with a VA mortgage which is a wonderful program which affords veterans the ability to purchase a home with very little or no money down. They aren’t without closing and underwriting woes, I will warn you. Recently, we closed one of our listings in Imperial Shores and it took a great deal of work to get that to the closing table due to the regulations and inspections issues.
About 74% of our closed sales were priced at $400,000 or less. The majority of those properties were priced in the $300,000’s +/-. There are few sales under $200,000. As of Oct 12, 2016 there were only six homes under $200,000 in Bonita Springs and Estero, Florida … of those homes many need extensive work and/or do not qualify for conventional financing due to damage or condition of the property. We can all agree that $200,000 is a lot of money but it doesn’t purchase much with regard to a single family home in Bonita Springs or Estero Florida.
Luxury homes in Bonita Springs in the $1M and up range continue to sell, depending upon community and the inventory. Should you be searching for a home priced at $800,000 or higher you will want to make sure your real estate agent performs an absorption rate to make sure you are negotiating the best deal. If you would like to learn more about the Bonita Springs housing market and specifically a neighborhood where you have a home to sell or buy, contact Chris by phone/text 239-273-7430.
If you would like to download the entire graph reports to print click here: September 2016 Market Report