Bonita Springs Home Stats – Cash Drop
Over the last several months one of the few things we’ve seen in the Bonita Springs real estate market is the consistent rise in prices and the consistent drop in cash real estate transactions. We’re at an all time low for cash transactions in Bonita Springs about 48% cash sales. Balancing that change is a small rise in FHA mortgages used to financing Bonita Springs home sales. There are very few condominium complexes that are FHA approved so that’s the reason for generalizing “home sales”.
Closed sale home inventory in the Bonita Springs and Estero area is down over last year but it is due to lack of inventory and the amount of new construction home sales. Most new construction in Bonita Springs is not run through the MLS so it is not counted in this graph. While the unit sales of homes is down over last year, it is consistent and an average of many other years post housing boom, housing bubble burst.
Consistency is key in Bonita Springs home sales. The $200,000 and under price point continues to vanish and the $200-400,000 price point continues to lead in Bonita Springs home sales. We're seeing a small amount of growth in the $400-600,000 price point of home sales. The nutshell version of our Bonita Springs and Estero home sales report is that nearly 90% of all home sales is under $600,000!! Amazing statistic! Read that again!
Our current active home sale listings in Bonita Springs and Estero show that our real estate market is a little over 95% stable. Our foreclosure market is only about 3.5% of our active listings in Bonita Spring and Estero Florida. Our short sale market is only about 1% of our active listings in Bonita Springs and Estero, Florida. The market is stable and becoming more stable all of the time.
This month foreclosure closed sales accounted for about 7.5% of home sales in Bonita Springs and Estero Florida. Again, since short sales have diminished due to rising home sale prices, short sales in Bonita Springs accounted for only 1% of the inventory.
We're going into fall 2015 and already seeing the car haulers drop off in front of our gated communities so the local real estate market is about to take off at even more of a fevered pitch. Those home sellers and buyers who left in spring will come back to a shock of higher prices, less inventory and multiple offer bidding. Even our rental market is inventory depleted.
If you'd like to download the market graphs above in .pdf or printable form click here: August 2015 Market Reports.