January 2018 Bonita Springs Real Estate Stats
We’ve shook off the fizzled fourth quarter of 2017 and 2018is off to a roaring start. Tourist season is in full swing and memory of Irma is fading away. We’re watching the properties beginning to pend sale. As anticipated with the rising prices is the rush to purchase the affordably priced properties. Put this into perspective: Seventy-five percent of home and condo sales in Bonita Springs and Estero Florida were priced under $400,000. The margins in much higher price points are single digit percentages.
Only twenty-two percent of the sales were under $200,000 and that figure would be larger if there was more inventory. The truth is that the bottom is always selling off and the price is always slowly growing upwards. Properties priced well or priced appropriately don’t last. They sell right away. I’ve watched several buyers miss out on the best property because they either took their time or went in with a lower offer than necessary and someone else swooped in and stole the property. Remember, there are other buyers out there so if most of the properties are tired or need work and there is a gem in the mix, you’re not the only person who is seeing the gem in the mix.
If you’re looking for a foreclosure or a short sale just know that the bulk of those smokin’ deals happened in 2009-2010. The distressed real estate market accounts for less than 1% of our closed sales. When a foreclosure does hit the market it goes at market price or slightly under so that it generates multiple offers and often sells over list price.
Don’t forget that there are still deals to be had. Buyers must be vigilant and ready to move on a great buy when it comes along. Be prepared to do a little work and make a great deal into a home. I have renovated two homes in the last year and often have people say to me “if you see a little gem like this, let me know”. Well, it wasn’t a little gem. It was stinky and white tile floors when I bought it, sea foam green walls and fake fishnets with starfishes on it for decoration. Don’t forget the basics:
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Buy a home or condo with a good view (think resale)
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Buy a home or condo and don’t over pay (pick an inventory heavy neighborhood if you can)
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Be prepared to do a little work (don’t be afraid of tearing out tile)
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Be prepared to buy sight unseen (if you know the neighborhood, floor plan)
We are officially half way through tourist season so it will be interesting to see how the market keeps up with the demand.
If you have questions about current market statistics or you’d like a recommendation of where there may be some great deals in your price range call or text Chris Griffith at 239-273-7430.