The Summer Bonita Springs Real Estate Statistics
First and foremost, ninety-two percent of the closed sales in Bonita Springs and Estero, Florida this month were priced under $600,000. This was officially the summer of the bargain hunters. I’ve noticed on more than one occasion that a couple of my listings had plenty of shoppers but no buyers. Certain price points simply didn’t shake loose this summer.
We are now rounding the bend into fall. The car haulers start showing up at the end of August and that strikes an immediate uptick in “move around” buyers who may already have a place here but may be moving up or down in housing size.
Our units sold this month isn’t off, it’s just that the sales were all on the affordable side. The bottom continues to sell off. Properties in price points that are struggling will sell but it will take patience for the buyers to return.
Eighty-seven percent of closed sales have been funded with cash or conventional mortgages. FHA isn’t a viable product in this area due to the price cap and the requirements of homes to be able to pass the FHA inspection. Typically, the entry level priced homes have a few issues that render them unable to pass the inspection. (government guidelines) The same with VA. We don’t have a lot of VA mortgages but the inspection period is typically the hang-up with regard to that product funding in the Bonita Springs and Estero, Florida area.
Fewer than 2% of our listings and even the closed sales are considered distressed. That’s a great sign. Sellers aren’t competing with foreclosures and short sales. Buyers with grit may hang in there for a short sale or foreclosure but those properties aren’t always the best deal, at this point.
In all, there have been struggles for Bonita Springs properties priced over $600,000 across the board. It will pick up again.
Luxury properties are selling but the uber luxury properties are only accounting for about three percent of closed sales. It’s a fairly small slice of the pie so any buyer looking for luxury real estate from the price point of the about the $700,000’s must obtain an absorption rate to make sure they do not have more leverage and bargaining power.