Bonita Market Update
BONITA SPRINGS HOUSING INVENTORY
Inventory has flooded the market in the Bonita Springs and Estero areas according to the latest market reports by the Bonita Springs–Estero Association of REALTORS® (B.E.A.R.). Single family home inventory was up 23 percent in May of this year when compared to the same time last year. Condo inventory was up almost 30 percent during the same time period.
SALES SLOWING
Both closed sales and pending sales saw significant declines in May. There were 98 single-family homes sold during the month which was down from 131 in May of 2015 which represents a 25.2 percent decline. Condos saw similar declines with 80 sales in May versus 111 a year ago, a 27.9 percent decrease. Single-family pending sales fell 28 percent and condo pending sales fell 27.9 percent.
Single Family Homes Bonita Market Update
Townhouses and Condos Bonita Market Update
TWELVE MONTH REVIEW
The number of overall closed sales for both single-family homes and condos over the past twelve months ending May 2016 was 2,858 units compared to 3,269 compared to the same time a year earlier which is a 13 percent decrease. On a positive note, the median closed price during the 12-months ending May 2016 was $302,000 compared with $275,000 in 12-month ending May 2015.
BOTTOM LINE
According to industry analysts, the increase in inventory and the decline of sales activity will result in home prices declining. For those of you looking to purchase a homes, now is a good time to start looking or move forward with a purchase.
View Full Bonita Market Update
Are you considering buying a home or condo in Bonita Springs, FL? Or perhaps you are interested in property in Naples? Let me be your guide!
About Matt Klinowski
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Matt Klinowski has lived in Naples for more than 15 years. He is an expert on the local real estate market and specializes in real estate within golf communities. Matt enjoys the laid back lifestyle in Naples with his wife (More about Matt…).
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