BONITA-ESTERO MARKET ‘HEATING UP’
The Bonita-Estero real estate market is ‘Heating Up’! According to the most recent data released by B.E.A.R (Bonita Springs-Estero Association of Realtors), overall pending sales increased double digits year-over-year. Also, the total number of closed sales for the 12 months ending in May was 2,989, up from 2,965 during the same time last year. Additionally, almost 20 percent of the properties on the market had a price reduction during the previous month. Analysts from B.E.A.R. attribute the price reductions to sellers being more motivated to sell their homes. Thus, sellers are adjusting to the market conditions, pricing their homes to meet market conditions. Finally, the median price increased slightly from $300,000 to $305,000 for the 12 months ending in May of this year compared to May of last year.
Bonita Springs and Estero Single Family Market Data – May 2017
Year-Over-Year May Highlights for Single Family Homes
- Closed Sales increased from 104 in May of 2016 up to 114 in May of 2017 which is a 9.6 percent increase
- Pending Sales increased 33.8 percent up from 80 to 107 compared to May of last year
- Inventory decreased from 565 homes down to 529 during May which is a 6.4 percent decrease
- Average sales price increased from $425,814 up to $454,522 which is a 6.7 percent increase
- New Listings decreased by 8.9 percent falling from 123 down to 112 for the month
So, for single family home sales in the area, ‘heating up’ is an understatement based on the market data above. Inventory is decreasing and the number of new homes being listed are decreasing. The result, lack of inventory is driving prices up. Thus, if you’re considering buying a single family home, now is the time to purchase. Since there’s no end in sight to the limited inventory, prices are just going to keep rising. And, if you are thinking of selling, now is a great time to put your home on the market as prices continue their upward trend.
Bonita Springs and Estero Condo Market Data – May 2017
Year-Over-Year May Highlights for Condos
- Closed Sales increased from 84 in May of 2016 up to 115 in May of 2017 which is a 36.9 percent increase
- Pending Sales increased 34.3 percent up from 67 to 90 compared to May of last year
- Inventory increased from 422 condos up to 525 during May which is a 14 percent increase
- Average sales price fell from $329,185 down to $307,748 which is a 6.5 decrease
- New Listings increased by 8.2 percent up from 100 to 114 for the month
Unlike the single family home market, existing condo inventory is higher than last year. Additionally, the number of new condos being added to the market is also increasing which is causing condo prices to drop. As a result, buyers interested in condos, have significantly more properties to chose from. As more properties come on to the market, homeowners will need to become more flexible to compete with their neighbors who are also selling their units. And, there’s a very good chance sellers will continue to lower their prices or be more willing to negotiate.
Additional Articles:
May 2017 Florida Realtor Market Report
May 2017 BEAR Market RPR Report
Forbes 2017 American Dream Index
Is Bonita-Estero still a seasonal market?
Florida is now the third largest state in the country. And, since we do not have a state income tax, we continue to see people choose Florida as one of their top places to retire. If you live in the state for 6 months and a 1 day you qualify for state residency. Hence, you are saving money as soon as you qualify to be a “full-time” resident. In addition, compared to other states, our property taxes are significantly lower. The fact that May is showing significantly more activity than years past may indicate the area is becoming less seasonal.
Begin Your Own Bonita-Estero Property Search:
So, if you are ready to begin your own property search, I encourage you to explore this website to find information about communities in Southwest Florida. If you are a golfer, I specialize in golf community real estate and would be happy to help you navigate over 100 different golf communities to get you started. Or, I you would rather, I will provide a list of properties that meet your criteria.
Bottom Line:
Finally, if you are buying a home in a golf community, you will find it is more complex than a normal home purchase. As you can probably imagine, there is a significant difference between golf courses. Also, there are hidden fees, different membership fees, pet restrictions and very different demographics in each community.
Also, if you are considering new construction, remember the real estate agents represent the builder’s best interest, not yours. There is no cost to you to have an agent represent you. In fact, I can help you save money and negotiate for extras which the builder may not let you know you about.
So, if you are looking for information about a specific community in Bonita Springs, Estero or Naples, contact me and I will prepare a custom market report for you. Most importantly, I can provide the market information and insights to help make sure you select your dream home.
Lastly, I will handle all of the contract negotiations for your property from the first offer to close.
About Matt Klinowski
Contact Matt: Matt@NaplesGolfGuy.com
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