Estero and Bonita Springs July Housing Trends

ESTERO AND BONITA SPRINGS JULY HOUSING TRENDS

The Estero and Bonita Springs July housing trends continue to show an upwards trajectory in home sales according the the latest data released by B.E.A.R. (Bonita Springs-Estero Association of Realtors). Overall, pending sales for both condos and single-family homes increased 10 percent for the past 12 months ending July 2017. Also, the total number of closed sales for the same time period was 3,086, up from 2,813 which is an 11 percent increase.

Additionally, the days on market for all properties in the area increased 18 percent.  As a result, sellers with overpriced properties are starting to adjust their prices to become more competitive.  In all, there were 260 price reductions during the month.

Finally, the median price decreased slightly from $305,000 to $295,000 for the 12 months ending in July of this year compared to July of last year.

Bonita Springs and Estero Single Family Market Data – July 2017

Year-Over-Year July Housing Trends for Single Family Homes

• Closed Sales decreased from 80 in July of 2016 down to 75 in July of 2017 which is a 6.3 percent decrease
• Pending Sales increased 2.4 percent up from 85 to 87 compared to July of last year
• Inventory decreased from 507 homes down to 496 during July which is a 2.4 percent decrease
• Average sales price decreased less than 1 percent from $440,106 down to $439,787
• New Listings remained the same at 114 for the month

So, for single family home sales in the area, closed sales continue to increase despite the fact that it is summer and we normally see a decrease in activity.  Unfortunately, inventory continues to decrease and the number of new homes being listed is flat. The result, lack of inventory is holding prices steady and there is a limited supply to chose from. 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 are expected to continue their upward trend due to the low inventory.

Bonita Springs and Estero Condo Market Data – July 2017

Year-Over-Year July Housing Trends for Condos

• Closed Sales increased from 45 in July of 2016 up to 72 in July of 2017 which is a 60 percent increase
• Pending Sales increased 28.4 percent up from 67 to 86 compared to July of last year
• Inventory increased from 407 condos up to 456 during July which is a 12 percent increase
• Average sales price fell from $305,329 down to $277,011 which is a 9.3 decrease
• New Listings increased by 34.4 percent up from 61 to 82 for the month

The condo market is on fire!  Closed sales showed a staggering 60 percent increase compared to the same month last year.  Pending sales also show huge increases up 55.3 percent during the same time period.  The good news is there was also an increase in active listings which will help provide more options for potential buyers.  Analysts have indicated the decrease in median sales price is likely a result of condo owners lowering their price to be more competitive.  However, historically, inventory still remains low.  Also, 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, similar to last month, analysts anticipate sellers will continue to lower their prices or be more willing to negotiate.

Additional Articles for July Housing Trends:

Bear July 2017 Market Report

July 2017 FAR Market Report

REALTORS® Expect Continued Home Price Growth in Next 12 Months

Begin Your Own Naples Property Search:

So, if you’re ready to begin your property search, I encourage you to explore my website to find information about communities in Southwest Florida.  If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area.  If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Bottom Line:

If you are buying a home in a golf community, you will find it’s more complex than a typical home purchase.  As you can probably imagine, there are significant differences between golf communities.  There are many different fee structures, membership options, pet restrictions, demographics and many other details that apply to the SWFL golf communities.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours.  There is no cost to you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.

If you’re looking for information about a specific community in Bonita Springs, Estero or Naples, please contact me and I will prepare a custom market report for you.  I will provide the market information and insights to help make sure you select your dream home!

Lastly, I will handle all contract negotiations for your property from offer to close!

About Matt Klinowski

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The above information was provided by Matt Klinowski, an expert in Southwest Florida real estate.  When you are ready to buy or sell a single family home or condo in Naples, Bonita Springs or Estero, contact me. With 15 years of experience I can help provide the market information and insights into individual communities to help you find the perfect home.  Most importantly, I will handle all the negotiations to make your real estate transaction as smooth as possible.