Some very interesting numbers are occurring year over year from one of the country's hot spots during the real estate boom. The numbers below are getting better. We are having continual declines in months of inventories or absorption rate.
Absorption rate generally means that these are the amount of months it would take to sell each and every available home on the market if not another home was put on the market for sale.
Obviously, that makes these numbers very fluid but this gives a very good general snapshot of the marketplace in Southwest Florida's Bonita Springs & Estero communities.
Our winter months are coming and that is the seasonal strong time for Southwest Florida as the snowbirds begin to migrate for up to 6 months. We love the snowbirds! They bring with them a great deal of charm, good qualities, diverse personalities, enjoyment, golf clubs & quite often their checkbooks to make real estate purchases.
That is a great thing for our local economy, state taxes and certainly the real estate market. I have much higher anticipation of business for this coming winter than I did last. While the graph below doesn't show my following data, we are up nearly 80% in transacted sales year over year. That is remarkable with all of the economic & housing struggles of today and a long & drawn out Presidential campaign.
The biggest reason for this upward tick is that the home seller's, agents and brokers in Southwest Florida have finally begun to realize the proper pricing for a home in a declining market. We are now at a 2 for 1 pricing formula based on peek pricing. What I'm saying is that the sold homes are selling at 50% off of their peek values of November 2005.
That is translating into great buyer opportunities and long term appreciation likelihood. We have great values in whatever style community you desire whether for retirement, 2nd home pleasure, corporate retreats or good old fashion long term home investment!
The availability of a broad selection of housing that is priced for long term success is all over Southwest Florida including gated & golfing communities, waterfront & boating communities, Gulf of Mexico access homes, acreage & equestrian properties & condos, villas, coach & carriage homes of all styles are NOW on sale.
| The Bonita Springs/Estero Real Estate Market, October 2008 | |||||||||
| Oct. Inventory | Total Inventory | Pending | % | Sold | % | # of months of inventory | |||
| Single Family | 193 | 1364 | 23 | 1.7% | 47 | 3.4% | 29.0 | ||
| Multi Family | 185 | 1589 | 29 | 1.8% | 45 | 2.8% | 35.3 | ||
| Single Family (By Price Range) | |||||||||
| $0 - $300,000 | 68 | 411 | 10 | 2.4% | 14 | 3.4% | 29.4 | ||
| $300,001 - $400,000 | 35 | 223 | 4 | 1.8% | 11 | 4.9% | 20.3 | ||
| $400,001 - $500,000 | 26 | 173 | 6 | 3.5% | 4 | 2.3% | 43.3 | ||
| $500,001 - $700,000 | 17 | 210 | 1 | 0.5% | 11 | 5.2% | 19.1 | ||
| $700,001 - $1,000,000 | 20 | 144 | 2 | 1.4% | 6 | 4.2% | 24.0 | ||
| $1,000,001 & Up | 27 | 203 | 0 | 0.0% | 1 | 0.5% | 203.0 | ||
| Multi Family/Condo (By Price Range) | |||||||||
| $0 - $300,000 | 117 | 861 | 21 | 2.4% | 25 | 2.9% | 34.4 | ||
| $300,001 - $400,000 | 33 | 299 | 5 | 1.7% | 11 | 3.7% | 27.2 | ||
| $400,001 - $500,000 | 10 | 138 | 1 | 0.7% | 2 | 1.4% | 69.0 | ||
| $500,001 - $700,000 | 12 | 128 | 2 | 1.6% | 3 | 2.3% | 42.7 | ||
| $700,001 - $1,000,000 | 7 | 78 | 0 | 0.0% | 0 | 0.0% | UNAVAILABLE | ||
| $1,000,001 & Up | 6 | 85 | 0 | 0.0% | 2 | 2.4% | 0.0 | ||
Best regards,
Owen Zweiback PA, GRI, Realtor, e-Pro
Coldwell Banker Residential Real Estate
23421 Walden Center Drive
Bonita Springs, Florida 34134
239-269-3077 Cell 800-547-3019 Toll Free Office
www.floridamoves.com/owen.zweiback
Thank you for the info. I believe if we all look at the improvements, we will actually attract a better market.
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