Bonita closed sales significantly increase

BONITA SPRINGS CLOSED SALES INCREASE SIGNIFICANTLY

Overall, both single-family home and condo closed sales increased significantly in February of this year. Also, according to the latest reports released by the Bonita Springs-Estero Association of REALTORS (BEAR), pending sales also increased during February.

Bonita Springs Single Family Homes

Pending sales for single-family homes increased 2 percent. Notably, in the $500,000 to $1 million price range, pending sales increased 16 percent. And, in the $1 to $2 million price range they increased 13 percent.

According to Jerry Murphy, Managing Broker of Downing-Frye, “The increase in pending sales is due to sellers making critical price adjustments. The continued increase in days on market reflect those homes that are still not priced at fair market value.”

Finally, the number of days on market continues to increase for single family homes in Bonita Springs and Estero.

Bonita Springs Condo Sales

The condo market is almost the same as it was last year. As a result, agents are holding more open houses in Bonita Springs and Estero. Buyers visiting open houses are looking for a lifestyle change or they are visiting the area and are considering a purchase.

As we approach the end of season, sellers are reducing prices. Sellers do not want to pay the costs for their property through the summer. As a result, you should see sellers become more open to negotiating.

Also, builders continue to add inventory to the market as they build New Construction homes. Even though area builders and developers are offering attractive incentives, buyers interested in new construction should bring an agent to represent them. Remember, the builder is looking out for their own interests, not yours.

“Many people are simply unaware that utilizing a real estate agent for their new construction home transaction does not cost them more money,” stated 2017 BEAR. President, Roger Brunswick, John R. Wood Properties. “In fact, it costs them nothing because the builder pays the commission.”

Bonita Springs February Homes Sales 2017

Bonita Springs February Condo Sales 2017

Year-Over Year Statistics

Finally, for the past 12 months, the number of overall closed sales for both single-family homes and condos fell 7 percent. Closed sales fell from 3,104 units down to 2,891 properties in February of 2017.

On the other hand, pending sales increased 2 percent. They went from 2,989 units last year to 3,048 units this year.

Lastly, overall days-on-market increased to 100 days. Therefore, this represents a 33 percent increase compared to last year. As of February 28th, there were 1,862 single-family homes and condos for sale. Thus, there is 6.4 months worth of inventory on the marekt in the Bonita Springs and Estero.

View Full Bonita Springs Home Sales February 2017

View Bonita Springs Monthly Market Data Report 2017

Bottom Line:

When you are ready to buy a golf condo or home in southwest Florida, you will find it is more complex than a typical home purchase. For example, condos have multiple fees and assessments that are not always obvious. Also, if you have pets, there are almost always restrictions on what type of pets you can have and how big your pet can be. Finally, demographics vary significantly in each community. Let me be your guide to finding the right home to match your lifestyle.