Bonita Springs Real Estate Update
Bonita Springs Real Estate Update
Over half of the homeowners in Bonita Springs and Estero lowered their list price during March. As a result, prices are much more realistic. Also, inventory increased during the same time period. Ultimately, this gives home buyers more choices and better opportunities to purchase a property at a fair price.
Year-Over-Year Bonita Springs Real Estate Update
Overall, if you compare activity for March of 2017 versus March of 2016, the markets are stable in Bonita Springs and Estero according to the Bonita Springs-Estero Association of Realtors (BEAR) latest statistics. The number of overall closed sales, for both single-family homes and condos for the past 12 months only decreased 1 percent. So, 2,996 units sold compared to 3,041 units during the previous 12 months. And, pending sales increased modestly, up 6 percent. Additionally, at the same time, the median closed price increased 1 percent.
Additional Highlights for Bonita Springs and Estero
- Average Days on Market increased from 74 to 94 which is a 27 percent increase
- Total supply of inventory currently stands at 7.5 months
Overall Lee County Single Family Home Sales
Both closed sales and pending sales increased in March when compared to March of last year. Specifically, closed sales increased from 1,115 properties up to 1,317 which is an 18.1 percent increase. Additionally, pending sales increased 8.9 percent during that time. Overall, single-family home sales increased in all categories, except for pending inventory which fell 7.7 percent. Thus, with the increased inventory and increasing prices the bottom of the market has come and gone.
Lee County Single Family Home Sales
Overall Lee County Condo Sales
March activity in Lee County increased significantly during the month of March when you compare the numbers to this same time last year. Overall, closed sales increased just under 30 percent. Also, pending sales increased from 739 to 832 which is a 12.6 percent increase. Additionally, the number of new listings added to the market fell slightly, down 3.2 percent compared to last year.
Lee County Condo Sales
Most importantly, market activity is similar in both Lee and Collier counties. However, sellers may not understand the market dynamics due to what is being reported in the national news.. The Bonita Springs and Naples area is unique compared to the rest of the country. So, I highly recommend connecting with an agent for additional information. And, I would be happy to assist you if you are considering a home purchase in Bonita Springs, Estero or Naples FL.
View Bonita Springs Real Estate Update – March 2017
View Full Lee County Real Estate Report – March 2017
Bottom Line
Finally, when you are ready to buy a condo or home in Southwest Florida, you will find it is more complex than a typical home purchase. Many communities have multiple fees and assessments that are not always obvious when you begin your property search. Also, if you have pets, most communities have restrictions on what type of pets you can own and how big your pet can be. In addition, the demographics vary significantly in each community.
So when 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. I will help provide the market information and more importantly, provide insights to help ensure you select the best community to match your needs.
Most importantly, I will manage all of your contract negotiations to ensure your real estate transaction is effortless from the first offer to closing!
About Matt Klinowski
