Metas
Bonita Springs Condo Market Report for November 07
New Listings:
A total of 204 Bonita Springs condominiums were listed in November 2007. When compared to November 2006, the number of condos listed was 245 – a reduction of 41 units or 17%. In November 2005, 191 Bonita Springs condos were listed – an increase of 13 units or about 7%. The reduction in the volume of new listings between 2007 and 2006 can be attributed to condominiums completed and purchased or attempts to assign contracts by investors in 2006. The increase from 2005 to 2007 was caused primarily by high-rise condominiums in Bonita Bay - Esperia South, Esperia North, and Tavira.
Median Price Paid:
In the month of November the median price paid for a condominium in the Bonita Springs area was $375,000. In November 2006, the median price paid a condo in Bonita Springs was $370,000 or an increase in the median price of 1%. Looking at November 2005, the median price paid was $377,500 – the reduction in the median price is 1%.
Closed Sales:
The closed sales for condominiums in Bonita Springs during November were 33. In November 2006, the number of closed was 25 and 66 in November 2005; the respective changes are an increase of 44% and a reduction of 50%. The increase in the number of closings over 2006, it a good sign considering how the financing programs have become more restrictive. The volume reduction between 2007 and 2005, is related to the cooling of the overall real estate market, as well as, the changes in the mortgage arena.
Pending Sales:
The volume of pending sales came in at 41 contracts. The 41, is an increase of about 78% from 2006’s 23, but 43% below 2005’s 72 pending sales. Looking at the pending sales volumes for the three years is rather interesting on the surface, however, one must remember in September 2005 the real estate market was starting to be a more balanced market, rather than seller’s market previously and the current buyer’s market. As with the closed sales volumes, there could a positive signal due to the reduction of “liberal” loan programs and more restrictive underwriting guidelines.
Currently, there are about 1,300 condos available for sale in the Bonita Springs area, representing about 35 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.
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