The Bonita Springs real estate market for condos is starting to show signs of strengthening in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the more important micro-market views which can vary greatly from the global view.
Listings:
During the month of May a total of 126 condos were listed for sale. In May 2008, the number of condos listed for sale in the Bonita Springs area was 148. In addition the 126 condos listed for sale was less than the 142 condos in May 2007. The downward trend of new listings is continuing. The volume of listings in January were 189, February with 158, March with 169, and April with 129. Over the past four years, the listings for May had the lowest number of listings except for five months.
The listed condos in May 2009 was the lowest number of homes listed since October 2008.
Pending Sales:
During the month of May 2009, a total of 76 condos had offers accepted by sellers (pending). The figure for pending condo sales in May represents a substantial increase over both May 2008 and May 2007 were the pending sales were the same 38 condo units. The increase represents 100 percentage upwards change over May 2008 and May 2007. The increase in pending sales for May can largely be attributable to the lower median sold prices of condos.
Over the past 12 months the number of pending sales in the Bonita Springs area are showing an upward trend. In addition, the past 3 months have had the highest volume of pended condominiums since the months of June to August of 2005.
Closed Sales:
There were a total of 62 closed (sold) in May 2009. In a year over year analysis, the 62 sales is higher than May 2008 and May 2007, where 59 and 47 sales respectively took place.
Over the past 12 months the number of condos sold has been on a strong upward trend.
The increase is partially due to the lower median sold price of condos in the Bonita Springs area from the previous months of May 2008 and May 2007.
Median Sold Price:
The median sold price (the sold price at which half the condos sold and half below) for May 2009 was $207750. This figure may not be good news for existing homeowners or sellers, but it is good news for prospective buyers. However, prospective buyers need to be aware that since February 2009, the median sold price for a condo in Bonita Springs has been ranging from $226500 to $207750. During the months of February through April, the median sold price was fairly stable – $220,000, $226,250, and $226,500.
The median sold price in May represents a 30 percent decline from May 2008 when the median sold price was $295000 and a 36 percent decline from May 2007 when the sold price was $325000.
The lower median sold price has a direct affect on the increased volumes for pending sales and sold condos. The lower volume of new listings could have an eventual impact on the median sold prices, as the volume of new listings coming on the market for condos declines. Can the current statistics represent a stabilization of the Bonita Springs condo real estate market or has the bottom of the real estate been realized? Only the national economy and time will tell.
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