Bonita Springs Condo Market Update
August Activity:
Listings:
During the month of August 94 Bonita Springs condominiums were listed for sale. For the same month in 2007, 121 condominiums were listed for sale; this represents a decrease of 22.3 percent. The decrease from 2006 was 36.1 percent from the 147 new listings.
In July 2008 there were a total of 132 condominiums listed for sale and in June 124.
The available for sale Bonita Springs condominiums have dropped from 1354 in February 2008 to 1104 at the end of August. This represents a reduction of 250 Bonita Springs condos or 18.5 percent.
The number of months of inventory or the absorption rate is presently 28 months down from February’s 41 months.
Additional detailed information will be posted to explain where the listings and identification of where distressed properties and non-distressed properties are located for a better understanding of the Bonita Springs condo real estate market for both buyers and sellers.
Closed Sales:
A total of 28 condominiums were sold during August 2008. Comparing the same month in 2007 there were a total of 24 condominiums sold, the additional volume of 2 condominiums represents an increase of 16.7 percent. In August 2006 a total of 22 condominiums were sold or an increase of 27.3 percent (or 6 more condominiums).
In July 2008 a total of 54 condominiums closed or 26 fewer condominiums. In June 2008 30 condominiums closed or 2 fewer condos than in August.
Condominiums with a sales price of less than $100000 represented about 3.6 percent of the total 28 condominiums closed versus none in August 2007.
Condominiums with a sales price between $100000 and $200000 represented another 32.1 percent compared with 2007 where the percent was 4.2 percent.
Condos sold with sales price of between $200000 and $300000 represented 39.3 percent of the closings versus 20.8 percent in 2007.
Five developments within the Bonita Springs area accounted for 64.3 percent of the August condo closings - Lighthouse Bay at The Brooks (17.9 percent), Coconut Point (14.3 percent), Bonita Bay (10.7 percent), The Colony at Pelican Landing (10.7 percent), and Vasari Golf and Country Club (10.7 percent.
Distressed properties (short sales, pre-foreclosure, and foreclosures) represented 3.6 percent with median sold price of $500000.
Pending Sales:
In August 2008 29 condominiums were placed under contract or pending for closing (pending sales are where a buyer and seller have agreed on the price and terms of a purchase and the condominium is no longer available for sale). The 29 condominiums are close to the 30 condominiums in 2007, but an increase over the 20 condominiums (45.0 percent) in 2006.
August 2008 was lower than the 38 condominiums in July 2008 and lower than the 44 condominiums in June 2008.
Median Price Paid:
During the month of August the median price paid for a condo was $215000. In the previous year, 2007, the median price paid was $285000 or a reduction of 32.6 percent. In 2006 the median price was $319900 or reduction of 32.8 percent compared to August 2008.
Non-distressed condominium sold for median price of $231500, compared with a median sale price of $135000 for distressed (short sales, pre-foreclosure, and foreclosed) condos.
In July 2008 the median price paid was $250000 down 14.0 percent on a month to month basis.
Referring back to closed sales the areas comprising the largest percentage of closings in August shows the following:
Lighthouse Bay at The Brooks - $199000 a decrease in the median sold price of 53.2 percent from the 2007 median price of $425000.
Coconut Point - $267500 a reduction in the median sold price of 4.5 percent from the 2007 median price of $280000.
Bonita Bay - $340000 a decrease in the median sold price of 56.1 percent from the 2007 median price of $775000.
The Colony at Pelican Landing - $650000 an increase in the median sold price of 21.5 percent from the 2007 median price of $535000.
Vasari Golf and Country Club - $385000 an increase in the median sold price of 22.2 percent from the 2007 median price of $315000.
The analysis of the median price paid shows sellers and buyers should not only be aware of national, state, or area (city or town), but also by development or neighborhood values to make an informed decisions in the Bonita Springs condo real estate market.
Comments
2 Responses to “Bonita Springs Condo Market Update”
Got something to say?
Sweet graphics Glenn! The charts you’re using are easy to read and understand!
Looks like you guys are leveling off in the condo market, maybe even picking up steam like our market here in Sunny Scottsdale, Arizona?
Matt Pellerin - Realtor
Things are looking better for the condo market here and we will have to wait to see how the month of October plays out with new listings to determine if things are truly leveling off and what the future may hold.