Bonita Springs Condominium Market Update
June Activity:
Listings:
During the month of June 115 Bonita Springs condos were listed for sale. For the same month in 2007, 145 condos were listed for sale; this represents a decrease of 20.7 percent. The decrease from 2006 was 32.8 percent from the 171 new listings. In May 2008 there were a total of 128 condos listed for sale. The lower number of new listings has an impact on the reduction of the number of months supply of available condos in the Bonita Springs, along with the activity of closed sales and pending sales. A graphic presentation of the number of months supply of condominiums in Bonita Springs will be posted shortly.
Closed Sales:
A total of 28 condos were sold during June 2008. Comparing the same month in 2007 there were a total of 38 condos sold, the reduction of 10 condos represents a decrease of 26.3 percent. In June 2006 a total of 42 condos were sold or decrease of 33.3 percent (or 14 fewer condos). In May 2008 a total of 59 condos closed or 31 more condos than in June. During June in the state of Florida a total of 3,628 condos sold compared to the previous year’s total of 3851 condos or reduction of about 5.8 percent. Therefore, the Bonita Springs condo market might be slower than the overall state’s condo market, without considering the median price paid for condos.
Pending Sales:
In June 2008 41 condos 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 41 condos is an increase over both the 40 condos in 2007 and 24 condos in 2006. June 2008 was below the 45 condos in May 2008 and 66 condos in April 2008.
Median Price Paid:
During the month of June the median price paid for a condominium was $347,500. In the previous year, 2007, the median price paid was $305,000 or an increase of 13.9 percent. In 2006 the median price was $390,750 or reduction of 11.7 percent compared to June 2008. The national median sales price in June was $224,200, which is down 2.2 percent from a year ago. The Florida median sales price was $183,700 down approximately 13.5 percent from last year’s $212,400.
The median sales price paid for a condominium has increased while the overall state’s median price dropped meaning that condominiums are holding their value better than other parts of the State of Florida.
Quarterly Analysis:
Listings:
During the second quarter of 2008 a total of 406 condos were listed for sale.
During the second quarter of 2007 460 condos were listed. A reduction of 54 units or about 11.7 percent and a reduction of 133 condos listed from the 539 units in the same quarter of 2006 - about 24.7 percent reduction.
Closed Sales:
The volume of sold condos for the second quarter of calendar 2008 was 158 condos. Compared on a quarterly basis for the previous year, where 129 condos closed which represents an increase of about 22.5 percent. However, when looking at the second quarter in 2006, 151 units were closed for an increase of about 4.6 percent.
Pending Sales:
For the past three months a total of 148 condos have been placed in a pending sale status. Under normal situations (fewer possible short sales) the average time frame for closing after a condominium is a pending sale - 30 to 60 days later, many of the pending sales would already closed and had a positive impact on closed sales in June. Possible short sale transactions are extending the time frame for closings due to the backlog of contracts without any action by the lenders for about 45 to 75 days from the day the short sale package is received by the lenders.
During the second quarter in 2007 a total of 132 condos were placed under contract or pended. The increase in pending sales for 2008 was 16 condos or an increase in 2008 of roughly 12.1 percent. In 2006 pending sales totaled 98 condos or increased 34.7 percent in 2008.
Median Sold Price:
The median sold price for a condominium in Bonita Springs during the second quarter of 2008 was $300,000 versus $325,000 in 2006 or price reduction of about 7.7 percent. The median price paid for a condominium in June 2006 was $405,000. Compared to 2008 the price reduction from 2006 is about 25.9 percent. For informational purposes calendar year 2006 had the highest median sold price of $397,250.
Summary:
The number of new listings for condominiums is showing a reduction in the volume from the previous two years. Closed sales are running slightly ahead of 2007 and 2006 - an increase during subsequent months might occur due to the timeframe needed for lender(s) approval of the sales price for a short sale. Pending sales are up substantially over both 2007 and 2006 for the second quarter of 2008 but lower in the year over year analysis for the month of June. The median sold price is down comparing the second quarter of 2008 to 2007, with the year over year analysis up.
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