Bonita Springs Home Market Update
June Activity:
Listings:
During the month of June 123 Bonita Springs homes were listed for sale. For the same month in 2007, 170 homes were listed for sale; this represents a decrease of 27.7 percent. The decrease from 2006 was 24.5 percent from the 165 new listings. In May 2008 there were a total of 135 homes listed for sale.
Closed Sales:
A total of 41 homes were sold during June 2008. Comparing the same month in 2007 there were a total of 40 homes sold, represents an increase of 2.5 percent. In June 2006 a total of 46 homes were sold or decrease of 10.9 percent (or 5 fewer homes). In May 2008 a total of 65 homes closed or 24 more homes. During June in the state of Florida a total of 3,628 homes sold compared to the previous year’s total of 3851 homes or reduction of about 5.8 percent. Therefore, the Bonita Springs single family market might be slightly stronger than the overall state’s condo market.
Pending Sales:
In June 2008 54 homes 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 home is no longer available for sale. The 54 homes is an increase over both the 40 homes in 2007 and 30 homes in 2006. June 2008 was fewer than 63 homes in May 2008 and 77 homes in April 2008.
Median Price Paid:
During the month of June the median price paid for a home was $515,000. In the previous year, 2007, the median price paid was $497,500 or an increase of 3.5 percent. In 2006 the median price was $492,000 an increase of 4.7 percent compared to June 2008. The national median sales price in June was $213,800, which is down 6.7 percent from a year ago.
The Florida median sales price was $205,500 down approximately 16 percent from last year’s $244,400.
The median sales price paid for a home increased rather than decreasing like the overall state’s median price meaning that buyers are seeing the value in Bonita Springs homes than other parts of the State of Florida.
Quarterly Analysis:
Listings:
During the second quarter of 2008 a total of 419 homes were listed for sale. During the second quarter of 2007 471 homes were listed. A reduction of 52 units or about 11.0 percent and a reduction of 35 homes listed from the 454 units in the same quarter of 2006 - about 7.7 percent reduction.
Closed Sales:
The volume of sold homes for the second quarter of calendar 2008 was 155 homes. Compared on a quarterly basis for the previous year, where 147 homes closed which represents an increase of about 5.4 percent. However, when looking at the second quarter in 2006, 150 units were closed for an increase of about 3.2%.
Pending Sales:
For the past three months a total of 186 homes 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 126 homes were placed under contract or pended. The increase in pending sales for 2008 was 60 homes or an increase in 2008 of roughly 47.6 percent. In 2006 pending sales totaled 132 homes or increased 40.9 percent in 2008.
Median Sold Price:
The median sold price for a single family home in Bonita Springs during the second quarter of 2008 was $510,000 versus $525,000 in 2006 or price reduction of about 2.9 percent. The median price paid for a single family home in the second quarter of 2006 was $559,000. Compared to 2008 the price reduction from 2006 is about 8.8 percent. For informational purposes calendar year 2007 had the highest median sold price of $532,000.
Summary:
The number of new listings for homes is showing a reduction in the volume from the previous two years. Closed sales are running volume with a narrow margin of 2007 and 2006 - could be due to the time frame needed for lender(s) approval of the sales price for a short sale. Pending sales are up substantially over both 2007 and 2006. The median sold price is down from the previous two years.
For someone looking to sell their Bonita Springs home should pay attention to its condition and establishing a price as close to its market value to facilitate its sale.
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