Bonita Springs Market Update Homes
August Activity:
Listings:
During the month of August 117 Bonita Springs homes were listed for sale. For the same month in 2007, 149 homes were listed for sale; this represents a decrease of 21.5 percent. The increase from 2006 was 10.7 percent from the 131 new listings. In July 2008 there were a total of 110 homes listed for sale and in June 129 homes.
Potential short sale homes listed in August was 12 or 10.3 percent and 6 homes or 5.1 percent are listed as a foreclosure, REO or bank owned.
Village Walk of Bonita Springs had the largest number of potential short sales - 4 with a median list price of $227500. The remaining potential short sale homes were listed in numerous developments.
The Bonita Springs homes listed as foreclosures were spread through various developments.
The inventory of available Bonita Springs homes for sale in February was 1201 homes or about 33 months. At the start of August the inventory had dropped by 217 homes or 18.1 percent to 984 homes or about 26 months.
Closed Sales:
A total of 32 Bonita Springs homes were sold during August 2008. Comparing the same month in 2007 when a total of 35 homes sold, represents a decrease of 8.6 percent. In August 2006 a total of 28 homes were sold or an increase of 14.3 percent (or 4 more homes).
In July 2008 a total of 42 homes closed or 10 more homes than in August. In June 2008 Bonita Springs homes saw 42 homes closed or 14 less homes than in August.
Four developments comprised 37.5 percent of the closed sales in August:
Shadow Wood at The Brooks had 5 closings or 15.6 percent, Bonita Bay with 3 (9.4 percent), Copperleaf at The Brooks with 2 (6.3 percent) and San Remo at Palmira with 2 (6.3 percent).
Pending Sales:
In August 2008 45 homes were placed under contract or pending for closing, pending sales are where a home is no longer on the market for sale. The 45 homes is an increase over both the 23 homes in 2007 and 22 homes in 2006.
August 2008 pending sales were the same in July 2008 and 1 fewer home than in June 2008 with 46 pending sales.
Median Price Paid:
During the month of August the median price paid for a home was $435000. In the previous year, 2007, the median price paid was $578000 or a decrease of 24.7 percent. In 2006 the median price was $440000 a decrease of 1.1 percent compared to August 2008.
The four developments with the largest number of sales as noted above reflected the median sold prices with comparative sold prices for 2007 as follows:
Shadow Wood at the Brooks had a median sold price of $1275000 versus a median price in 2007 of $907500, Bonita Bay’s median sold price was $1235000 versus $1037500, Cooperleaf at The Brooks had a median price of $572500 compared with the 2007 median price of $540000, and San Remo at Palmira the median price paid was $223000 with no sales in 2007.
Three of the developments are seeing an increase in the median price paid, however the median price decreased from last year. The reason can be seen by analyzing the composition of homes sold. In 2008, 15 homes (45 percent of the total homes sold) were sold with a sales price of less than $300000. In 2007, 10 homes or 26 percent of the total homes sold were less than $300000. In both 2008 and 2007 7 Bonita Springs homes sold for more than one million dollars.
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