Metas
Bonita Springs Condo Market Update February 08
The condominium market in the Bonita Springs is showing the subtle changes similar to the Naples market, as the number of condos being put on the market are decreasing from previous years and pending sales increasing from the same month in the two previous calendar years.
New Listings: During the month of February 154 Bonita Springs condos were placed on the market. In 2007, 203 units were listed and 274 in 2006. February was the third consecutive month where the number of new listings was less than the same month in previous years. When the number of new listings coming on the market is declining it is a sign of a subtle change in the real estate market. An improvement in a real estate market starts with the new listings, as it is the start of the natural real estate cycle. The absorption rate for new listings is 5.7 versus 6.2 and 8.3 in 2007 and 2006 respectively. The absorption rate represents an approximate timeframe for new listings to sell within. A balanced market is usually around 6.0 months. When the rate dips below 6.0, it favors sellers, while above 6.0, it favors buyers.
Pending Sales: 62 condominiums in Bonita Springs went under contract during February. This compares favorably with the 52 in 2007 and 60 units in 2006. The pending sales in January were 43, and 20 in December. Pending sales leading to future closed sales within a 30 to 60 day period from the date when a contract is mutually agreed to by both the buyer and seller. When pending sales increase, eventually the increase will be seen in the number of closed sales.
Closed sales: In the month of February, 27 condos were sold, compared to 33 condos in both 2007 and 2006. In January 25 were closed, while in December a total of 26 condominiums closed.
Median Prices: The median price paid for a condominium in Bonita Springs during February was $322,000. In a year over year analysis this represents a decrease of about 6.7% from $345,000 in 2007 and cumulative decrease of 33.5% from 2006’s median price of $430,000.
Blog Makes Top 100 Real Estate Blogs
Today, I was very surprised to find this blog to ranked in the Top 100 Real Estate Blogs as per Top 100 Real Estate Blogs.
The ranking is determined by Google Page Rank, Technorati Rank, and Alexa rankings.
The blog is entitled Bonita Springs Real Estate News and Market Updates and does cover the communities of Estero and Naples as well.
Thank you - Top 100 Real Estate Blogs.
Bonita Springs Condo Market Report December 07
In the Bonita Springs real estate market condominiums show some stability in new listings coming on the market, closed sales, and pending sales as one reviews the statistics and analysis, with exception of median price paid. The median sold price is lower largely due to higher priced condominiums sold in Bonita Bay and The Colony in Pelican Landing. The market report covers not only the month of December, but also for the quarter ended December 31, 2007 and 2007 in totality.
Monthly Analysis:
Listings:
The number of condo listings coming on the market in December was 150. In December 2006 the number was 153 or a reduction of slightly less than 2% in volume. In December 2005, new listings were 138 condos or increase of 8%. It would appear that there is stabilization of the number of new condos listings in a year over year review, but higher than 2005.
The number of months of condominium resale inventory is 34 months, down about 1 month from November 2007 inventory of 35 months.
Closed Sales:
The number of closed sales for condominiums in the Bonita Springs area in December was 26 versus 31 in December 2006 or a volume reduction of about 16%. This compares favorably to the national average of 16% of loans made to sub-prime borrowers. When looking at December 2005, the closed sales totaled 61, a reduction in closed sales volume of 57%. The reduction in closed sales can be attributed to the real estate slow-down as well as, the aforementioned elimination of sub-prime loan programs.
Pending Sales:
A total of 20 condos in the Bonita Springs area were pending sale as of the end of December. In December 2006, 26 condos were pending sale as of month end. While in 2005 there were a total of 53. With pending sales we can see the trend or impact of the elimination of liberal underwriting requirements and sub-prime borrower programs, when comparing pending sales for December 2007 to 2006 and 2005.
Median Price Paid:
The median price paid for a condominium in the Bonita Springs for the month of December 2007 was $319,500. The median price paid in December 2006 was $555,000. The median price paid in 2005 was $341,000. In 2006, there were 8 closings where the condominiums were over $1 million and other condo residences in Bonita Bay and The Colony in Pelican Landing which resulted in the higher median price.
For the year over year December analysis one can see the number of months of inventory of resale condos reducing by about one month, similar number of condos coming on the market, pending sales reflecting the impact of the elimination of sub-prime loan programs, and the median price paid in the Bonita Springs area declining by slightly more than 6%.
Quarterly Analysis:
Listings:
During the 4th quarter ending December 31, 2007, the total number of new listings was 528 versus 602 in 2006 and 482 in 2005. The decrease in the new listings for the 4th quarter versus 2006 and increase over 2005 reflects some volatility in the Bonita Springs condominium market.
Closed Sales:
A total of 86 condos were sold in the 4th quarter of 2007 versus 92 in 2006 and 177 in 2005. The reduction of 6 condos between 2007 and 2006 is insignificant considering the tighter credit criteria and elimination of liberal loan programs. While between 2007 and 2005 the reduction of 91 or 51% is substantial.
Median Price:
The median price paid for a condo in the Bonita Springs area during the 4th quarter of 2007 was $337,150. The median price paid in 2006 was $470,000 and $353,500 in 2005. The median price decrease between 2007 and 2006 was largely related to the sales of condominiums in Bonita Bay and The Colony in Pelican Landing. However, the reduction between 2007 and 2005 was approximately 5%.
2007 Year Analysis:
Listings:
In 2007 there were a total of 2044 new listings to come on the market for sale. In 2006, the total was 2496 and 1721 in 2005. The new listings in 2007 were 452 units less than 2006, or roughly 22%. The reduction could be a sign that future new listings will trend down as well.
Closed Sales:
During 2007, 434 Bonita Springs condos were sold compared to 454 condos in 2006 and 968 in 2005. The reduction in the total number of condos sold in 2007 compared to 2006 was only 22 condo units. This could suggest that the mortgage crisis did not affect the condo market as well as buyer confidence in the condo market due to the reduction in median prices paid for a condo.
Median Price:
The median price paid for a condo in Bonita Springs in 2007 was $321,250 versus $397,250 in 2006 or a percentage decrease in value of slightly more than 19%. The median price was $349,000 in 2005. The increase in value between 2007 and 2005 was about 5%. The median price in 2006 was affected by 49 condominium residences sold in The Colony in Pelican Landing with a median price of $1,025,000 and 78 condo units in Bonita Bay with a median price of $620,000.
What is very interesting to note is that the median price paid for a condo in Bonita Springs during 2004 was $225,000. The big question is will the prices remain so stable? Especially when you consider that in 2006 the median price for condos sold that were built in 2004 and subsequently had a median price of $425,250. Be sure to read my post on the 2008 Bonita Springs real estate forecast from Florida economist, Hank Fishkind.
Post updated for Florida real estate.
Bonita Springs Condo Market Report for November 07
New Listings:
A total of 204 Bonita Springs condominiums were listed in November 2007. When compared to November 2006, the number of condos listed was 245 – a reduction of 41 units or 17%. In November 2005, 191 Bonita Springs condos were listed – an increase of 13 units or about 7%. The reduction in the volume of new listings between 2007 and 2006 can be attributed to condominiums completed and purchased or attempts to assign contracts by investors in 2006. The increase from 2005 to 2007 was caused primarily by high-rise condominiums in Bonita Bay - Esperia South, Esperia North, and Tavira.
Median Price Paid:
In the month of November the median price paid for a condominium in the Bonita Springs area was $375,000. In November 2006, the median price paid a condo in Bonita Springs was $370,000 or an increase in the median price of 1%. Looking at November 2005, the median price paid was $377,500 – the reduction in the median price is 1%.
Closed Sales:
The closed sales for condominiums in Bonita Springs during November were 33. In November 2006, the number of closed was 25 and 66 in November 2005; the respective changes are an increase of 44% and a reduction of 50%. The increase in the number of closings over 2006, it a good sign considering how the financing programs have become more restrictive. The volume reduction between 2007 and 2005, is related to the cooling of the overall real estate market, as well as, the changes in the mortgage arena.
Pending Sales:
The volume of pending sales came in at 41 contracts. The 41, is an increase of about 78% from 2006’s 23, but 43% below 2005’s 72 pending sales. Looking at the pending sales volumes for the three years is rather interesting on the surface, however, one must remember in September 2005 the real estate market was starting to be a more balanced market, rather than seller’s market previously and the current buyer’s market. As with the closed sales volumes, there could a positive signal due to the reduction of “liberal” loan programs and more restrictive underwriting guidelines.
Currently, there are about 1,300 condos available for sale in the Bonita Springs area, representing about 35 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.
Bonita Springs FL Condo Market
The Bonita Springs condo real estate market continues to be weak, but better for sellers than it was in 2006.
The number of new listings of Bonita Springs condos for sale coming on the market in March 2007 was 74 units less than the previous year. Pending sales compared to last year was down by 11 units. Closed sales for Bonita Springs condos were up by 13 units. The number of expired listings - condominiums that failed to sell during the listing contract was up by 58 units from March 2006.
Overall the Bonita Springs condo real estate market remains a strong buyers market, however, the actual inventory of available condominiums is slowly being reduced. The condo market for buyers is weaker than 2006.
Esperia Bonita Springs Luxury Condo
Esperia is a luxury 27 story high-rise condominium in Estero with only 119 resiendence that overlooks the Gulf of Mexico, Bonita Bay Bay and both preserves and golf courses.
Esperia has some of the best resort style amenities available - lagoon style pool, spa, BBQ grills, screened cabana with fireplace and bar, clubroom with bar, mini-theatre, game room, health and fitness center, steam and message rooms.
As an owner of Esperia you will enjoy the amenities of Bonita Bay that include tennis courts, golf courses, boat facilities, beach club all within a guard gated community.
The prices for a residence in Esperia range from the low $800’s to over $2 million.
For more information about Esperia - please contact your Bonita Springs Realtor - Glenn Ginsburg via email.
Bonita Springs Real Estate Condo Update - Oct 2006
During the month of October 2006, Bonita Springs Florida real estate condo market saw 45 condos sold compared with 55 condos sold in October 2005. The volume of sales reflects only about an 18% reduction.
The median price for a Bonita Springs condo sold in the current year was $415,000 compared with last year’s $335,000. The average price paid in October 2006 was $781,016 versus last year’s $372,661. The increases occurred because of the number of million dollar condos sold in 2006. Last there were no sales in excess of the million dollar mark, whereas, this year there were 12 condos sold. The vast majority of the million dollar sales took place in Bonita Bay.
The average days on market in 2006 were 131 days; 90 days more than last year’s 41 days. There were on 3 condominiums significantly longer on the market for over 100 days.
Compared with September 2006 the number of condominiums sold were 27, with a median price of $320,000 and average price of $328,607. No condominiums sold for over million dollars in September. When looking at the closed sales in October 2006, without the million dollar units the median price is $325,900 and the average price $375,931.
The Bonita Springs condo real estate market appears as though there could be some stabilization taking place.
Bonita Springs Real Estate Update - Pending Sales October
During the month of October the Bonita Springs real estate market there were 18 condos pending sale with a median price of $424,250. The average price was $626,805. The total number of condos currently pending sale is 131 with a median price of $249,900 and an average of $514,418. The price range for Bonita Springs condos is from $184,900 to $2,709,000.
The vast majority of the older pending sales is preconstruction - the question becomes will the purchasers complete the purchase transaction?
Bonita Springs homes pending sale in October - 19 homes with a median price of $354,500 and an average price of $774,063. The total Bonita Springs homes pending sale as of November 1st - was 55 homes, median price of $589,900, with average price of $999,767. Pending sale homes are priced from $175,000 to $5,795,000.
The statistical information presented above was gathered from the Ft Myers MLS, Bonita Springs - Estero MLS, and Naples MLS, via a joint effort through SunshineMLS.
Bonita Springs Real Estate - Coach Home For Sale
Bonita Springs Real Estate
Condominium Coach Home
$334,900
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2 bedroom, plus den
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2 bathrooms
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2 car attached garage
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gated community
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lake view
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ceramic tile floors, except bedrooms
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upgraded stainless steel appliances
For more information about Bonita Springs, as well as Naples real estate and Estero real estate, please visit www.adeltarealty.net
The Brooks - Bonita Springs Florida Real Estate
Yesterday I added new page to my website about The Brooks in Bonita Springs. The Brooks is a planned unit development that was started in 1998. It offers estate homes, carriage and coach home condominiums and garden-style condominiums. There are numerous amenities available to residents among which are golf courses, town center, fitness center, and restaurant.