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.
Bonita Springs Home Market Update Feb 08
The Bonita Springs real estate market update continues to show subtle but positive signs of improvement as the number of homes coming on the market for sale are less than in the immediate previous two years and more homes were sold in 2008 than in 2007.
New Listings: During February 2008 a total of 136 Bonita Springs single family homes were listed for sale. The February 2008 reflects a reduction of new listings coming on the market from 193 homes in 2007 and 213 homes in 2006. The absorption rate for the new listings is 4.4 months, lower than 6.7 in 2007 and 5.5 in 2006. The lower absorption rate generally the faster homes are apt to sell. The lower number of listings this year compared to previous years represents a strengthening within the Bonita Springs real estate market for homes.
Pending Sales: During the month of February, 50 homes went under a sales contract. In previous years 59 homes were pending sale during the month of February. Pending sales for homes in Estero and Naples saw an increase over 2007.
Median Sold Price: The median sold price for a single family home in Bonita Springs was $450,000, which was a reduction of about 25% from the 2007 median price of $600,000 and about 24.3% from the median price of $595,000 for sold homes in 2006.
Closed Sales: During February, 31 homes were sold versus 29 in 2007 and 39 in 2006.
Currently, 1201 homes are available for sale in Bonita Springs or about 33 months of inventory based upon the average monthly closed sales over the immediate past 12 months.
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 Home Market Report January 08
Real estate market conditions for Bonita Springs shows the median sold price increasing and new listings less than last January. Pending sales are down from last year, but higher than December 2007. Closed sales were down from December, in addition, to 2007 and 2006 closed sales.
New Listings - in January 2008 Bonita Springs showed a total of 232 single family homes came onto the real estate market. This compares favorably with the 271 and 270 homes listed for sale in January 2007 and January 2006, respectively. In December 2007 a total of 109 homes were listed. January is traditionally the month with the highest number of new home listings during the calendar year.
Pending Sales - a total of 39 Bonita Springs homes were pending sale. A pending sale is where a seller has an accepted an offer on their home. Last year’s month of January, a total of 53 homes were pending sale, while in 2006 the number was 55. Pending sales in January compared favorably with December’s 31 pending sales.
Closed Sales - the number of homes sold in Bonita Springs during January was 26 homes down from the 33 homes sold in December 2007. Comparing to the previous years’ January there were 31 and 49 homes sold respectively.
Median Sold Price - in January the median price paid for a home in Bonita Springs was $802,500, up from December’s median price of $525,000. The year over year analysis shows the median price paid in January 2007 was $525,000 and in 2006 - $660,000. The higher median price can be attributed to some fairly expensive homes sold in Bonita Bay, Bonita Beach and Quail West, which caused the increase.
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 Home Market Report December 07
In the Bonita Springs real estate market homes show some positive trends 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 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 home listings coming on the market in December was 109. In December 2006 the number was 145 or a reduction of 25% in volume. In December 2005, new listings were 138 homes or a reduction of about 21%. This represents a positive sign as fewer homes are coming on the market and should eventually be reflected in the gross number of available homes for sale.
The number of months of home resale inventory is 31 months, down about one month from November 2007.
Closed Sales:
The number of closed sales for homes in the Bonita Springs area in December was 33 versus 41 in December 2006 or a volume reduction of about 19%. Tighter requirements for mortgages and the elimination of sub-prime borrower programs, does have impact, however it would have been better to see 16% or less as a percentage reduction. When looking at December 2005, the closed sales totaled 45, a reduction in closed sales volume of 26%. December 2005 many of the sub-prime and liberal loans were available. As many of us are aware the market started to change in the fourth quarter of 2005.
Pending Sales:
A total of 31 homes in the Bonita Springs area were pending sale as of the end of December. In December 2006, 28 homes were pending sale as of month end. While in 2005 there were a total of 49. 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 between 2005 and 2007. It is interesting to notice that 2007 pending sales for homes are slightly over 2006.
Median Price Paid:
The median price paid for a single family home in the Bonita Springs for the month of December 2007 was $525,000. The median price paid in December 2006 was the same figure of $525,000. The median price paid in 2005 was $510,000. The increase in whole dollars was $15,000 or roughly 3%.
For the year over year December analysis one can see the number of months of inventory of resale homes reducing by about one month, fewer homes coming on the market, pending sales remaining stable, and the median price paid in the Bonita Springs area remaining stable.
Quarterly Analysis:
Listings:
During the 4th quarter ending December 31, 2007, the total number of new listings was 513 versus 492 in 2006 and 446 in 2005. The increase in the new listings for the 4th quarter versus 2006 and 2005 could be a sign of the market’s eventual strengthening. With less homes coming on the market, the median price paid could in the future could stabilize or trend upwards slightly.
Closed Sales:
A total of 80 homes were sold in the 4th quarter of 2007 versus 83 in 2006 and 142 in 2005. The reduction of 3 homes 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 62 or 43% is substantial.
Median Price:
The median price paid for a home in the Bonita Springs area during the 4th quarter of 2007 was $532,500. The median price paid in 2006 was $435,000 and $569,000 in 2005. The median price increase between 2007 and 2006 was about 22%. However, the reduction between 2007 and 2005 was approximately 6%.
2007 Year Analysis:
Listings:
In 2007 there were a total of 2004 new listings to come on the market for sale. In 2006, the total was 2015 and 1458 in 2005. The new listings in 2007 were slightly less than 2006 and could represent a stabilization or reduction of new listings for homes coming on the market in the future.
Closed Sales:
During 2007, 430 Bonita Springs homes were sold compared to 456 homes in 2006 and 841 in 2005. The reduction in the total number of homes sold in 2007 compared to 2006 was 26 homes. This could suggest that the mortgage crisis did not affect the home market as well as buyer confidence in the single family home market due to the reduction in median prices paid for a home.
Median Price:
The median price paid for a home in Bonita Springs in 2007 was $532,000 versus $524,950 in 2006 or a percentage increase in value of slightly more than 1%. The median price was $505,000 in 2005. The increase in value between 2007 and 2005 was about 5%.
What is very interesting to note is that the median price paid for a home in Bonita Springs during 2004 was $346,375. The big question is will the prices remain so stable? Be sure to read my post on the 2008 Bonita Springs real estate forecast from Florida economist, Hank Fishkind.
Post has been updated with data from a state of Florida real estate perspective.
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 Home Market Report for November 07
New Listings:
A total of 199 Bonita Springs homes were listed in November 2007. When compared to November 2006, the number of homes listed was 173 – an increase of about 15%. In November 2005, 188 Bonita Springs homes were listed – an increase of about 6%. The volume of new listings showing an increase over 2006 and 2005, but could be related to the construction lag for new homes in the Lee County area.
Median Price Paid:
In the month of November the median price paid for a home in the Bonita Springs area was $572,987. In November 2006, the median price paid a home in Bonita Springs was $455,000 or an increase in the median price of about 26%. Looking at November 2005, the median price paid was $544,500 – the increase in the median price is about 5%. The increase in the median price is due largely to due to expensive sales occurring in Mediterra Golf and Country Club, The Brooks, and Bonita Bay. These 6 sales in excess of $700,000 represents about 38% of the home sales for November.
Closed Sales:
The closed sales for homes in Bonita Springs during November were 16. In November 2006, the number of closed was 17 and 56 in November 2005; the respective reductions are about 6% and 71%. The reduction in the volume of closed sales appears to be bad news; however, considering the reduction in “liberal” loan programs and more restrictive underwriting criteria, this could be somewhat positive, when comparing 2006 and 2007 volumes.
Pending Sales:
The volume of pending sales came in at 45 contracts. The 45, is a reduction of about 4% from 2006’s 47, but 12% below 2005’s 51 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 1,200 homes available for sale in the Bonita Springs area, representing about 32 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.
Bonita Springs Real Estate Update - Homes - 3rd Qtr 07
How is the Bonita Springs real estate market performing in the single family home segment of the real estate market? When looking at the statistical information for the third quarter of calendar year 2007 and compare it to the same period in 2006, it appears encouraging, but a seller should not get excited and think about raising their list price or putting their property on the market, unless they need to sell. For buyers, if they are thinking of holding the property for three or more years, it might be a good time to buy, because there are many excellent opportunities within the Bonita Springs real estate market.