The Bonita Springs real estate market for condos is starting to show signs of strengthening in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the more important micro-market views which can vary greatly from the global view.

Listings:

During the month of May a total of 126 condos were listed for sale. In May 2008, the number of condos listed for sale in the Bonita Springs area was 148. In addition the 126 condos listed for sale was less than the 142 condos in May 2007. The downward trend of new listings is continuing. The volume of listings in January were 189, February with 158, March with 169, and April with 129. Over the past four years, the listings for May had the lowest number of listings except for five months.

The listed condos in May 2009 was the lowest number of homes listed since October 2008.

Pending Sales:

During the month of May 2009, a total of 76 condos had offers accepted by sellers (pending). The figure for pending condo sales in May represents a substantial increase over both May 2008 and May 2007 were the pending sales were the same 38 condo units. The increase represents 100 percentage upwards change over May 2008 and May 2007. The increase in pending sales for May can largely be attributable to the lower median sold prices of condos.

Over the past 12 months the number of pending sales in the Bonita Springs area are showing an upward trend. In addition, the past 3 months have had the highest volume of pended condominiums since the months of June to August of 2005.

Closed Sales:

There were a total of 62 closed (sold) in May 2009. In a year over year analysis, the 62 sales is higher than May 2008 and May 2007, where 59 and 47 sales respectively took place.

Over the past 12 months the number of condos sold has been on a strong upward trend.

The increase is partially due to the lower median sold price of condos in the Bonita Springs area from the previous months of May 2008 and May 2007.

Median Sold Price:

The median sold price (the sold price at which half the condos sold and half below) for May 2009 was $207750. This figure may not be good news for existing homeowners or sellers, but it is good news for prospective buyers. However, prospective buyers need to be aware that since February 2009, the median sold price for a condo in Bonita Springs has been ranging from $226500 to $207750. During the months of February through April, the median sold price was fairly stable – $220,000, $226,250, and $226,500.

The median sold price in May represents a 30 percent decline from May 2008 when the median sold price was $295000 and a 36 percent decline from May 2007 when the sold price was $325000.

The lower median sold price has a direct affect on the increased volumes for pending sales and sold condos. The lower volume of new listings could have an eventual impact on the median sold prices, as the volume of new listings coming on the market for condos declines. Can the current statistics represent a stabilization of the Bonita Springs condo real estate market or has the bottom of the real estate been realized? Only the national economy and time will tell.

The Bonita Springs real estate market for homes is starting to show signs of stabilizing in many aspects with some positive signs in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the more important micro-market views.

Listings:

During the month of May a total of 129 homes were listed for sale. In May 2008, the number of homes listed for sale in the Bonita Springs area was 143. In addition the 129 homes listed for sale was less than the 131 homes in May 2007. Over the past year the number of listings have remained stable.

The listed homes in May 2009 was the lowest number of homes listed since July 2008.

Pending Sales:

During the month of May 2009, a total of 76 homes had offers accepted by sellers (pending). The figure for pending home sales in May represents a substantial increase over both May 2008 and May 2007 were the pending sales were 49 and 35, respectively. The increase represents 55 percentage upwards change over May 2008 and a 117 percentage increase. The increase in pending sales for May can largely be attributable to the lower median sold prices of homes.

Over the past four months the number of pending sales in the Bonita Springs area have been higher than in previous years, dating back to at least June 2005, even though the real estate market erosion could be earmarked back to October 2005. The past four months have had 81, 82, 78 and 76 pending sales for a total of 317 homes.

Closed Sales:

There were a total of 49 closed (sold) in May 2009. In a year over year analysis, the sales were the same as in May 2008. May 2007, there were sales totaling 54 homes.

Over the past 12 months the closed sales have shown an upward trend.

The increase is largely due to the lower median sold price of homes in the Bonita Springs area.

Median Sold Price:

The median sold price (the sold price at which half the homes sold and half below) for May 2009 was $245000. This figure may not be good news for existing homeowners or sellers, but it is good news for prospective buyers.  Over the past 12 months the median sold price for homes in the Bonita Springs area the trend is continuing to show a decline.

The median sold price in May represents a 56 percent decline from May 2008 when the median sold price was $56200 and a 54 percent decline from May 2007 when the sold price was $528500.

The lower median sold price has a direct affect on the increased volumes for pending sales. The lower volume of new listings could have an eventual impact on the median sold prices, as the volume of new listings coming on the market for homes declines. Can the current statistics represent a stabilization of the Bonita Springs home real estate market? Only the national economy and time will tell.

The available condos for sale in the Bonita Springs area saw a drop in the number of condos for sale as of May 1. The current number of condos for sale is 1094. This represents a drop in the inventory of condos from the beginning of April where 1094 condos were listed for sale. The decline represents of about 4 percent. In the year over year analysis the current inventory represents a decline of 104 condos or about 9 percent. Below is a graphical presentation of the historical data for active listings by month from January 2008 to May 1, 2009.

Trendline for Bonita Springs Condos for Sale - January 2008 to May 2009.

The composition of the type of listings available for sale is rather interesting and could represent a major difference between prospective buyers’ perceptions, as well as, what is being reported by others as to how dire the Bonita Springs real estate market is. The vast majority of listings fall within the traditional listing category (traditional listings are listings being offered as a normal sale), followed by foreclosures, and potential short sales. The raw numbers for the various categories are 949 for traditional listings, 124 potential short sales and 21 foreclosures.

Classification of Listings on the Market for Bonita Springs Condos

A question arises – will the closed sales for April reflect the classification of the listings? The answer to this question will appear on this blog sometime in the near future.

In previous posts you can compare the composition of both the Naples condos for sale to Bonita Springs condos for sale.

Your thoughts and comments are always welcomed.

The available homes for sale in the Bonita Springs area saw a drop in the number of homes for sale as of the end of April or start of May. The current number of homes for sale is 988. This represents a drop in the inventory of 71 homes. The decline represents of about 7 percent. In the year over year analysis the current inventory represents a decline of 104 homes or about 9 percent. In addition, the number of home available for sale is at the lowest level since August 2008. In August 2008 there were a total of 984. Below is a graphical presentation of the historical data for active listings by month from January 2008 to April 30, 2009.

Trendline of Bonita Springs Homes for Sale

The composition of the type of listings available for sale is rather interesting and could represent a major difference between prospective buyers’ perceptions, as well as, what is being reported by others as to how dire the Bonita Springs real estate market is. The vast majority of listings fall within the traditional listing category (traditional listings are listings being offered as a normal sale), followed by foreclosures, and potential short sales. The raw numbers for the various categories are 826 for traditional listings, 137 potential short sales and 35 foreclosures.

Classification of Bonita Springs Homes for Sale

A question arises – does the closed sales for April reflect the classification of the listings? The answer to this question will appear on this blog sometime within the next few days.

In previous posts you can compare the composition of both the Naples condos for sale to Bonita Springs condos for sale.

Your thoughts and comments are always welcomed.

Listings:

The new listings for the month of March 2009 were 158 homes in the Bonita Springs area. The number of homes listed in March 2008 was 119. The increase of new listings of homes was 33 percent. In March 2007, the new listings were 164, representing a drop of 6 homes or decline of 4 percent.

In February 2009 the new listings were 133.

Of the 158 homes listed approximately 20 percent were potential short sales, 18 percent were foreclosed (bank owned), and the remaining 62 percent were traditional listings.

Median list price for potential short sales was $241900, foreclosed properties were $105450, and traditional listings were $475000.

Closed Sales:

In the month of March 2009 the sale of homes were 54. In March 2008 a total of 48 homes were sold. The year over year was 13 percent decrease. In March 2007 a total of 56 homes were sold. The decrease over 2007 was 2 homes or about a 4 percent.

Of the 54 homes sold, approximately 3 percent were approved short sales, 22 percent were foreclosures, and the traditional sales were 75percent.

The breakdowns of the median sold prices are discussed in the median sold price section below.

Pending Sales:

During March 2009 a total of 85 homes had an offer accepted by the seller. In March 2008, 63 homes were pended. The increase from March 2009 represents an increase of 22 homes or about 35 percent.

In March 2007 a total of 58 homes were pending sale. The increase between March 2009 and March 2007 was 27 homes or about 47 percent.

Median Sold Price:

During the month of March 2009, the median sold price of a home in Bonita Springs was $312000. The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within a local real estate market.

In March 2008, the median sold price was $594500. In the year over year comparison median sold price declined $282500 or roughly 48 percent.

In March 2007 the median sold price was $561250. In comparing March 2007 to March 2008 the price declined $249250 or about 44 percent.

Median sold price for approved short sales was $298000, foreclosed properties were $9000, and traditional listings were $377500.

The difference between the list price and sold pricefor approved sales was about 100 percent, foreclosed properties 92 percent, and traditional listings 90 percent.

Listings:

The new listings for the month of March 2009 were 160 condos in the Bonita Springs area. The number of condos listed in March 2008 was 137. The increase of new listings of condos was 17 percent. In March 2007, the new listings were 215, representing a drop of 55 condos or decline of 26 percent.

In February 2009 the new listings were 146.

Of the 160 condos listed approximately 16 percent were potential short sales, 13 percent were foreclosed (bank owned), and the remaining 71 percent were traditional listings.

Median list price for potential short sales was $125000, foreclosed properties were $79000, and traditional listings were $289500.

Closed Sales:

In the month of March 2009 the sale of condos were 38. In March 2008 a total of 57 condos were sold. The year over year was 33 percent decrease. In March 2007 a total of 47 condos were sold. The decrease over 2007 was 9 condos or about a 19 percent.

Of the 38 condos sold, approximately 3 percent were approved short sales, 8 percent were foreclosures, and the traditional sales were 89percent.

The breakdowns of the median sold prices are discussed in the median sold price section below.

Pending Sales:

During March 2009 a total of 107 condos had an offer accepted by the seller. In March 2008, 76 condos were pended. The increase from March 2009 represents an increase of 31 condos or about 29 percent.

In March 2007 a total of 43 condos were pending sale. The increase between March 2009 and March 2007 was 64 condos or about 149 percent.

Median Sold Price:

During the month of March 2009, the median sold price of a condo in Bonita Springs was $220000. The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within a local real estate market.

In March 2008, the median sold price was $319900. In the year over year comparison median sold price declined $99900 or roughly 31 percent.

In March 2007 the median sold price was $325000. In comparing March 2007 to March 2008 the price declined $105000 or about 32 percent.

Median sold price for approved short sales was $184000, foreclosed properties were $84900, and traditional listings were $226250.

The difference between the list price and sold price for approved sales was about 92 percent, foreclosed properties 107 percent, and traditional listings 89 percent. The foreclosed properties were in excess of100 percent due to multiple offers and/or seller credit and paid closing costs.

Jim Cramer: Florida Raises Hope for U.S. Real Estate

It appears that Jim Cramer thinks that Florida is the model for the nation’s real estate market. He thinks that Florida was the first state to feel impact of the real estate bubble and now after 2 years it has bottomed out with the rest of the country to follow. Below is his discussion from a recent interview he had on Wall Street Confidential.

Over the previous months subtle indications in the Naples, Bonita Springs, and Estero real estate markets have shown signs of improvement by the lowering of homes and condos for sale as well as less listings coming on the market than in previous 2 years.

Prices have declined to a point where multiple offers are being presented on properly priced properties.

Buyers need to be aware of the estimated market value of a property and
be prepared to rethink that a full price offer will be
the offer accepted and be willing to offer more than the listed price close to the estimated market value.

Sellers still need to be aware that they need to properly price their properties due to the competition from potential short sales and foreclosures.

Before making a decision to selling or buy a condo in Bonita Springs it is important to know and understand the months of inventory available for sale within Bonita Springs. As a seller you want to know how many condos are competing with you for the prospective buyers looking at condos, as well as how aggressive you need to be with your list price. As a buyer you want to know how large a selection of condos are on the market and if you can great a great deal on a condo. The months of inventory will assist you in determining if now is an appropriate time to list your condo or purchase a condo at a great price. The months of inventory represents how long it will take to sell the number of condos on the market at the rate of closed sales based upon the average over a period of 12, 9, 6, or 3 months.

Bonita Springs Condos for Sale Months of Inventory

The key indicator watched is the 12 month moving average as it eliminates seasonal fluctuations in listings and closed sales. The months of inventory in February was 41 months versus at the end of September where 28 months were on the market.

The 9 month moving average reflects the number of months based upon the most recent 9 months of closed sales and the number of listings at a given point of time (at the end of the month, in this case September). This helps to identify if condos are being sold at a faster rate over the past 9 months or if fewer condos are coming on the market. The slight upward trend reflects a slight increase in the number of condos on the market and decreasing number of closed sales. In February the months of inventory was 46 months. At the end of September the months of inventory was 26 months.

The 6 month moving average reflects the number of months based upon the most recent 6 months of closed sales and the number of condos available for sale at the end of September. The upward trend reflects a slight increase in the number of listings, with a decrease in the volume of sales. During July and August the months of inventory was static at 22 months. Over the past 6 months the months of inventory decreased from 30 months to its present level of 25 months.

The 3 month moving average reflects the number of months based upon the most recent 3 months of closed sales and the number of condos available for sale at the end of September. The upward trend is caused by an increase in listings and lower closed sales over the immediate past 3 months. 3 months ago the months of inventory was at 23 months, while its present level is 32.

The lowering in the months of inventory of condos for sale under the 12 month moving average formula reflects a strengthening of the real estate market for Bonita Springs condos, while the other averages show more seasonal fluctuations. At the end of October, the months of inventory, may show an upward trend due to the historical statistics showing an increase of listings coming on the market in anticipation of the selling season. The selling season in the southwest Florida area is almost the opposite of other parts of the country, where Spring and Summer, are the highest selling months.

A neutral market is around 6 months of inventory, therefore, the Bonita Springs real estate market for single family homes remains a buyers market.

Before making a decision to selling or buy a home in Bonita Springs it is important to know and understand the months of inventory available for sale within Bonita Springs. As a seller you want to know how many properties are competing with you for the prospective buyers looking at homes, as well as how aggressive you need to be with your list price. As a buyer you want to know how large a selection of homes are on the market and if you can great a great deal on a home. The months of inventory will assist you in determining if now is an appropriate time to list your home or purchase a home at a great price. The months of inventory represents how long it will take to sell the number of homes on the market at the rate of closed sales based upon the average over a period of 12, 9, 6, or 3 months.

Bonita Springs months of inventory homes for sale.

The key indicator watched is the 12 month moving average as it eliminates seasonal fluctuations in listings and closed sales. The months of inventory in February was 33 months versus at the end of September where 25 months were on the market.

The 9 month moving average reflects the number of months based upon the most recent 9 months of closed sales and the number of listings at a given point of time (at the end of the month, in this case September). This helps to identify if homes are being sold at a faster rate over the past 9 months or if fewer homes are coming on the market. The downward trend reflects a reduction in the number of homes on the market and increasing number of closed sales. In February the months of inventory was 39 months. At the end of September the months of inventory was 23 months.

The 6 month moving average reflects the number of months based upon the most recent 6 months of closed sales and the number of homes available for sale at the end of September. The upward trend reflects a slight dip in the number of listings, with a slight decrease in the volume of sales. Between June and September the months of inventory has been running between 22 and 21 months.

The 3 month moving average reflects the number of months based upon the most recent 3 months of closed sales and the number of homes available for sale at the end of September. The upward trend is caused by the slight increase in listings and lower closed sales over the immediate past 3 months.

The lowering in the months of inventory of homes for sale under the 12 month moving average formula reflects a strengthening of the real estate market for Bonita Springs homes, while the other averages show more seasonal fluctuations. At the end of October, the months of inventory, may show an upward trend due to the historical statistics showing an increase of listings coming on the market in anticipation of the selling season. The selling season in the southwest Florida area is almost the opposite of other parts of the country, where Spring and Summer, are the highest selling months.

A neutral market is around 6 months of inventory, therefore, the Bonita Springs real estate market for single family homes remains a buyers market.

Previous posts discussing the months of inventory:
Bonita Springs Market Update Homes – August 2008
Bonita Springs Home Market Update – June 2008

August Activity:

Listings:

During the month of August 94 Bonita Springs condominiums were listed for sale. For the same month in 2007, 121 condominiums were listed for sale; this represents a decrease of 22.3 percent. The decrease from 2006 was 36.1 percent from the 147 new listings.

In July 2008 there were a total of 132 condominiums listed for sale and in June 124.

The available for sale Bonita Springs condominiums have dropped from 1354 in February 2008 to 1104 at the end of August. This represents a reduction of 250 Bonita Springs condos or 18.5 percent.

The number of months of inventory or the absorption rate is presently 28 months down from February’s 41 months.

Additional detailed information will be posted to explain where the listings and identification of where distressed properties and non-distressed properties are located for a better understanding of the Bonita Springs condo real estate market for both buyers and sellers.

Closed Sales:

A total of 28 condominiums were sold during August 2008. Comparing the same month in 2007 there were a total of 24 condominiums sold, the additional volume of 2 condominiums represents an increase of 16.7 percent. In August 2006 a total of 22 condominiums were sold or an increase of 27.3 percent (or 6 more condominiums).

In July 2008 a total of 54 condominiums closed or 26 fewer condominiums. In June 2008 30 condominiums closed or 2 fewer condos than in August.

Condominiums with a sales price of less than $100000 represented about 3.6 percent of the total 28 condominiums closed versus none in August 2007.

Condominiums with a sales price between $100000 and $200000 represented another 32.1 percent compared with 2007 where the percent was 4.2 percent.

Condos sold with sales price of between $200000 and $300000 represented 39.3 percent of the closings versus 20.8 percent in 2007.

Five developments within the Bonita Springs area accounted for 64.3 percent of the August condo closings – Lighthouse Bay at The Brooks (17.9 percent), Coconut Point (14.3 percent), Bonita Bay (10.7 percent), The Colony at Pelican Landing (10.7 percent), and Vasari Golf and Country Club (10.7 percent.

Distressed properties (short sales, pre-foreclosure, and foreclosures) represented 3.6 percent with median sold price of $500000.

Pending Sales:

In August 2008 29 condominiums 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 29 condominiums are close to the 30 condominiums in 2007, but an increase over the 20 condominiums (45.0 percent) in 2006.

August 2008 was lower than the 38 condominiums in July 2008 and lower than the 44 condominiums in June 2008.

Median Price Paid:

During the month of August the median price paid for a condo was $215000. In the previous year, 2007, the median price paid was $285000 or a reduction of 32.6 percent. In 2006 the median price was $319900 or reduction of 32.8 percent compared to August 2008.

Non-distressed condominium sold for median price of $231500, compared with a median sale price of $135000 for distressed (short sales, pre-foreclosure, and foreclosed) condos.

In July 2008 the median price paid was $250000 down 14.0 percent on a month to month basis.
Referring back to closed sales the areas comprising the largest percentage of closings in August shows the following:
Lighthouse Bay at The Brooks – $199000 a decrease in the median sold price of 53.2 percent from the 2007 median price of $425000.
Coconut Point – $267500 a reduction in the median sold price of 4.5 percent from the 2007 median price of $280000.
Bonita Bay – $340000 a decrease in the median sold price of 56.1 percent from the 2007 median price of $775000.
The Colony at Pelican Landing – $650000 an increase in the median sold price of 21.5 percent from the 2007 median price of $535000.
Vasari Golf and Country Club – $385000 an increase in the median sold price of 22.2 percent from the 2007 median price of $315000.

The analysis of the median price paid shows sellers and buyers should not only be aware of national, state, or area (city or town), but also by development or neighborhood values to make an informed decisions in the Bonita Springs condo real estate market.

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.

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.

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.

Yesterday, I was informed of a very close and dear friend, Charles Richey, had been hospitalized with Guillain-Barre Syndrome. This particular disease afflicts the nervous system and the inflicted individual looses the use of all their limbs and ability to swallow.

Charles has helped me with my website on many occasions and has always been there to just to talk or give me encouragement when things were rough for me. There are many real estate agents through the United States that have benefited from his assistance. In addition, Charles, is very active in the Las Vegas area with animal rescue organizations. Many times when we talk he will tell me about a new dog that he has staying with him until a home can be found.

Charles does not have any health insurance at this time and with the overall real estate market not as strong as it has been, he will be incurring substantial hospital, physician, and after inpatient care – if you have been hospitalized you may have some idea of what Charles will be facing in the future.

On the Internet, we meet many people and may not meet them in person. So when a call goes out to help another- the internet is a power vehicle to get the word out. I have been lucky to meet Charles and his wife Jacqui in person and have had dinner with them.

You may not know Charles Richey from Las Vegas, but perhaps you know someone that has been striken with this disease and can offer comforting words of advice for this family or if you are so inclined to assist Charles you can visit this site or click on the graphic below.

Donate to the Charles Richey Fund

Thank you for reading this post and any assistance you can offer Charles Richey from Las Vegas.

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. 

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 Naples and Estero 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. 

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 Naples Real Estate News and Market Updates and does cover the communities of Bonita Springs and Estero as well.

Thank you – Top 100 Real Estate Blogs. 

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.

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. 

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. 

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.

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.

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.

MEDIAN PRICE:
The median price for a home in Bonita Springs for the quarter ending September 30th was $540,750 versus $437,500 in 2006.  In addition, the trend line for the median prices paid over the 15 month period is an increasing trend.  The question remains will the increasing trend continue? In looking at some of the sales in lower price range for the third quarter of 2006, it was noticed that some residences that are in fact condominiums were improperly classified as single family homes.  Therefore, the price increase may not be sustainable or in fact totally accurate. The median sold price may in fact not reflect an increase.

CLOSED SALES:
The volume of closed sales of single family homes in Bonita Springs for the 3 months ending September 30th reflects a slight increase of 7 (84 versus 77) homes from the same period in 2006. The large number of closings in the second quarter of 2007 reflects the pending sales volume in the first quarter of 2007.  Largely this is due to the seasonal nature of real estate in the southwest Florida area.

PENDING SALES:
The pending sales for the third quarter of 2007 were 81, which is 6 more homes than in the same quarter in 2006, where the number pending sale were 75. The volume is a little surprising considering the impact of closings being cancelled due to the reduction of subprime lenders and the credit crunch which occurred during the 3rd quarter of 2007. The graph does show an increasing trend for the pending sales.

NEW LISTINGS:
The new listings for single family homes in the Bonita Springs real estate market shows a flat trend line.  This is good for the real estate market, because the number of homes coming on the market (or being relisted) is not increasing. The actual number of homes listed in the 3rd quarter of 2007 was 400 versus 381 in the same period a year earlier. The increase in new listings is not a positive sign for the real estate market in Bonita Springs as there is an existing inventory of single family homes of about 29 months or 2.5 years.

SUMMARY:
The Bonita Springs single family home real estate market at this time even though showing signs of strength does show some weaknesses in the number of homes for sale, which is greater than demand.  This equates to a stronger buyers market with excellent values on the market for the prospective buyer.  However, the pricing may not reflect the drastic price reductions in other areas of the overall Florida real estate market for single family homes.

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.