Metas
Estero Condo Market Report for November 07
New Listings:
A total of 64 Estero condos were listed in November 2007. When compared to November 2006, the number of condos listed was 78 – a drop of 14 or roughly 18%. In November 2005, 94 Estero condos were listed – a reduction of 30 condominiums or approximately 32%. The lower levels of listings is largely due to less condos being placed on the market by flippers that contracted for pre-construction in 2005 and 2006.
Median Price Paid:
In the month of November the median price paid for a condominium in the Estero area
was $174,000. In November 2006, the median price paid a condominium in Estero was $245,000 or a lower median price of roughly 29%. Looking at November 2005, the median price paid was $369,000 – the reduction in the median price is 53%. The 2005 median price does include a number of expensive condominium coach homes sold in the Grandezza development. In 2006, once again, Grandezza lead the way with prices that pulled up the median price overall. No condominiums were sold in Grandezza in November 2007 and it explains the drastic drop in the median price for Estero condominiums.
Closed Sales:
The closed sales for condos in Estero during November were 8. In November 2006, the number of closed was 6 and 15 in November 2005; the respective changes are an increase of 33% and a reduction of 53%. The increase in the number of closings over 2006, it a good sign considering how the financing programs have become more restrictive. The reduction from 2005 is the residual of the tail-end of red-hot real estate market in 2005. A positive sign is the stability or slight increased in closed sales, due to constraints in the financing marketplace.
Pending Sales:
The volume of pending sales came in at 9 contracts. The 9 contracts, is an decrease of about 18% from 2006’s 11, but 53% below 2005’s 19 pending sales. With the drop from 2006 pending sales, it is a good sign that the restrictive nature of the mortgage arena is not having a negative effect on the market. The decrease from 2005 is related to the cooling of the real estate market.
Currently, there are about 423 condos available for sale in the Estero area, representing about 43 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.
Comments
2 Responses to “Estero Condo Market Report for November 07”
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I am interested in buying condo in Point Estero or Gullwing or similar buildings. Please educate me about current market condition for those type of properties. I will be visiting your area in early March.
Thanks
Ramesh
Ramesh,
Currently, Pointe Estero has no residences on the market. In Gullwing there are 3 residences on the market ranging in price from $699,000 to $1,299,000.
These buildings are classified as condotels. Financing for Condotels is very limited at this time.