Estero Real Estate Home Market Update Feb 08
New Listings: During the month of February 83 Estero homes were listed for sale. In 2007, there were 111 and in 2006 a total of 90. In January 2008, a total of 135 homes were listed for sale and 69 in December 2007. The absorption rate calculated for February was 9.2 months greater than the absorption rate for Naples (8.3 months) and Bonita Springs (4.4 months). In previous years the absorption rate was 9.3 months in 2007 and 6.0 months in 2006.
Pending Sales: In February, a total of 32 homes in Estero were placed under contract, which is 15 homes more than 2007 and five homes more than in 2006. Pending sales for January and December were constant at 23 homes.
Closed Sales: In February, 9 homes were sold, compared with 12 in 2007 and 15 in 2006. In January 2008 a total of 16 homes were sold and December 2007 the closed sales were 18 homes.
Median Sold Price: The median price for a home sold in Estero during the month of February 2008 was $290,000. In February 2007 the median price was $339,500 and $455,000 in 2006. The median price reduction has been 14.6% in the year over year period and cumulative decrease of 36.3%. The median price for January 2008 was $463,750 and December 2007 $415,000.
The number of Estero homes for sale is 213 or about 32 months of inventory to be sold.
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