The statistics presented and discussed below are global in nature for the Estero area and do not represent the more important micro-market views which can vary greatly. The Estero real estate market for homes is starting to show signs of stabilizing in many aspects and prospective buyers should be aware of the positive changes.
Listings:
During the month of May a total of 48 homes were listed for sale. In May 2008, the number of homes listed for sale in the Estero area was 54. In addition the 48 homes listed for sale was significantly less than the 101 homes in May 2007. The downward trend, even though slight, of new listings is continuing over the past 3 years.
The listed homes in May 2009 was the lowest number of homes listed since August 2005. The noteworthy item about this fact, is that in October 2005, was the start of the real estate erosion even though the median sold price of homes peaked in January 2007 with May 2006 as the next highest median sold price month.
Pending Sales:
During the month of May 2009, a total of 63 homes had offers accepted by sellers (pending). The figure for pending home sales in May represents an increase from both May 2008 and May 2007 where the pending sales were 31 and 25, respectively. The increase over May 2008 equates to about 100 percent improvement and 152 percent improvement over May 2007.
The pending sales in May 2009 represents the highest number of pending sales over the immediate past four years.
Over the past three months the number of pending sales in the Estero area have been higher than in previous years, dating back to the three months in 2005 from June to August, even though the real estate market erosion could be earmarked back to October 2005.
Closed Sales:
There were a total of 26 closed (sold) in May 2009. In a year over year analysis, the 26 sales is lower than May 2008 where 37 homes closed but an improvement over May 2007’s 22 sales.
This is the continuation of an upward trend starting in June 2008.
The increase is largely due to the lower median sold price of homes in the Estero area.
Median Sold Price:
The median sold price (the sold price at which half the homes sold and half below) for May 2009 was $239500. 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 November 2008, the median sold price for a home in Estero has been ranging from $277500 to $215400. Over the past 3 months the median sold price has been showing a consistent median sold price of $239500 to $$242000 – a very narrow range. Maybe a signal that prices are starting to stabilize.
The median sold price in May represents a 20 percent decline from May 2008 when the median sold price was $300000 and a 56 percent decline from May 2007 when the sold price was $541500.
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