Estero Home Market Update for August
August Activity for Homes in Estero:
Listings:
During the month of August 73 Estero homes were listed for sale. For the same month in 2007, 59 homes were listed for sale; this represents an increase of 23.7 percent. The increase from 2006 was 17.7 percent from the 62 new listings. In July 2008 there were a total of 66 homes listed for sale and in June 66 homes.
The number of homes available for sale in Estero has dropped from 575 homes in February 2008 to 456 at the end of August. This represents a reduction of about 20.7 percent. In terms of the number of months of homes to sell it is presently at 20 months versus 32 months in February.
Potential short sale homes listed in August was 14 or 19.2 percent and 4 homes or 5.5 percent are listed as a foreclosure, REO or bank owned.
The developments representing 46.6 percent of the new listings were:
Bella Terra - 11 homes with a median price of $300000, 7 potential short sales.
Cascades at Estero - 8 homes with a median price of $289950.
Rookery Pointe - 8 homes with a median price of $397500, 1 potential short sale and 1 foreclosure.
Grandezza - 7 homes with a median price of $979000, with 1 home a potential short sale.
Closed Sales:
A total of 19 homes were sold during August 2008. Comparing the same month in 2007 when a total of 17 homes sold, represents an increase of 10.5 percent. In August 2006 a total of 8 homes were sold or an increase of 137.5 percent (or 11 more homes). In July 2008 a total of 18 homes closed or 1 more home than in August.
Pending Sales:
In August 2008 24 homes were placed under contract or pending for closing, pending sales are where a home is no longer on the market for sale. The 24 homes is an increase over both the 19 homes in 2007 and 11 homes in 2006. August 2008 pending sales were 2 fewer homes than in July 2008 and 3 fewer homes than in June 2008.
Median Price Paid:
During the month of August the median price paid for a home was $318000. In the previous year, 2007, the median price paid was $304000 or an increase of 4.6 percent. In 2006 the median price was $347500 a decrease of 8.5 percent compared to August 2008.
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