Estero Home Market Update
June Activity:
Listings:
During the month of June 69 Estero homes were listed for sale. For the same month in 2007, 86 homes were listed for sale; this represents a decrease of 19.8 percent. The decrease from 2006 was 22.5 percent from the 89 new listings. In May 2008 there were a total of 48 homes listed for sale.
Closed Sales:
A total of 25 homes were sold during June 2008. Comparing the same month in 2007 there were a total of 26 homes sold, represents a decrease of 3.9 percent. In June 2006 a total of 19 homes were sold or an increase of 31.6 percent (or 6 more homes). In May 2008 a total of 29 homes closed or 4 more homes than in June. 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 Estero single family home market might be slightly stronger than the overall state’s condo market, as the number of homes sold decreased but as much as the overall Florida home market.
Pending Sales:
In June 2008 27 homes were placed under contract or pending for closing, pending sales are where a home is no longer on the market for sale. The 27 homes is an increase over both the 18 homes in 2007 and 18 homes in 2006. June 2008 pending sales were 7 fewer homes than in May 2008 and 12 fewer homes than in April 2008.
Median Price Paid:
During the month of June the median price paid for a home was $410,000. In the previous year, 2007, the median price paid was $327,500 or an increase of 25.2 percent. In 2006 the median price was $390,000 an increase of 5.1 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 more than the overall state’s median price, which decreased 16 percent.
Quarterly Analysis:
Listings:
During the second quarter of 2008 a total of 193 homes were listed for sale.
During the second quarter of 2007 285 homes were listed. A reduction of 92 units or about 32.3 percent and a reduction of 47 homes listed from the 240 units in the same quarter of 2006 - about 24.4 percent reduction.
Closed Sales:
The volume of sold homes for the second quarter of calendar 2008 was 90 homes. Compared on a quarterly basis for the previous year, where 68 homes closed which represents an increase of about 32.4 percent. However, when looking at the second quarter in 2006, 56 homes were closed for an increase of about 64.3 percent.
Pending Sales:
For the past three months a total of 99 homes have been placed in a pending sale status. Under normal situations (fewer possible short sales) the average time frame for closing after a home is a pending sale - 30 to 60 days later, many of the pending sales would already have 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 62 homes were placed under contract or pended. The increase in pending sales for 2008 was 37 homes or an increase in 2008 of roughly 59.7 percent. In 2006 pending sales totaled 56 homes or increased 10.7 percent in 2008.
Median Sold Price:
The median sold price for a single family home in Estero during the second quarter of 2008 was $323,750 versus $385,000 in 2007 or price reduction of about 15.9 percent. The median price paid for a single family home in the second quarter of 2006 was $422,450. Compared to 2008 the price reduction from 2006 is about 23.4 percent. For informational purposes calendar year 2006 had the highest median sold price of $428,500.
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