Estero Condo Market Update
August Activity:
Listings:
During the month of August 31 Estero condos were listed for sale. For the same month in 2007, 43 condos were listed for sale; this represents a decrease of 27.9 percent. The decrease from 2006 was 50 percent from the 62 new listings. In July 2008 a total 43 condos were listed for sale.
In February a total of 432 condominiums were available for sale. As of the end of August the number of condos available for sale has been reduced by 125 units or about 28.9 percent to 307 condos.
The number of months of condominiums for sale has decreased from February’s 38 months to 14 months as of the end of August.
Closed Sales:
A total of 22 condos were sold during August 2008. Comparing the same month in 2007 there were a total of 19 condos sold, the increase of 3 condos represents an increase of 15.8 percent. In August 2006 a total of 11 condos were sold an increase of 72.7 percent (or 8 more condos). In July 2008 a total of 15 condos closed or 7 less condos than in August.
Pending Sales:
In August 2008 25 condos were placed under contract or pended for closing, as a result of a seller and buyer agreeing to terms. The 25 condos is an increase over both the 13 condos in 2007 and 8 condos in 2006. August 2008 was higher than the 19 condos in July 2008 and exactly the same number as June 2008.
Median Price Paid:
During the month of August the median price paid for a condominium was $178000. In the previous year, 2007, the median price paid was $493800 or a decrease of 64.0 percent. In 2006 the median price was $300000 or reduction of 40.7 percent compared to August 2008.
In August 2007 a significant number of condominiums in Estero were sold in the The Residences of Coconut Point with prices ranging from $446675 to $762579. This single item caused the median price to be extremely high. Without the sales at The Residences of Coconut Point the median price would have been $319900.
Comments
Got something to say?