Bonita Springs condo market update – July.
The median condo sold price of condos in Bonita Springs during 2014 is $229,000. Last year the median sold price was $208,000. The median sold price has increased 9.2%.
Median sold price for condos increased 14.1% in the year over year comparison (July 2013 to July 2014) from $187,250 to $213,578.
Condo prices bottomed in 2010 when the median sold price was $169,000. As noted above, in 2014 the median sold price was $229,000. This represents an increase of 35.5% since the bottom of the market.
Median sold price for July was $213,578. The median sold price decreased $11,422 over the previous month’s median sold price of $225,000 or 5.1%.
(The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)
The graph below shows the median sold price for condos by year from 2004 to 2014.
The number of Bonita Springs condos for sale was at end of July was 400, down from the previous month’s 415.
Condos for sale classified as distressed properties (potential short sales and foreclosures) – 27 or 6.8% of the total market – 8 (2.0%) are potential short sales and 19 (4.8%) are foreclosed or REO (real estate owned) properties.
New listings for condos coming on the market in July 2014 – 77, compared to last year’s July figure of 103.
83 condos were sold in July, versus July 2013 when82 were sold.
Overall months of inventory for sale – 4.6 months for Bonita Springs condos. (Sellers’ market exists when months of inventory are less than 6 months. Buyers’ market occurs when months of inventory exceed 6 months.)
The table below shows the number of condos for sale and months of inventory by price range. Red indicates a seller market, yellow represents a neutral market, and green represents a buyers market by price range.
In case you missed last month’s report – click on this link – Bonita Springs Condos Market Update.
Your questions and comments are always welcome.