Preliminary statistics for the month of April for the Estero real estate market shows the local market is continuing is slowly recovering. The market is showing a decline in the months of inventory available for sale, pending sales increasing, and closed sales increasing. The median sold price for Estero homes decreased slightly from last April, while Estero condos were sold at a higher median sold price than last year. The buyers’ market is remains; however, it continues to erode.
Homes available for sale, as of April 30 – totaled 288. Of this total 68 were potential short sales, and 6 were foreclosures. This translates to 9.3 months of inventory (normal market is between 5 and 7 months) versus last year 20.1 months and last month’s 9.9 months. This statistic most clearly reflects the higher level of sales activity of homes in the Estero area. A 12 month moving average is used to calculate the closed sales, which is divided into the currently available homes for sale.
A total of 34 homes closed in April. Last April a total of 17 homes were closed.
Pending sales for the month of April was 57 homes versus last April’s figure of 48 homes.
The median sold price for a single family home in the Estero in April was $232500 in a year over year comparison April 2009 saw the median sold price at $235800.
An indicator of future closed sales in addition to the current month’s pending sales is the total number of pending sales. The total number of pending sales includes not only the current month (57), but also an accumulation of those homes which have not yet closed from previous months. The total pending sales as of the end of April was 135 homes. Of the 135 homes, 81 were potential short sales and 15 were foreclosed homes (bank/lender owned).
Condos available for sale as of April 30 – totaled 229. Of this total 37 are potential short sale condos and 6 are foreclosures. This translates to 10.1 months of inventory versus last year’s 18.8 months and last month’s 10.4 months of inventory.
A total of 33 condos closed in April versus last April where 22 condos were sold.
Pending sales for the month of April was 38 versus last April’s figure of 31.
The median sold price for a condo in the Estero area was $150000 compared to last year’s median of $140250.
An indicator of future closed sales in addition to the current month’s pending sales is the total pending sales. In April a total of 94 condos were pending sale. Of this number, 58 were potential short sales and 8 foreclosures.
The statistics used for this post were taken from the Sunshine MLS on April 1st using data obtained for the month of April. The April data is preliminary at this time, the final statistics are generally available on the fifth business after the end of the previous month.