Numbers for the real estate market for the Bonita Springs area for the month of March were recently released, and a quick look reveals signs of growth and progress for the area.
According to statistics, there were 3,109 closed transactions in 2014 so far, up from 2,747 during the same time in 2013. The average sales price for these listings was $487,369, up from $410,821 from a year ago (an increase of 18.6 percent). The median sales price was $264,000, up by 5.6 percent from a year ago.
So far, more homes are being listed and sold than this time last year, and they are selling for more money, too. Both are positive signs for our real estate market.
A solid percentage of the homes closed during this time frame – 46 percent – were below $250,000. Another 30 percent were priced between $250,000 and $500,000. A strong percentage – 24 percent – were priced at above $500,000, a sign of the high-value properties we have here in the Bonita Springs – Naples market area.
More homes in the luxury home market (homes valued over $1 million) were listed during the first quarter of 2014 compared to the first quarter of 2013, by a factor of 27 percent. Homes valued over $5 million had even higher growth, at 69 percent.
Overall, there are approximately 5.4 months of supply available in the combined Naples, Bonita Springs, and Estero real estate markets. The balancing point is 5.5 months, so today’s current inventory suggests that we are in a sellers’ market.
As we continue through 2014, we can expect to see home values rise even further. If you are thinking about buying a home in Bonita Springs, today may be the day to begin the process. Contact me for more information on how to begin.