Fall is definitely here – and winter is quickly approaching. Activity for real estate in Bonita Springs, FL should start to taper off with the changing of the season, at least until spring begins, but what do the stats say?
The Bonita Springs – Estero Association of Realtors revealed its October 2014 market report for real estate in Bonita Springs, FL, allowing us a chance to see how the market is going. We take particular interest in how townhouses and condos are faring.
For starters, we’ll take a look at how valuable townhouses and condos are. In October, the median selling price for this segment was $230,000, which is 9.5 percent higher than it was a year ago. The average sale price was $302,654, an increase of 26.5 percent from October 2013.
Other stats have improved as well. For example, the average percent of original list price received by homeowners stands at 94.3 percent, which is better than the 93.8 percent from a year ago. For a home worth $250,000, that represents a gain of $1,250 in value.
Homes are selling faster, too; the median days on market figure stands now at 54 as of October, compared to 63 last year.
The only problem, really, is in supply. Active inventory stands at 396, down by 53.4 percent from last year, with just 128 new listings on the market and a combined 170 closed or pending sales. That means there are more townhouses and condos leaving the market than there are entering. Plus, there are just 4.3 months of supply left. This is one of the main reasons why home values are going up; demand is outstripping supply.
If you want to sell your townhouse or condo, now is a good time because competition is low. If you want to buy, now may also be a good time because prices will only get higher.