As October comes to a close and the weather begins to change (for the better!), I’m excited to welcome back many of our seasonal residents! Throughout the summer months, my team and I have been hard at work preparing for the 2015 – 2016 real estate season.
As a Colony resident for a number of years and as a real estate expert for The Colony, I make it my duty to stay informed on all local real estate market news, trends, and projects. Here, I’d like to share with you some key data points about the Bonita Springs/Colony real estate market as we enter the last quarter of 2015.
The Growth of Bonita Springs, Estero, and Surrounding Areas
One major influencer of the local real estate market is the growth we’ve seen in Lee/Collier Counties over the past few years. According to an article released by the Huffington Post, the Cape Coral – Fort Myers metro area was the #1 area hit hardest by our most recent recession. While Bonita Springs lies slightly outside of this area, the effects were certainly felt.
Currently, according to the US Census Bureau, Southwest Florida is now one of the fastest-growing areas in the nation. Additionally, Naples, has topped the list of metropolitan areas expected to see the most economic growth next year. As many may have also heard, Hertz has chosen Estero as the location for its new Headquarters, which is sure to provide even further growth for our community.
With growth in both population and our local economies, we can expect similar results from our local real estate market.
Overview: Average Listing Price for Bonita Springs/Estero Homes
According to a market report released by John R. Wood Properties, the gap between new listings and closed units is getting smaller year-over-year and in 2015, the number of new listings outnumbered the number of closed units, meaning we’ve entered a buyer’s market.
While it may be a buyer’s market, it’s also worth noting that average home prices have increased at a steady pace for the last 5-6 years and we’re expecting this trend to continue due to expected economic growth as we enter 2016.
|Average Home Price|
Demand for Luxury Properties in Southwest Florida
According to that same report from John R. Wood, the average price of home sales above $2,000,000 increased by a little over 12% in the last 12 months, letting us know that the demand of luxury homes for sale in the Bonita/Estero area is increasing.
WCI Communities recognizes the growth (and demand) we’re about to witness and as such. To meet the growing demand of luxury homes in Southwest Florida, WCI Communities has officially begun construction on Altaira in The Colony.
Altaira is a new luxury high-rise that is expected to be completed in 2017. According to Florida Home Builder, a publication of the Florida Home Builder’s Association, Sky Homes “live like grand single-family residences but offer a low-maintenance lifestyle that provides owners with free time to enjoy both onsite amenities of Altaira and those at The Colony.” Altaira’s Sky Homes begin at $1,000,000 and spaces have already been reserved, showing us that demand for luxury homes in Bonita Springs and SWFL is not going anywhere anytime soon.
The Colony Report: Single-Family Homes
In addition to new construction to meet the growing demand for luxury properties, there are a number of single-family homes within The Colony that have closed in the last 12 months. According to John R. Wood Properties’ September 2015 Neighborhood Snapshot Report for Naples, Bonita Springs, and Estero, the available inventory of single-family homes in The Colony is 3, with an average closing price of around $1.3 million.
The Colony Report: High-Rises/Condos
High-rises and condos in Bonita Springs and all throughout Southwest Florida continue to be a viable option for both our seasonal and full-time residents. To address The Colony specifically, as of October 1, 2015, there were 30 condominiums available for sale. However, 72 condo listings were closed within the last 12 months as well.
Considering Buying or Selling in The Colony?
In reviewing the numbers above and the projected growth, we expect the local real estate market to continue improve. If you’re considering buying or selling a home within The Colony, I would love to get you started on this journey. As an experienced real estate agent and resident of The Colony, my team and I can provide invaluable expertise and concierge-level service to make the process as smooth as possible.
I’m also excited to share with you that we will be unveiling new listings available within The Colony. On November 1 from 1pm – 4pm, I will be hosting a Grand Open House in The Colony, showcasing brand new listings in:
I look forward to seeing many new and old faces at our Grand Open House. To learn more about our Grand Open House or to schedule a time to discuss the above real estate update in further detail, please feel free to contact me at (239) 691-5505 or through my website here.
What are your thoughts on the Naples, Bonita Springs, and Estero real estate market? Leave your thoughts in the comments below.