The market for townhouses and condos in Bonita Springs and Estero continues to heat up, if the latest report from the Bonita Springs – Estero Association of Realtors is any indication.
According to the report for July 2014, the area’s median sale price stood at $227,500, which was 13.8 percent higher than the $200,000 mark we saw a year ago. It’s also higher than the $215,000 we saw in June, although it is lower than the $235,500 peak for 2014 we saw in February. Overall, though, the trend is positive, and is significantly higher than the low point of the last 12 months ($185,000 in November 2013).
Analysis indicates that this trend is here to stay. Townhouses and condos simply are getting more valuable, which is good news for owners (and less than good news for those who have been sitting on the sidelines thinking about buying).
Homes at the top end of the market are doing well, too. The average sale price rose by seven percent, to $282,190.
Home prices are rising like they are because supply is falling. Active inventory stood at just 395, down from 879 from a year ago. There were just 65 new listings, compared to 72 closed sales and 79 new pending sales. This means homes are being purchased faster than they are being replaced, and are selling far faster – in just 50 days – than they were a year ago (when the median days on market figure was 100 days).
Current supply is at 3.9 months at current sales rates. That is in sellers’ market territory and a far cry from 6.7 months a year ago.
Townhouses and condos continue to be hot commodities. If you have thought about selling – or buying – now may be the time. Contact me for more info on getting started.