We’ve been experiencing something akin to a real estate renaissance in Southwest Florida as of late. Homeowners are rejoicing because home values are rising; homebuyers are rejoicing because there are more homes being listed and thus more choice and opportunity.
How does that impact condos and townhouses in the area? The Bonita Springs-Estero Association of Realtors (BEAR) took a look at that with its January 2014 real estate market report for condos and townhouses.
For starters, the median sale price for these units rose significantly – up 19% from January 2013. In one year, the median sale price went from $173,000 to $205,900, a change that will make any homeowner happy.
The average sales price went up as well, jumping up 14% from $242,246 to $276,066 in just one year. A yearly increase like that is remarkable in any market, especially one that is still trying to get back to the pre-crash levels we saw in 2006 and 2007.
Condo and townhouse owners are also receiving a higher percentage of their original listing prices than before. In January 2013, homeowners received, on average, 89.7% of their listing price. Now, they receive 92.8% on average, an increase of 3.5% over 12 months.
It’s not only more worthwhile to sell; it’s also faster. The typical home spent just 59 days on the market before selling, down from 107 days a year ago. That is significant because days on market can really hold up the overall market’s progress if the number is too high. No one wants to spend 107 days to sell a home, but 59 days is much more manageable.
If you own a condo or townhouse or want to buy one, you’re in good shape. Learn more about the market and make a move today!