Summer is almost here, and as the weather gets hotter, so does Bonita Springs real estate. At least, that is the sentiment as of late, as home prices continue to rise and more buyers continue to flock to the area to pick up in-demand property.
The Bonita Springs – Estero Association of Realtors released its monthly report for April 2014. In this report, we can see how the overall trend toward higher home prices is continuing, as is the trend toward fewer homes on the market and a tighter overall supply.
Of course, there was one anomaly: the median sale price for the area actually decreased on a year-over-year basis, dropping 6.4 percent from April 2013 to April 2014. That is the first time we’ve seen a year-over-year decrease in quite a while, but overall prices are still up in the long run and have shown little signs of falling off.
Supply continues to drop as well. There are 57.1 percent fewer active listings on the market than there were last year, and there are only 4.1 months’ worth of supply versus 8.5 months a year ago. New listings fell by 41.6 percent, as did new pending sales.
What this means is simple: home prices are rising because supply is becoming limited. We are now firmly in a sellers’ market, whereas last year we were firmly in a buyers’ market (what a difference a year makes!).
If you are thinking of selling your home, you have a lot of opportunities before you to get great value for your property. If you are thinking of buying, know that buying will likely become more expensive as we go along, since prices will increase and mortgage rates will also rise. Buying now may be your best bet.