I like keeping track of the Estero and Bonita Springs real estate market because the trends in the market directly impact my clients when they are thinking of buying or selling homes.
One rich source of information is the area MLS. By analyzing statistics from the MLS, we can get a good grasp of where the market is in this area.
So far in 2014, there have been 7,327 closed transactions in condominiums and single-family homes, for an average sales price of $497,300 and a median sales price of $268,544. Both prices are up dramatically from what they were last year and especially five years ago. During 2009, for example, the average price was just $353,106 and the median price was $187,500.
For the month of June itself, there were 1,151 closed transactions, with a median sales price of $280,000. This is $10,000 more than the median price of $270,000 we saw this time last year, and almost $100,000 more than the price at the bottom of the market, in 2009.
As you can tell, we have come a very long way when it comes to price appreciation. And all segments of the market are benefiting, from entry-level homes to higher-end homes valued at $1 million or more.
Inventory is also holding steady. The number of new properties that entered the area’s inventory through the first six months of the year is roughly the same as the number that entered the market during the first six months of 2013. This bodes well for a balanced market. We are currently at 4.5 months of supply, which is in favor of sellers.
Another factor in favor of sellers: the average days on market for the first six months of 2014 is down to 93 days. This is the lowest level we’ve seen since 2000, and is a marked improvement over the 158 days we saw at this time last year.
Overall, prices are up and homes are selling faster than they were before. Those who have been on the fence about selling may be able to sell now and get more for their investment, or at least be able to upgrade their home.