The latest market report from the Bonita Springs – Estero Association of Realtors for June 2014 for townhouses and condos is out, and the results indicate that recent trends we’ve seen in real estate are continuing – and should continue for the foreseeable future.
We’ll start by taking a look at one of the most important metrics: median sale price. For townhouses and condos in Southwest Florida, the median sale price was $215,000, which was 1.4 percent higher than what we saw this time last year. The average sale price was $288,760, which was 15 percent higher than a year ago.
The median sale price has consistently climbed. It reached its highest point in 2014 in March, with $242,625, so it has come down a bit from the peak. But this month’s figure is still good for the fourth-highest mark in the last 12 months.
As price goes up, inventory goes down. Active inventory fell by 58.9 percent from June 2013 to 388 townhouses and condos on the market. Pending inventory fell 49.7 percent to 187 listings, and there were just 90 new listings on the market last month – down from the 203 that entered the market in June 2013.
It is likely that this shrinking inventory is partly due to the high levels of inventory we saw over the past two years. Compared to those high numbers, today’s figures will naturally seem low. Rising home prices should cause more homeowners to put their homes on the market, so inventory should level out soon.
Homeowners are receiving a higher percentage of their original asking price when they sell – 92.9 percent on average. This figure is slightly up from a year ago. Also, there were 118 closed sales last month, down by 31.4 percent from June 2013.