Every month, the Bonita Springs – Estero Association of Realtors (BEAR) compiles real estate statistics for the townhouse and condo market. By analyzing these statistics, we can get a good feel for the townhouse and condo market and how buyers and sellers are interacting – which can help you make informed choices when buying or selling.
One key stat tracked by BEAR is median sale price. For townhouses and condos in Bonita Springs and Estero, the median sale price in May 2014 was $235,000, which rose by 16.8 percent from a year ago. The average sale price, which factors in the higher-priced homes in the area, was $314,702 and went up by 23.3 percent – evidence that the upper spectrum of townhouses and condos is doing very well.
As with other market segments, inventory is low. There were just 456 homes actively listed in May, down 54 percent from a year ago. And there were only 92 new listings, down by 54 percent as well.
This means that those who choose to list a townhouse or condo will face less competition now than they would have a year ago, thanks to constrained supply. It also means that selling your home may be advantageous, since you’re now getting more for your home – 93.2 percent of your original list price, on average, compared to 91.9 percent a year ago.
What segments are the most competitive? In other words, what price ranges have more homes for sale? According to the report, there were 82 townhouses and condos up for sale in the $250,000 to $299,999 range. The next largest segment was the $150,000 to $199,999 range, with 79 units. Inventory is shrinking significantly for homes priced at $400,000 to $599,999, going down by a factor of 63 percent over the course of the past year.
In short, prices are going up and inventory is going down, resulting in less competition. If you’re thinking of buying or selling, this month’s report may give you reason to get in on the action.