As we move into the end of 2013, it’s time to check the state of Bonita Springs real estate and see how we’ve progressed. This week, I want to go over the latest real estate report from the Bonita Springs-Estero Association of REALTORS for the month of October and share with you a few key stats. After all, a healthy real estate helps make a healthy economy, and vice-versa. Knowing more about local real estate also helps you make informed decisions when buying or selling.
Sales Prices Are Increasing
One big stat that jumped out at me is the significant increase we’ve seen in median sales price and average sales price from October 2012 to last month.
In October 2012, the median sales price was $244,500. Now, sellers are making 14.5% more. The average sales price growth is even bigger, at 22.5%. (Average sales prices are skewed by really expensive, high-end homes, so the median sales price is more representative of what homes, in general, cost.)
It Takes Less Time to Sell or Buy
Another stat that jumped out at me was the median days on market most homes experience when they list. According to the report, there has been a 41% decrease in the number of days homes will be listed for before they sell.
That stat is now at 69 days, down from 117 days. If you want to sell, you are in a much better position now when it comes to how long the process will take.
There Are Fewer Homes Available
Finally, if you’re looking to buy, you have fewer homes to choose from than before.
The number of active listings (called inventory) stood at 793 at the end of October, a 31.6% decrease from last year. That number has dropped pretty consistently since the beginning of the year, suggesting that more buyers are interested in Bonita Springs than ever before.
If you want to review all of the stats, you can access the entire real estate report here.