Homes for Sale in Naples Florida
Today, I was very surprised to find this blog to ranked in the Top 100 Real Estate Blogs as per Top 100 Real Estate Blogs.
The ranking is determined by Google Page Rank, Technorati Rank, and Alexa rankings.
The blog is entitled Naples Real Estate News and Market Updates and does cover the communities of Bonita Springs and Estero as well.
Thank you – Top 100 Real Estate Blogs.
Real estate market conditions for Bonita Springs shows the median sold price increasing and new listings less than last January. Pending sales are down from last year, but higher than December 2007. Closed sales were down from December, in addition, to 2007 and 2006 closed sales.
New Listings – in January 2008 Bonita Springs showed a total of 232 single family homes came onto the real estate market. This compares favorably with the 271 and 270 homes listed for sale in January 2007 and January 2006, respectively. In December 2007 a total of 109 homes were listed. January is traditionally the month with the highest number of new home listings during the calendar year.
Pending Sales – a total of 39 Bonita Springs homes were pending sale. A pending sale is where a seller has an accepted an offer on their home. Last year’s month of January, a total of 53 homes were pending sale, while in 2006 the number was 55. Pending sales in January compared favorably with December’s 31 pending sales.
Closed Sales – the number of homes sold in Bonita Springs during January was 26 homes down from the 33 homes sold in December 2007. Comparing to the previous years’ January there were 31 and 49 homes sold respectively.
Median Sold Price – in January the median price paid for a home in Bonita Springs was $802,500, up from December’s median price of $525,000. The year over year analysis shows the median price paid in January 2007 was $525,000 and in 2006 – $660,000. The higher median price can be attributed to some fairly expensive homes sold in Bonita Bay, Bonita Beach and Quail West, which caused the increase.
In the Bonita Springs real estate market homes show some positive trends in new listings coming on the market, closed sales, and pending sales as one reviews the statistics and analysis, with exception of median price paid. The market report covers not only the month of December, but also for the quarter ended December 31, 2007 and 2007 in totality.
The number of home listings coming on the market in December was 109. In December 2006 the number was 145 or a reduction of 25% in volume. In December 2005, new listings were 138 homes or a reduction of about 21%. This represents a positive sign as fewer homes are coming on the market and should eventually be reflected in the gross number of available homes for sale.
The number of months of home resale inventory is 31 months, down about one month from November 2007.
The number of closed sales for homes in the Bonita Springs area in December was 33 versus 41 in December 2006 or a volume reduction of about 19%. Tighter requirements for mortgages and the elimination of sub-prime borrower programs, does have impact, however it would have been better to see 16% or less as a percentage reduction. When looking at December 2005, the closed sales totaled 45, a reduction in closed sales volume of 26%. December 2005 many of the sub-prime and liberal loans were available. As many of us are aware the market started to change in the fourth quarter of 2005.
A total of 31 homes in the Bonita Springs area were pending sale as of the end of December. In December 2006, 28 homes were pending sale as of month end. While in 2005 there were a total of 49. With pending sales we can see the trend or impact of the elimination of liberal underwriting requirements and sub-prime borrower programs, when comparing pending sales between 2005 and 2007. It is interesting to notice that 2007 pending sales for homes are slightly over 2006.
The median price paid for a single family home in the Bonita Springs for the month of December 2007 was $525,000. The median price paid in December 2006 was the same figure of $525,000. The median price paid in 2005 was $510,000. The increase in whole dollars was $15,000 or roughly 3%.
For the year over year December analysis one can see the number of months of inventory of resale homes reducing by about one month, fewer homes coming on the market, pending sales remaining stable, and the median price paid in the Bonita Springs area remaining stable.
During the 4th quarter ending December 31, 2007, the total number of new listings was 513 versus 492 in 2006 and 446 in 2005. The increase in the new listings for the 4th quarter versus 2006 and 2005 could be a sign of the market’s eventual strengthening. With less homes coming on the market, the median price paid could in the future could stabilize or trend upwards slightly.
A total of 80 homes were sold in the 4th quarter of 2007 versus 83 in 2006 and 142 in 2005. The reduction of 3 homes between 2007 and 2006 is insignificant considering the tighter credit criteria and elimination of liberal loan programs. While between 2007 and 2005 the reduction of 62 or 43% is substantial.
The median price paid for a home in the Bonita Springs area during the 4th quarter of 2007 was $532,500. The median price paid in 2006 was $435,000 and $569,000 in 2005. The median price increase between 2007 and 2006 was about 22%. However, the reduction between 2007 and 2005 was approximately 6%.
In 2007 there were a total of 2004 new listings to come on the market for sale. In 2006, the total was 2015 and 1458 in 2005. The new listings in 2007 were slightly less than 2006 and could represent a stabilization or reduction of new listings for homes coming on the market in the future.
During 2007, 430 Bonita Springs homes were sold compared to 456 homes in 2006 and 841 in 2005. The reduction in the total number of homes sold in 2007 compared to 2006 was 26 homes. This could suggest that the mortgage crisis did not affect the home market as well as buyer confidence in the single family home market due to the reduction in median prices paid for a home.
The median price paid for a home in Bonita Springs in 2007 was $532,000 versus $524,950 in 2006 or a percentage increase in value of slightly more than 1%. The median price was $505,000 in 2005. The increase in value between 2007 and 2005 was about 5%.
What is very interesting to note is that the median price paid for a home in Bonita Springs during 2004 was $346,375. The big question is will the prices remain so stable? Be sure to read my post on the 2008 Bonita Springs real estate forecast from Florida economist, Hank Fishkind.
Post has been updated with data from a state of Florida real estate perspective.
New Listings:
A total of 199 Bonita Springs homes were listed in November 2007. When compared to November 2006, the number of homes listed was 173 – an increase of about 15%. In November 2005, 188 Bonita Springs homes were listed – an increase of about 6%. The volume of new listings showing an increase over 2006 and 2005, but could be related to the construction lag for new homes in the Lee County area.
Median Price Paid:
In the month of November the median price paid for a home in the Bonita Springs area was $572,987. In November 2006, the median price paid a home in Bonita Springs was $455,000 or an increase in the median price of about 26%. Looking at November 2005, the median price paid was $544,500 – the increase in the median price is about 5%. The increase in the median price is due largely to due to expensive sales occurring in Mediterra Golf and Country Club, The Brooks, and Bonita Bay. These 6 sales in excess of $700,000 represents about 38% of the home sales for November.
Closed Sales:
The closed sales for homes in Bonita Springs during November were 16. In November 2006, the number of closed was 17 and 56 in November 2005; the respective reductions are about 6% and 71%. The reduction in the volume of closed sales appears to be bad news; however, considering the reduction in “liberal” loan programs and more restrictive underwriting criteria, this could be somewhat positive, when comparing 2006 and 2007 volumes.
Pending Sales:
The volume of pending sales came in at 45 contracts. The 45, is a reduction of about 4% from 2006’s 47, but 12% below 2005’s 51 pending sales. Looking at the pending sales volumes for the three years is rather interesting on the surface, however, one must remember in September 2005 the real estate market was starting to be a more balanced market, rather than seller’s market previously and the current buyer’s market. As with the closed sales volumes, there could a positive signal due to the reduction of “liberal” loan programs and more restrictive underwriting guidelines.
Currently, there are about 1,200 homes available for sale in the Bonita Springs area, representing about 32 months of inventory – this is provides buyers with an excellent selection in a very strong buyers market.
HOME SALES – Mirroring the national trend, turmoil in the mortgage market impacted Florida’s housing sector in September, despite continued low unemployment rates and other positive economic activity. Statewide sales of existing single-family homes totaled 8,688 last month, a decrease of 38 percent compared to September 2006 activity, according to Florida Association of REALTORS. The statewide median price for existing single-family homes last month was $221,200.
Read the analysis for the 3rd quarter for Naples homes sold in 2007 with a year over year comparative figures.
Also, read the analysis for Bonita Springs homes sold in the 3rd quarter of 2007 with comparative figures for 2006.
FLORIDA REAL ESTATE TAXES – The Florida House thinks it has a better plan for real estate tax reform, but time may be on the Senate’s side in a showdown over the issue. Lawmakers must settle their differences by next Monday, or it will be too late to put a proposed state constitutional amendment on the January 29, 2008 presidential primary ballot.
ECONOMY – Former Fed Chief Alan Greenspan said Tuesday that a bloated inventory of new homes, rather than existing homes, has unsettled the U.S. economy; but he expressed optimism that the nation will avoid a recession. “Where the problem lies is in home prices – new home prices, very specifically,” Greenspan said.
HOMEBUYERS PICKY – Homebuyers have many properties to choose from, but can nix one as a possibility quickly if it has a problem that traditionally spooks buyers – even if the problem would cost only pennies to repair.
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