The condominiums for sale in Bonita Springs continue to show signs of improvement. While still a buyer’s market, the condos available for sale are declining as well as the months of inventory declining.
The month of February started with 891 condos available for sale in the Bonita Springs area. Last February 1141 condos were for sale in a year over year comparison it is a decline of 250 condos available for sale. This represents a decline of about 22 percent.
The graph below shows the number of condos for sale in Bonita Springs between the years of 2008 thru 2010.
The months of inventory, a measure of judging current demand for condominiums, in addition to if it is a buyer’s or seller’s market. When the months of inventory ranges between 5 and 7 months, it is considered a neutral market – neither buyers nor sellers have control over pricing. When months of inventory are excess of 7 months the buyers control the market as far as pricing. The reverse is true for when the inventory is 5 or fewer months.
The months of inventory at the start of February was 18.0 months compared to start of last February where there were 29.3 months of inventory. The decline in the months of inventory is about 39 percent representing another sign of the real estate market for condos in Bonita Springs is continuing to improve.
The graph below shows the movement in the months of inventory for 2008 thru 2010.
The composition of the condos for sale in Bonita Springs (traditional, foreclosures, and potential short sales) is another aspect of evaluating the real estate market. The greater the percentage of traditional sales the more strength within the market place. The percentage of the various types of listings, as noted above, should be reflected throughout the real estate cycle. The real estate cycle is listing, pending sale, and closed sale. When the percentages are inconsistent during the real estate cycle signals issues within a particular type of listing group can be noted and effective decisions made.
Below is a graph reflecting the composition of condominium listings at the start of February.