The Bonita Springs real estate market for homes is starting to show signs of stabilizing in many aspects with some positive signs in some aspects and prospective buyers should be aware of the positive changes. The statistics presented and discussed below are global in nature for the Bonita Springs area and do not represent the more important micro-market views.
Listings:
During the month of May a total of 129 homes were listed for sale. In May 2008, the number of homes listed for sale in the Bonita Springs area was 143. In addition the 129 homes listed for sale was less than the 131 homes in May 2007. Over the past year the number of listings have remained stable.
The listed homes in May 2009 was the lowest number of homes listed since July 2008.
Pending Sales:
During the month of May 2009, a total of 76 homes had offers accepted by sellers (pending). The figure for pending home sales in May represents a substantial increase over both May 2008 and May 2007 were the pending sales were 49 and 35, respectively. The increase represents 55 percentage upwards change over May 2008 and a 117 percentage increase. The increase in pending sales for May can largely be attributable to the lower median sold prices of homes.
Over the past four months the number of pending sales in the Bonita Springs area have been higher than in previous years, dating back to at least June 2005, even though the real estate market erosion could be earmarked back to October 2005. The past four months have had 81, 82, 78 and 76 pending sales for a total of 317 homes.
Closed Sales:
There were a total of 49 closed (sold) in May 2009. In a year over year analysis, the sales were the same as in May 2008. May 2007, there were sales totaling 54 homes.
Over the past 12 months the closed sales have shown an upward trend.
The increase is largely due to the lower median sold price of homes in the Bonita Springs area.
Median Sold Price:
The median sold price (the sold price at which half the homes sold and half below) for May 2009 was $245000. This figure may not be good news for existing homeowners or sellers, but it is good news for prospective buyers. Over the past 12 months the median sold price for homes in the Bonita Springs area the trend is continuing to show a decline.
The median sold price in May represents a 56 percent decline from May 2008 when the median sold price was $56200 and a 54 percent decline from May 2007 when the sold price was $528500.
The lower median sold price has a direct affect on the increased volumes for pending sales. The lower volume of new listings could have an eventual impact on the median sold prices, as the volume of new listings coming on the market for homes declines. Can the current statistics represent a stabilization of the Bonita Springs home real estate market? Only the national economy and time will tell.