The Estero real estate market for the month of March is showing improvement, but still not showing the strength as exhibited by the Naples real estate market. The buyer’s market continues and it is weaker than last year.
HOMES:
Homes available for sale, as of March 31 – totaled 303. Of this total 61 were potential short sales, and 9 were foreclosures. This translates to 10.1 months of inventory (normal market is between 5 and 7 months) versus last year 22.5 months. This statistic most clearly reflects the higher level of sales activity of homes in the Estero area.
A total of 32 homes closed in March, over last year’s closings of 25 homes.
Pending sales for the month of March was 60 homes versus last March’s figure of 46 homes.
The median sold price for a single family home in the Estero in March was $254950 in a year over year comparison March 2009 saw the median sold price at $242000.
An indicator of future closed sales in addition to the current month’s pending sales, is the total number of pending sales. The total number of pending sales includes not only the current month (60), but also an accumulation of those homes which have not yet closed from previous months. The total pending sales as of the end of March was 135 homes. Of the 135 homes, 82 were potential short sales and 14 were foreclosed homes (bank/lender owned).
CONDOS:
Condos available for sale as of March 31 – totaled 226. Of this total 32 are potential short sale condos and 5 foreclosures. This translates to 10.8 months of inventory versus last year’s 19.2 months.
A total of 21 condos closed in March versus last March where 16 condos were sold.
Pending sales for the month of March was 41 versus last March’s figure of 34.
The median sold price for a condo in the Estero area was $125000 compared to last year’s median of $133950.
The indicator of future closed sales in addition to the current month’s pending sales is the total pending sales. In March a total of 109 condos were pending sale. Of this number, 69 were potential short sales and 7 foreclosures.
The statistics used for this post were taken from the Sunshine MLS on April 1st using data obtained for the month of March. The March data is primarily at this time, the final statistics are generally available on the fifth business after the end of the previous month.