The available condos for sale in the Bonita Springs area saw a drop in the number of condos for sale as of May 1. The current number of condos for sale is 1094. This represents a drop in the inventory of condos from the beginning of April where 1094 condos were listed for sale. The decline represents of about 4 percent. [Read more...]
Bonita Springs Homes for Sale Inventory
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The available homes for sale in the Bonita Springs area saw a drop in the number of homes for sale as of the end of April or start of May. The current number of homes for sale is 988. This represents a drop in the inventory of 71 homes. The decline represents of about 7 percent. In the year over year analysis the current inventory represents a decline of 104 homes or about 9 percent. In addition, the number of home available for sale is at the lowest level since August 2008. In August 2008 there were a total of 984. Below is a graphical presentation of the historical data for active listings by month from January 2008 to April 30, 2009.
Trendline of Bonita Springs Homes for Sale
The composition of the type of listings available for sale is rather interesting and could represent a major difference between prospective buyers’ perceptions, as well as, what is being reported by others as to how dire the Bonita Springs real estate market is. The vast majority of listings fall within the traditional listing category (traditional listings are listings being offered as a normal sale), followed by foreclosures, and potential short sales. The raw numbers for the various categories are 826 for traditional listings, 137 potential short sales and 35 foreclosures.
Classification of Bonita Springs Homes for Sale
A question arises – does the closed sales for April reflect the classification of the listings? The answer to this question will appear on this blog sometime within the next few days.
In previous posts you can compare the composition of both the Naples condos for sale to Bonita Springs condos for sale.
Your thoughts and comments are always welcomed.
Bonita Springs Home Market Update – March
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Listings:
The new listings for the month of March 2009 were 158 homes in the Bonita Springs area. The number of homes listed in March 2008 was 119. The increase of new listings of homes was 33 percent. In March 2007, the new listings were 164, representing a drop of 6 homes or decline of 4 percent.
In February 2009 the new listings were 133.
Of the 158 homes listed approximately 20 percent were potential short sales, 18 percent were foreclosed (bank owned), and the remaining 62 percent were traditional listings.
Median list price for potential short sales was $241900, foreclosed properties were $105450, and traditional listings were $475000.
Closed Sales:
In the month of March 2009 the sale of homes were 54. In March 2008 a total of 48 homes were sold. The year over year was 13 percent decrease. In March 2007 a total of 56 homes were sold. The decrease over 2007 was 2 homes or about a 4 percent.
Of the 54 homes sold, approximately 3 percent were approved short sales, 22 percent were foreclosures, and the traditional sales were 75percent.
The breakdowns of the median sold prices are discussed in the median sold price section below.
Pending Sales:
During March 2009 a total of 85 homes had an offer accepted by the seller. In March 2008, 63 homes were pended. The increase from March 2009 represents an increase of 22 homes or about 35 percent.
In March 2007 a total of 58 homes were pending sale. The increase between March 2009 and March 2007 was 27 homes or about 47 percent.
Median Sold Price:
During the month of March 2009, the median sold price of a home in Bonita Springs was $312000. The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within a local real estate market.
In March 2008, the median sold price was $594500. In the year over year comparison median sold price declined $282500 or roughly 48 percent.
In March 2007 the median sold price was $561250. In comparing March 2007 to March 2008 the price declined $249250 or about 44 percent.
Median sold price for approved short sales was $298000, foreclosed properties were $9000, and traditional listings were $377500.
The difference between the list price and sold pricefor approved sales was about 100 percent, foreclosed properties 92 percent, and traditional listings 90 percent.
Bonita Springs Condo Market Update – March
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Listings:
The new listings for the month of March 2009 were 160 condos in the Bonita Springs area. The number of condos listed in March 2008 was 137. The increase of new listings of condos was 17 percent. In March 2007, the new listings were 215, representing a drop of 55 condos or decline of 26 percent.
In February 2009 the new listings were 146.
Of the 160 condos listed approximately 16 percent were potential short sales, 13 percent were foreclosed (bank owned), and the remaining 71 percent were traditional listings.
Median list price for potential short sales was $125000, foreclosed properties were $79000, and traditional listings were $289500.
Closed Sales:
In the month of March 2009 the sale of condos were 38. In March 2008 a total of 57 condos were sold. The year over year was 33 percent decrease. In March 2007 a total of 47 condos were sold. The decrease over 2007 was 9 condos or about a 19 percent.
Of the 38 condos sold, approximately 3 percent were approved short sales, 8 percent were foreclosures, and the traditional sales were 89percent.
The breakdowns of the median sold prices are discussed in the median sold price section below.
Pending Sales:
During March 2009 a total of 107 condos had an offer accepted by the seller. In March 2008, 76 condos were pended. The increase from March 2009 represents an increase of 31 condos or about 29 percent.
In March 2007 a total of 43 condos were pending sale. The increase between March 2009 and March 2007 was 64 condos or about 149 percent.
Median Sold Price:
During the month of March 2009, the median sold price of a condo in Bonita Springs was $220000. The median price is the sold price represents the middle value of the all sold prices within a stated range. The median sold price can vary from area to area within a local real estate market.
In March 2008, the median sold price was $319900. In the year over year comparison median sold price declined $99900 or roughly 31 percent.
In March 2007 the median sold price was $325000. In comparing March 2007 to March 2008 the price declined $105000 or about 32 percent.
Median sold price for approved short sales was $184000, foreclosed properties were $84900, and traditional listings were $226250.
The difference between the list price and sold price for approved sales was about 92 percent, foreclosed properties 107 percent, and traditional listings 89 percent. The foreclosed properties were in excess of100 percent due to multiple offers and/or seller credit and paid closing costs.
Home Valuation Changes
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Home Valuation Code of Conduct Changes Effective May 1, 2009
The Federal Housing Financing Agency’s Home Valuation Code of Conduct (Code, or HVCC) will be effective on May 1, 2009, and will require that the lender order the appraisal. The intent of the Code is to help ensure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations.