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Bonita Springs Area Market Report for March 2014

Numbers for the real estate market for the Bonita Springs area for the month of March were recently released, and a quick look reveals signs of growth and progress for the area.

According to statistics, there were 3,109 closed transactions in 2014 so far, up from 2,747 during the same time in 2013. The average sales price for these listings was $487,369, up from $410,821 from a year ago (an increase of 18.6 percent). The median sales price was $264,000, up by 5.6 percent from a year ago.

So far, more homes are being listed and sold than this time last year, and they are selling for more money, too. Both are positive signs for our real estate market.

A solid percentage of the homes closed during this time frame – 46 percent – were below $250,000. Another 30 percent were priced between $250,000 and $500,000. A strong percentage – 24 percent – were priced at above $500,000, a sign of the high-value properties we have here in the Bonita Springs – Naples market area.

More homes in the luxury home market (homes valued over $1 million) were listed during the first quarter of 2014 compared to the first quarter of 2013, by a factor of 27 percent. Homes valued over $5 million had even higher growth, at 69 percent.

Overall, there are approximately 5.4 months of supply available in the combined Naples, Bonita Springs, and Estero real estate markets. The balancing point is 5.5 months, so today’s current inventory suggests that we are in a sellers’ market.

As we continue through 2014, we can expect to see home values rise even further. If you are thinking about buying a home in Bonita Springs, today may be the day to begin the process. Contact me for more information on how to begin.

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Selling Your Home in Bonita Springs? Be Sure to Use a Listing Agent!

Are you thinking about selling your home in Bonita Springs?

If so, did you know that you’re far more likely to get results if you use a veteran listing agent?

It’s true for many reasons. A listing agent is a tried and true resource for people who don’t have the experience with navigating a quickly-moving real estate market, plus going through the ups and downs of paperwork, marketing, negotiating, and other endless tasks that you’d have to deal with on your own.

When selecting a listing agent, here are qualities you should find to ensure a better selling experience.

A Proven Track Record of Success

It’s important to find an experienced agent when selling your home in Bonita Springs.

Experience comes into play in many arenas. Knowing what the market will do down the road helps because the market will impact your home sale positively or negatively. You want to make sure the impact is positive.

A solid track record is proof that an agent knows how to read the market and position your home in the best way possible.

Knowledge of How to Price a Home

A veteran agent should also have experience with accurately pricing a home.

The price must be right, or one of two things will happen:

  • The price will be too high and your home will take longer to sell – if it sells at all; or
  • The price will be too low and you’ll leave money on the table.

This is where experience comes into play. Veteran agents know what a home like yours should cost in the current market conditions in place when you sell. You can rely on them to help you put an accurate price on the home that protects your investment and helps move toward a quick and successful sale.

Have any questions? Feel free to contact me today for more info!

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What Does Supply Look Like for Southwest Florida Real Estate?

Supply and demand is the most basic law of economics, and that applies to real estate, too. Over the past few years, demand has been lax, and supply has been extremely high as buyers didn’t always have the means to purchase.

Now, though, that equation has tilted more in the sellers’ favor.

But how much more? What does supply look like now with Southwest Florida real estate?

Fortunately, the Bonita Spring-Estero Association of Realtors (BEAR) has the data we need to reach a conclusion. Their latest report – the November 2013 Monthly Market Detail – gives us a few clues.

Supply of Inventory Is Down Sharply

One big metric is pretty simple: it’s the number of months of supply we have in the market currently, based on recent sales rates.

Generally, if current inventory is at 5.5 months of supply, a market is fairly balanced. For November 2013, inventory stood at 5.7 months, which slightly favors buyers. This is a 35.3% decrease from November 2012, which is pretty substantial.

Inventory Listings Are Down

Buyers are picking up more homes at a faster rate, but we’re also listing fewer homes.

November’s inventory of active listings fell by 31% from last year, and is at its lowest point since August. Since the overall supply figure is down so much, buyers have bought more homes than usual over the past year.

New listings are down as well; the figure fell by 30.5%.

Also, in what is undoubtedly good news for buyers and sellers alike, it takes a lot less time to sell a home. The median days on market is 42, which mean 50% of all homes take less time than 42 days to sell, while 50% take more. That number was 111 days last year, which is astounding.

All in all, real estate is looking up when it comes to supply. The Southwest Florida real estate market continues to thrive. Contact me for more information on how you can take part!

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An Update for Bonita Springs Real Estate for October 2013

As we move into the end of 2013, it’s time to check the state of Bonita Springs real estate and see how we’ve progressed. This week, I want to go over the latest real estate report from the Bonita Springs-Estero Association of REALTORS for the month of October and share with you a few key stats. After all, a healthy real estate helps make a healthy economy, and vice-versa. Knowing more about local real estate also helps you  make informed decisions when buying or selling.

Sales Prices Are Increasing

One big stat that jumped out at me is the significant increase we’ve seen in median sales price and average sales price from October 2012 to last month.

In October 2012, the median sales price was $244,500. Now, sellers are making 14.5% more. The average sales price growth is even bigger, at 22.5%. (Average sales prices are skewed by really expensive, high-end homes, so the median sales price is more representative of what homes, in general, cost.)

It Takes Less Time to Sell or Buy

Another stat that jumped out at me was the median days on market most homes experience when they list. According to the report, there has been a 41% decrease in the number of days homes will be listed for before they sell.

That stat is now at 69 days, down from 117 days. If you want to sell, you are in a much better position now when it comes to how long the process will take.

There Are Fewer Homes Available

Finally, if you’re looking to buy, you have fewer homes to choose from than before.

The number of active listings (called inventory) stood at 793 at the end of October, a 31.6% decrease from last year. That number has dropped pretty consistently since the beginning of the year, suggesting that more buyers are interested in Bonita Springs than ever before.

If you want to review all of the stats, you can access the entire real estate report here.