How is the market for Southwest Florida condos and townhouses? What trends are dominating the market, and what can we expect moving forward?
These are all important questions for homeowners, buyers, and sellers interested in Southwest Florida condos and townhouses – easily one of the most important real estate market segments in the area. Fortunately, we have the good people at the Bonita Springs – Estero Association of Realtors.
BEAR compiles a monthly report with the latest data on a monthly basis. The latest report gives us stats from November 2014, giving us a good eye on the market headed into the beginning of 2015.
The first thing that jumps out at us is that for condos and townhouses, the median sales price went up by 10 percent from November 2013 to this year. That increase – a rise of $18,500 to $203,500 – is a remarkable year-to-year increase that suggests there is plenty of upward movement left in local prices.
Another thing that jumps out is how many months’ worth of supply we have in our active inventory. There are 410 active listings and 146 pending listings, which, at current sales rates, represents just 4.5 months’ worth of supply. This is a low figure and puts us squarely in a sellers’ market, which is good news for owners of Southwest Florida condos and townhouses.
Homes are also selling relatively quickly. A typical unit spent 34 days on the market, compared to 50 days a year ago. Homeowners are receiving 93.9 percent of their original list price on average, which is also a positive development for owners.
Overall, the market is very favorable to owners and sellers. It’s not very favorable to buyers, and this trend is set to continue for the next quarter at least. Buyers who are waiting for the right moment might find that the right moment is now, versus a few months from now when they’re at an even greater disadvantage.