Bonita Springs-Estero market remains steady with uptick in pending sales

BONITA SPRINGS — According to the Bonita Springs-Estero REALTORS (BER) Media Committee, pending sales saw an uptick in July 2018 compared to July 2017.  “The number of price repositions in July has affected approximately 33 percent of pending sales,” stated Jerry Murphy, managing broker, Downing-Frye Realty, Bonita Springs.

In July, there were 265 price repositions for combined single-family homes and condominiums. This number represents approximately 20 percent of active listings that were repriced to represent the current market value. Area brokers agree that the continuation of price repositions will increase through the month of August, causing pending sales to increase as well.

Appraisal activity in the area has also remained steady for this time of year. Julie Ross, appraiser with Carroll and Carroll Real Estate Appraisers and Consultants, stated, “The number of appraisals that took place in Bonita Springs and Estero in July 2018 is historically normal for the summer season.” 

According to Realtor.com, there were almost 8 million search result page views in the Bonita Springs and Estero markets for the month of July, which is approximately 1 million views over June. “We know buyers will continue to look at Bonita Springs and Estero because it is an amazing value compared to other neighboring cities in Southwest Florida,” stated BER President and Area Broker, Joe Pavich, Sr., broker, Realty World, J. Pavich Real Estate, Bonita Springs-Estero. 

Inventory for both single-family homes and condominiums in July 2018 was 1,362 units versus 1,389 units this time last year, which is a less than 1 percent decrease. The average days-on-market has also remained steady with just a 4 percent decrease over July 2017.

Overall, the Bonita Springs and Estero markets showed a 43 percent increase in pending units and a 13 percent increase in sold units for July 2018 versus the same time last year, and the median price is $375,000 for July 2018 versus $325,000 in July 2017.  Additionally, the supply of available home inventory is higher in Bonita Springs and Estero than the national average, which sits at just 4.3 months.

The Bonita Springs-Estero REALTORS July 2018 Report shows overall findings for both single-family and condominiums combined. View the report at BonitaSpringsRealtors.com.