Bonita Springs-Estero market defies national trends for closed sales

WBN Marketing LLC
Special to the Naples Daily News
Credit: Andy Dean Photography via iStock

BONITA SPRINGS — According to the Bonita Springs-Estero REALTORS® (BSER) Media Committee, overall closed sales in August 2018 showed a 36 percent increase compared to August 2017.

"The increase in closed sales for August is partially attributed to price repositions that we have seen all summer long.” stated Jerry Murphy, managing broker, Downing-Frye Realty, Bonita Springs. He adds, “There have been more units that have had price repositions or newly listed at market value.”

In August, 18 percent of listings showed a price reposition. The Bonita Springs-Estero market has been consistently showing price repositions for an average of 15 to 20 percent of active listings for several months in 2018.

“With tighter inventory in the $300,000 to $500,000 home price segment, we’re seeing a drop in the days on market as well as increased pendings in the 34135 Zip Code, which is east of U.S. 41,” stated Roger Brunswick, Past President, Bonita Springs-Estero REALTORS®, John R. Wood Properties, Bonita Springs. “Homeowners in Bonita Springs and Estero should be aware that buyers are rejecting overpriced homes and will turn to new construction if they do not find what they want in the existing home market.” He adds, “If you want to sell an existing home, market value pricing is going to be a critical factor.”

Nationally, the National Association of REALTORS® (NAR) reported that existing home sales in August were flat. However, the Bonita Springs and Estero markets have defied national trends by experiencing a 36 percent increase in sales for August 2018 versus the same time last year. This comparison also shows that recent environmental issues have not affected sales and inventory in the Bonita Springs and Estero markets at this time.

According to Realtor.com’s August 2018 report, there were 7.6 million listing page views in the Bonita Springs and Estero markets, which has remained between 7 and 8 million views per month since May 2018.

BSER Vice President, Ursula Weinkauff, Broker, Focus Real Estate LLC, Bonita Springs - Estero stated, “Bonita Springs and Estero is still a seasonless market based on this year’s sales and inventory, and historical comparisons.”  “This summer we’re seeing more VA/FHA loans for working, younger families who are looking to make Bonita Springs and Estero their permanent home,” added president and area broker, Joe Pavich, Sr., Broker, Realty World, J. Pavich Real Estate, Bonita Springs-Estero.

For those preparing to list an existing home for sale, area brokers advise homeowners not to wait until January to list. “Buyers have been searching all summer for the right property, so sellers should take advantage of less competition right now for existing home sales. Homes that are priced to market value will see more activity, especially in the $300,000 to $1 million price segments, which is the market’s sweet spot at the moment.” stated Kevin Jarrett, Broker, Premiere Plus Realty, Lee County Division. For those buyers looking at new construction in Bonita Springs and Estero, area brokers also strongly recommend being accompanied by a REALTOR® to new construction home models and communities. “Many buyers don’t realize that a new construction home transaction can also be negotiated, and buyers should use a REALTOR® to ensure they receive the best price possible, as well as negotiate upgrades,” adds Jarrett.

In August 2018, there were 256 price repositions for combined single-family homes and condominiums. Inventory for both single-family homes and condominiums in August 2018 was 1,273 units versus 1,392 units this time last year, which is a less than 1 percent decrease. The median price was $296,000 for August 2018. Additionally, the supply of available home inventory is higher in Bonita Springs and Estero than the national average, which sits at 4.9 months.

Online at BonitaSpringsRealtors.com.