Estero real estate market update for condos – October

Median Sold price for Estero condos increased 0.9 percent in the year over year comparison (October 2015 to October 2016) from $192,250 to $194,000.

The median sold price of condos in Estero for 2016 is $210,000. Last year the median sold price was $204,000. The median sold price has increased 2.9 percent. The graph below shows the median sold price for condos by year from 2007 to 2016. (The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)

Median sold price for October was $194,000. The median sold price decreased $21,000 over the previous month’s median sold price of $215,000 or 9.8 percent.

So far, in 2016, the median sold price increase has been 2.9 percent. The median sold price for a condo in the Estero area increased 7.4 percent, in 2015. For calendar year 2014, the increase was 19.1 percent over 2013. In 2013, the sold prices increased 4.9 percent over 2012.

The number of Estero condos for sale at end of October was 144, the previous month there were 123. Last October there were 65 condos for sale.

New listings for condos coming on the market in October 2016 – 52 with a median list price of $237,000 compared to last year’s October figure of 30 with a median list price of $199,000 or an increase of 19.1 percent. The previous month’s new listings were 36 with a median list price of $224,950.

28 condos were sold in October, versus October 2015 when 20 were sold. During September 2016 27 condos were sold.

In 2007, the height of the real estate market, the median sold price of a condo was $317,500. The current median sold price for 2016 is $210,000. The median sold price is 33.9 percent below the peak.

Condo prices bottomed in 2009 when the median sold price was $120,000. As noted above, in 2016 the median sold price has been $210,000. This represents an increase of 75.0 percent since the bottom of the market.

Estero condos for sale are 5.6 months of inventory to be sold. (Sellers’ market exists when months of inventory are less than 6 months. Or, when demand exceeds supply.) Buyers’ market occurs when months of inventory exceed 6 months. Or, supply exceeds demand.) In September, there were 5.0 months of inventory. Last October there was 2.2 months of inventory to be sold.

The table below shows the number of condos for sale and months of inventory by price range. Red indicates a seller market, yellow represents a neutral market, and green represents a buyers market by price range.

Condos for sale classified as distressed properties (potential short sales and foreclosures) – 7 or 4.9 percent of the total market – 2 (1.4 percent) is a potential short sale and 5 (3.5 percent) are foreclosed or REO (real estate owned) properties.

Other detailed market reports are available for – Naples Homes, Naples condos, Bonita Springs homes, Bonita Springs condos, and Estero homes by clicking on the appropriate link.

If you missed last month’s report – click on this link – Estero Condos Market Update.

The data was obtained from the SWFLAMLS a collaborative effort of the multiple listing services of Naples, Bonita Springs/Estero, Fort Myers, and Cape Coral.

Your questions and comments are always welcome.

This post - Estero Condos Market Statistics – October 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.