Estero real estate market update for homes – November

Median Sold price for Estero single-family homes increased 6.7 percent in the year over year comparison (November 2015 to November 2016) from $337,500 to $360,000.

The median home sold price of homes in Estero thus far in 2016 is $347,678. Last year the median sold price was $340,000. The median sold price has increased 2.3 percent.

Median sold price for November was $360,000. The median sold price increased $45,000 from the previous month’s median sold price of $315,000 or 14.3 percent.

The graph below shows the median sold price for homes by year from 2006 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.)

The number of Estero homes for sale at end of November was 327, up from the previous month’s 309. In November of 2015, there were 233 homes for sale.

So far, in 2016, the median sold price increase has been 2.3 percent. In 2015, the median sold price increased 15.7 percent over 2014. During calendar year 2014, the median sold price for a home in Estero increased 6.9 percent from 2013. In 2013, the sold prices increased 16.5 percent over 2012.

46 homes were sold in November 2016. In November 2015 38 homes were sold. 50 homes were sold in October 2016.

Price Recovery Data

In 2006, the height of the real estate market, the median sold price of a home was $419,900. The current median sold price for 2016 is $347,678. The median sold price is 17.2 percent below the peak.

Single-family home prices bottomed in 2011 when the median sold price was $210,000. As noted above, in 2016 the median sold price has been $347,678. This represents an increase of 65.6 percent since the bottom of the market.

Estero homes for sale are 6.2 months of inventory to be sold. (Sellers’ market exists when months of inventory are less than 6 months. Buyers’ market occurs when months of inventory exceed 6 months.) The previous month had an inventory of 5.6 months. Last year the months of inventory to be sold was 2.4 months.

The table below shows the number of homes 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.

Distressed Properties Market Composition

Homes classified as distressed properties (potential short sales and foreclosures) – 5 or 1.5 percent of the total market – 2 (0.6 percent) is a potential short sale and 3 (0.9 percent) are foreclosed or REO (real estate owned) properties.

Pricing Forecast

New listings for homes coming on the market in November 2016 – 79 with a median list price of $410,0000, compared to last year’s November figure of 91 with a median list price of $375,000 or a increase of 9.3 percent. The previous month 86 homes with a median list price of $393,750 came onto the market.

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

If you missed last month’s report – click on this link – Estero Homes Real Estate 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 Homes Market Statistics – November 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.