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Estero Real Estate Update – Condos – February 2017

Estero Condos Market Statistics – February 2017

Median sold price for Estero Condos decreased 25.5 percent in the year over year comparison (February 2016 to February 2017) from $237,500 to $176,950. (The Median Sold price is the middle price, where half of the sales are of lower value and half are of higher value.)

The median sold price of condos in Estero for 2017 is $202,500. Last year the median sold price was $210,000. The median sold price has decreased 3.6 percent. The graph below shows the median sold price for condos by year from 2007 to 2017.

Median sold price for February was $176,950. The median sold price decreased $53,050 over the previous month’s median sold price of $230,000 or 23.1 percent.

The graph below shows the median sold price for condos by year from 2006 to 2017.

Estero Condos Market Statistics - February 2017 - Median Sold Prices by Year for Estero Condos

Median Sold Prices by Year for Estero Condos

Median sold price percentage change from the prior year:

  • 2017 – – 3.6
  • 2016 – + 2.9
  • 2015 – + 7.4
  • 2014 – +19.1
  • 2013 – + 4.9

The number of Estero condos for sale at end of February was 212, the previous month there were 198. Last February there were 108 condos for sale.

New listings for condos coming on the market in February 2017 – 75 with a median list price of $220,000 compared to last year’s February figure of 62 with a median list price of $218,450 or an increase of 0.7 percent. The previous month’s new listings were 66 with a median list price of $234,950.

22 condos sold in February, versus February 2016 when 26 sold. During January 2017 18 condos sold.

Historical Pricing Perspective:

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 2017 is $202,500. The median sold price is 36.2 percent below the peak.

Condo prices bottomed in 2009 when the median sold price was $120,000. As noted above, in 2017 the median sold price has been $202,500. This represents an increase of 68.8 percent since the bottom of the market.

Months of Inventory:

Estero condos for sale are 8.3 months of inventory. (Sellers’ market exists when months of inventory are less than 6 months. Buyers’ market occurs when months of inventory exceed 6 months.) In January, there were 7.7 months of inventory. Last February there was 3.6 months of inventory.

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.

Estero Condos Market Statistics - February 2017 - Number of Estero Condos for Sale and Months of Inventory by Price Range

Number of Estero Condos for Sale and Months of Inventory by Price Range

Distressed Properties:

Condos for sale classified as distressed properties (potential short sales and foreclosures) – 5 or 2.4 percent of the total market – 1 (0.5 percent) is a potential short sale and 4 (1.9 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 came 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 Real Estate Update – Condos – February 2017 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.



This post first appeared on Naples Real Estate Blog - News And Market Trend Statistics -, please read the originial post: here

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Estero Real Estate Update – Condos – February 2017

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