Estero Homes Market Statistics – March 2017

Median Sold price for Estero single-family homes increased 5.0 percent in the year over year comparison (March 2016 to March 2017) from $340,000 to $352,000. (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 home sold price of homes in Estero thus far in 2017 is $365,000. Last year the median sold price was $350,000. The median sold price has increased 4.3 percent.

Median sold price for March was $352,000. The median sold price decreased $65,500 from the previous month’s median sold price of $417,500 or 15.7 percent.

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

Estero Homes Percentage Change from Prior Year - March 2017

78 homes were sold in March 2017. In March 2016 75 homes were sold. 34 homes were sold in February.

Historical Perspective:

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 2017 is $365,000. The median sold price is 13.1 percent below the peak.

Single-family home prices bottomed in 2011 when the median sold price was $210,000. As noted above, in 2017 the median sold price has been $365,000. This represents an increase of 73.8 percent since the bottom of the market.

Listings and Months of Inventory:

The number of Estero homes for sale at end of March was 391, up from the previous month’s 390. In March of 2016, there were 353 homes for sale.

Estero homes for sale are 6.9 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.) The previous month had an inventory of 6.9 months. Last year the months of inventory to be sold was 6.8 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:

Homes classified as distressed properties (potential short sales and foreclosures) – 6 (1.5 percent). 1 (0.3 percent) is potential short sales. 5 (1.2 percent) are foreclosed or REO (real estate owned) properties.

Looking Forward:

New listings for homes coming on the market in March 2017 – 120 with a median list price of $389,250 compared to last year’s March figure of 122 with a median list price of $389,000 or an increase of 0.1 percent. The previous month 100 homes with a median list price of $381,950 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 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 – Homes – March 2017 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.