Bonita Springs real estate market update for condos – March

Median Sold Price for condos increased 9.4% in the year over year comparison (March 2015 to March 2016) from $228,250 to $249,750.

The median sold price of condos in Bonita Springs during 2016 is $265,000. Last year the median sold price was $239,100. The median sold price has increased 10.8%.

The median sold price of condos has increased 4.0% from 2015. In 2014, the price appreciation was 10.6% from 2013. In 2013, the price appreciation was 3.5% from 2012.

So far, in 2016, the median sold price increase has been 10.8%. The median sold price for a condo in the Bonita Springs area increased 4.0%, in 2015. For calendar year 2014, the increase was 10.6% over 2013. In 2013, the sold prices increased 3.5% over 2012.

The median sold price for condos in the Bonita Springs area remains 31.2% below the market peak in 2006 when the price was $385,000. The current median sold price is $239,100.

The graph below shows the median sold price for condos 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.)

Median sold price for March was $249,750. The median sold price decreased $22,650 over the previous month’s median sold price of $272,400 or 8.3%.

The number of Bonita Springs condos for sale was at the end of March was 471, down from the previous month’s 477. Last March, 334 condos were for sale.

New listing for condos coming on the market in March 2016 – 123, last year’s March figure was 138. The previous month 178 condos were listed for sale.

90 condos were sold in March, versus March 2015 when 113 were sold. In the previous month, 66 were sold.

Overall, there are 5.6 months of inventory for Bonita Springs condos. (Sellers’ market exists when months of inventory are less than 6 months. Buyers’ market occurs when months of inventory exceed 6 months.) The number of months of inventory increased from February’s 5.5 months. Last March showed 3.7 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.

Condos for sale classified as distressed properties (potential short sales and foreclosures) – 3 or 0.6% of the total market – all are foreclosed or REO (real estate owned) properties.

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

In case you missed last month’s report – click on this link – Bonita Springs 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 - Bonita Springs Condos Market Trends – March 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.