Estero real estate market statistical update for condos – May

Median Sold Price for condos increased 6.8% in the year over year comparison (May 2015 to May 2016) from $198,500 to $212,000.

The Median Sold price of condos in Estero for 2016 is $214,750. Last year the median sold price was $204,000. The median sold price has increased 5.3%.

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 May was $212,000. The median sold price increased $13,000 over the previous month’s median sold price of $199,000 or 6.5%.

So far, in 2016, the median sold price increase has been 5.3%. The median sold price for a condo in the Estero area increased 7.4%, in 2015. For calendar year 2014, the increase was 19.1% over 2013. In 2013, the sold prices increased 4.9% over 2012.

The number of Estero condos for sale at end of May was 130, the previous month there were 130. Last May there were 52 condos for sale.

New listings for condos coming on the market in May 2016 – 32, compared to last year’s May figure of 24. The previous month’s new listings were 34.

33 condos were sold in May, versus May 2015 when 43 were sold. During April 2016 37 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 $214,750. The median sold price is 32.4% 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 $214,750. This represents an increase of 79.0% since the bottom of the market.

Estero condos for sale are 5.0 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.) In April, there were 4.8 months of inventory. Last May there was 1.8 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) – 5 or 3.8% of the total market – 2 (1.5%) is a potential short sale and 3 (2.3%) 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 Condo Market Statistics – May 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.