In the month of June '06 there were 44 single family homes sold with a median sales price of $492,000.
In Jume of 2005 there were 83 single family homes sold with a median sales price of $525,000.
Both sales volume and median price are down in June 2006 versus 2005.
Looking at the pending sales for Bonita Springs single family homes - there were as of June 30th - 81 homes with a median list price of $689,000. Estimated adjusted median list price to closed sales price is $659,000. These will close between 4 and 8 weeks from the date the sales contract was signed and are an indicator as to future closed sales prices.
The Bonita Springs area may have reached the bottom as far prices are concerned, however the volume of sales still remain down.
Wednesday, July 12, 2006
Bonita Real Estate Market - Single Family Homes
Naples Real Estate Market - Single Family Homes
The median price for closed sales in June '05 was $505,000 (492 sales). In June '06 the median price for closed sales is $455,000 (224 sales). Thus, prices have dropped by about 10%, since last year.
The next question - will the prices continue to drop? Pending sales can tell us what "future" closed sales will be. As you are probably aware, a pending sale is one that will close between 4 and 8 weeks from the time the sales contract is signed. The pending sales as of this morning have a median price of $499,000 (385). But, we need to factor in the difference between list and sales price, because pending sales generally do not sell for list price. Based upon the difference between sales price and list price was about 94% in June 06. Using that factor - the closed sales for the future should be about $469,000.
The single family home market may have reached the bottom, due to the projected median priced closed sales in the range of $469,000 versus the June '06 median closed sales price of $455,000.
The statistics compiled within this report are from the SunshineMLS, and does exclude Marco Island and manufactured homes.
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