2008 Bonita Bay Home Sales and Market Report

Sales Increase.... Prices Drop!!!!

As I compare 2007 sales to 2008 sales activity in Bonita Bay, I find some very interesting trends.

Sales YTD in 2008 are up over 2007 by an average of 25%. A total of 139 units had closed in 2008 compared to the same time in 2007 with 111 closings. However the average sale price in 2007 was $1,055,620 compared with an average sale price in 2008 of $832,532 a 26.8% drop. The average days on market in 2008 were 270 compared to 247 in 2007

What can we contribute to the increase in units sold?

1. Sellers have been more responsive in 2008 to the declining market and priced their homes accordingly. (Over the last two years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time resulting in accepting offers, on average, 15.72% lower than their original listing price.)
2. Buyer's confidence in investing in Bonita Bay because of its continued long term potential for real estate stability.
3. FEAR...Buyer's belief that the market is at or near the bottom. They fear if they didn't buy now or soon that they will be chasing the market back up.

New Year Inventory and Analysis!

The current inventory as of this writing is 244 homes. Assuming a 2008 absorption rate of 57%, in 2009, would mean that 105 would be without buyers unless they price their homes competively and at a realistic market value.


Obvious Conclusion: Wise sellers will price their home at today’s fair market price and get their home sold in 60 to 90 days compared to and average of 240 days last year.

Statistic in every home category vary significantly. For specific details on your home and neighborhood call me.

Michael Dillard

Single Family Home Sales 2008

High Rise Sales 2008

Low Rise Sales 2008

Villa Sales 2008