Bonita Bay Sales and Market Report January - July 2009

Bonita Bay Market Statistics

Closed Sales July 2008 vs. July 2009

Year to Date Closed Sales January – July 2009

Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some very disturbing trends for the period of July 2008 compared to July 2009 and the period of 01/01/2009 through 07/31/2009.

Stats

There were 5 closed sales in Bonita Bay this July 2009 compared to 19 closed sales in 2008. That is a decrease of 73.6% for July 2009 vs. July 2008.

Total sales YTD is down over 2008 by an average of 47.8%.

A total of 60 units have closed YTD compared to 115 units in 2008.

The average sales price in 2008 YTD was $851,486 compared to $704,888 YTD; a drop of 17.2%. The average sold price of $704,888 to original list of $940,601 is 25% of the seller’s original asking price and 12% of the adjusted asking price of $804,456 when sold.

Observation

Sellers must come to the realization if they want to sell their home that Buyers are paying 12-25% of seller’s asking price.

*The average days on market in 2008 January through July was 222 compared to 245 in 2009 for the same period.

Days on the market have increased by an additional 21 days from our June report.

As of this writing there are 192 home for sale in Bonita Bay. The average list price is $1,056,419; 33% higher than the average YTD closed sale price of $704,888.

Based on the current inventory of 192 homes for sale and comparing them to the 60 homes that have closed in the past 7 months. That is an average of 8.6 closings per month YTD. It will take approximately 22.3 months to sell today’s existing inventory if conditions do not change.

TWO MAJOR CONTRIBUTORS TO THE DECREASE IN UNITS SOLD!

Buyer’s confidence in investing in Bonita Bay has significantly declined due to the problems with The Club, Back Water Jack’s and the Community Association. The earlier this is resolved for all Bonita Bay residents obviously the better.

Sellers continue to be less responsive to our declining market. Over the past two and a half years many Bonita Bay sellers were chasing the market down and consequently their homes were on the market extended periods of time. This delay in pricing their home at market resulted in accepting offers substantially lower than their original list price. Many sellers made significant price reductions at the end of season to try to “catch-up” with the declining market but were too late to attract buyers searching for the appropriately priced home, during Season (January – April). Buyers continue to feel the market has not reached the bottom.

2009 Year to Date Inventory Analysis

The current listed inventory as of this writing is 192 homes on the market today. Assuming the current 2009 absorption rate of 31.25%, 130 homes will not sell by years end.

Obvious Conclusion:

Solve internal clubs and association problems.
List or adjust your current list price to today’s market, if you are serious about selling your home.

Important Advice to Sellers in Today's Market

Remember: "What Sellers need and what they want does not establish market

value. What a Buyer will pay establishes market value."

Statistics in every home category vary significantly. For specific details on your home and neighborhood call us toll free at 888-869-2888 or locally at 239-498-2888!

Below you will find closed sales for Bonita Bay through the end of July 2009.

NOTE: The source of this statistical analysis is the Sunshine MLS System. This is information believed to be accurate but not guaranteed!

*Average days on market are not often accurate, usually understated, due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.


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