Bonita Bay Sales and Market Report January - August 2009

Bonita Bay Market Statistics
Closed Sales Aug 2008 vs. Aug 2009
Year to Date Closed Sales January – August 2009

Comparing 2008 sales to 2009 sales activity in Bonita Bay, we find some very disturbing trends for the period of Aug 2008 compared to Aug 2009 and the period of 01/01/2009 through 08/31/2009.

Stats
There were 3 closed sales in Bonita Bay this Aug 2009 compared to 6 closed sales in 2008. That is a decrease of 50% for Aug 2009 vs. Aug 2008.

Total sales YTD is down over 2008 by an average of 47.9%.

A total of 63 units have closed YTD compared to 121 units in 2008.

The average sales price in 2008 YTD was $858,933 compared to $710,052 YTD; a drop of 17.3%. The average sold price of $710,052 to original list of $959,841 is 26% of the seller’s original asking price and 13% of the adjusted asking price of $812,720 when sold.

Observation
Sellers must come to the realization if they want to sell their home that Buyers are paying 13-26% of seller’s asking price; escalating percentages of discounts vs. last month stats.

*The average days on market in 2008 January through Aug was 221 compared to 252 in 2009 for the same period.

Days on the market have increased by an additional 7 days from our July report.

As of this writing there are 173 home for sale in Bonita Bay. The average list price is $1,066,668, 33% higher than the average YTD closed sale price of $710,052.

Based on the current inventory of 173 homes for sale and comparing them to the 63 homes that have closed in the past 8 months. That is an average of 7.9 closings per month YTD. It will take approximately 21.9 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. Since the last market report many positive press releases have boosted the opinion that we should see resolve soon!

However one fact remains unchanged that our 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 and Sellers will need to respond to Buyers based on the facts of the marketplace statistics.

2009 Year to Date Inventory Analysis

The current listed inventory as of this writing is 173 homes on the market today. Assuming the current 2009 absorption rate of 36.42%, 110 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 marketvalue. 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 Aug 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.


High Rise August 2009

Low Rise August 2009

SFH August 2009

Villas August 2009