Bonita Bay Sales and Market Report January - September 2009

Monthly Market Statistics

Dates: 01/01/2009-09/30/2009
Sept 2008 vs Sept 2009

Stats
There were 8 closed sales in Bonita Bay this September 2009 compared to 3 closed sales in 2008. That is an increase of 62.5% for September 2009 vs. September 2008.


Total sales YTD is down over 2008 by an average of 41.9%.

A total of 72 units have closed YTD compared to 124 units 2008.

The average sales price in 2008 YTD was $853,374 compared to $708,559 YTD; a drop of 16.9%. The average sold price of $708,559 to original list of $954,880 is 25.7% of the seller’s original asking price and 12.5% of the adjusted asking price of $809,804 when sold.

Observation

Sellers must come to the realization if they want to sell their home that Buyers are paying 12.5-25.7% of seller’s asking price. Sellers continue to remain vs. price adjusting to what a buyer will pay.

The average days on market in 2008 January through September was 219 compared to 251 in 2009 for the same period.

Days on Market have decreased by only one day from our August report.

As of this writing there are 170 home for sale in Bonita Bay. The average list price is $1,062,690, 33% higher than the average YTD closed sale price of $708,559.

Based on the current inventory of 170 homes for sale and comparing them to the 72 homes that have closed in the past 9 months. That is an average of 8 closings per month YTD. It will take approximately 21.25 months to sell today’s existing inventory if conditions do not change.

TWO MAJOR CONTRIBUTORS TO THE DECREASE IN UNITS SOLD YEAR TO DATE:

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 The Bonita Bay Group has had success with two similar clubs and the Bonita Bay Club should follow.

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. September shows a stronger number of sales because sellers are making proper price improvements and buyers are responding.

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.


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 is not often precise due to the sellers and agents terminating or withdrawing a listing and relisting at the same or a lower price.

*Sunshine MLS posted a delayed closing for the month of August on a bank owned property. High rise Pending 8/11/09- closed 8/25/09 List Price $999,999 Sellimg Price $900,000

High Rise Sept 2009

Low Rise Sept 2009

SFH Sept 2009

Villa Sept 2009