Bonita Bay Sales and Market Report January - October 2009

Monthly Market Statistics

Dates: 01/01/2009-010/31/2009

Oct 2008 vs Oct 2009

There were 2 closed sales in Bonita Bay this October 2009 compared to 7 closed sales in 2008. That is an decrease of 71% for October 2009 vs. October 2008. Total sales YTD is down over 2008 by an average of 43.5%.

A total of 74 units have closed YTD compared to 131 units in 2008.


The average sales price in 2008 YTD was $855,194 compared to $704,531 YTD; a drop of 17.6%. The average sold price of $704,531 to original list of $951,706 is 26% of the seller’s original asking price and 12.6% of the adjusted asking price of $806,809 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 October was 219 compared to 256 in 2009 for the same period.

As of this writing there are 170 home for sale in Bonita Bay. The average list price is $1,056,900 33.3% higher than the average YTD closed sale price of $704.531.

Based on the current inventory of 170 homes for sale and comparing them to the 74 homes that have closed in the past 10 months. That is an average of 7.4 closings per month YTD. It will take approximately 23 months to sell today’s existing inventory if conditions do not change.


The good news is...

Available inventories of homes priced from $1,000,000 - $5,000,000 have steadily decreased over 19% since Third Quarter of 2007 in SouthWest Florida.

We are very optimistic that this season will be the best in three years for real estate in SouthWest Florida.

We are seeing a steady improvement in the SWF housing market overall (see our article "SouthWest Florida Home Sales on the Rise" in this Newsletter and Blog) with the exception being those communities with clubs in termoil like Bonita Bay's.

Obviously 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 our last market report The Bonita Bay Group has reached agreements with Shadow Wood and Mediterra. Hopefully Bonita Bay will follow shortly.


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.

High Rise October 2009

Low Rise October 2009

Single Family Home October 2009

Villa October 2009